20-1241. Definitions In this article, unless the context otherwise requires: 1. " Contract" means a contract for the purchase of an annuity. 2. " Direct response solicitation" means a solicitation to purchase a policy or contract solely through mail, telephone, the internet or other mass communication media. 3. " Direct solicitation" means personal contact to […]
20-1241.01. Scope of article A. This article applies to the replacement of policies and contracts except for the following: 1. Credit life insurance. 2. Except as provided in subsection B of this section, group policies and contracts that do not involve direct solicitation of individuals by an insurance producer. 3. Policies and contracts used to […]
20-1241.02. Policy summary requirements A. Any policy summary required under this article shall be in writing and shall satisfy the requirements of this section. B. A summary of a policy or contract other than a universal life policy shall contain, to the extent applicable, at least the following information: 1. Current death benefit. 2. Annual […]
20-1241.03. Duties of insurance producers A. An insurance producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the insurance producer as to whether the applicant has an existing policy or contract. B. If the answer is " no" to […]
20-1241.04. Duties of insurers that use insurance producers A. An insurer that uses an insurance producer shall comply with the requirements of this section. B. The insurer shall maintain a system for supervision and control of insurance producers that ensures compliance with the requirements of this article including at least the following: 1. A method […]
20-1241.05. Duties of replacing insurers that use insurance producers A. A replacing insurer shall comply with the requirements of this section for each replacement transaction. B. The insurer shall verify that it has received all required forms and that the forms comply with this article. C. The insurer shall notify any existing insurer that may […]
20-1241.06. Duties of existing insurer A. An existing insurer shall comply with the following requirements for any replacement transaction: 1. The insurer shall retain and be able to provide the director with all notifications received, indexed by replacing insurer, for at least five years or until the conclusion of its next examination by the insurance […]
20-1241.07. Duties of insurers with respect to direct response solicitations A. If a person applies for a policy or contract in response to a direct response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed […]
20-1241.08. Violations; penalties; intent A. Any person who does not comply with the applicable requirements of this article is subject to penalties prescribed under sections 20-220, 20-295 and 20-456. Violations include: 1. Any deceptive or misleading information set forth in sales material. 2. When completing an application, failing to ask the applicant the pertinent questions […]
20-1241.09. Rules; exemption from rule making procedures A. The director may adopt rules necessary to implement the requirements of this article. B. The department is exempt from title 41, chapter 6, articles 3 and 5 for the purposes of adopting rules that establish the form and content of any consumer notices, disclosure forms, buyer’s guides […]
