R590-79-2. Purpose and Scope

(1) The purpose of this rule is to require an insurer to provide to a life insurance purchaser information to assist the purchaser in selecting a plan of life insurance appropriate for the purchaser's needs. (2) This rule applies to: (a) any solicitation, negotiation, or procurement of life insurance within this state; and (b) any issuer of a life insurance contract including a fraternal benefit society. (3) Unless otherwise included, this rule does not apply to: (a) an annuity; (b) credit life insurance; (c) group life insurance, except that a disclosure relating to a preneed funeral contract or prearrangement shall extend to the issuance or delivery of a certificate as well as to the policy; (d) a life insurance policy issued in connection with a pension and welfare plan as defined by the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 18, et seq.; or (e) variable life insurance.