58-60-1. Short title; purpose. (a) This Part may be cited as the "Life Insurance Disclosure Act". (b) The purpose of this Part is to require insurers to deliver to purchasers of life insurance, information which will improve the buyer’s ability to select the most appropriate plan of life insurance for the buyer’s needs, improve the […]
58-60-10. Definitions. Unless the context of use indicates a different meaning, for the purposes of this Part, the following definitions shall apply: (1) Buyer’s Guide. – A Buyer’s Guide is a document furnished pursuant to G.S. 58-60-15, which shall contain all the requirements of and be in substantial compliance with G.S. 58-60-25. (2) Cash Dividend. […]
58-60-100. Disclosure requirements. (a) An insurer issuing a small face amount policy where, over the term of the policy, the cumulative policy premiums paid may exceed the face amount of the policy, shall clearly and prominently disclose, on or before policy delivery, the length of time until the cumulative policy premiums paid may exceed the […]
58-60-105. Insurer duties. The insurer and its producers shall have a duty to provide information to policyholders or certificate holders that ask questions about the disclosure statement. (2005-234, s. 1.10.)
58-60-120. Title and reference. This Part may be cited as the "Annuity Disclosure Act". (2005-234, s. 1.11.)
58-60-125. Purpose; intent; scope. (a) The purpose of this Part is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. This Part specifies the minimum information that must be disclosed and the method for disclosing it in connection with the sale of annuity contracts. […]
58-60-130. Definitions. As used in this Part: (1) "Annuity buyer’s guide" or "buyer’s guide" means the current NAIC Model Buyer’s Guide to Fixed Deferred Annuities, including any appendix thereto. (2) "Charitable gift annuity" means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over […]
58-60-135. Standards for the disclosure document and buyer’s guide. (a) Where the application for an annuity contract is taken in a face-to-face meeting, the applicant, at or before the time of application, shall be given both the disclosure document described in G.S. 58-60-140 and a copy of the buyer’s guide. (b) Where the application for […]
58-60-140. Contents of disclosure document. At a minimum, all of the following information shall be included in the disclosure document required under this Part: (1) The generic name of the contract, the company product name, if different, and form number, and the fact that it is an annuity. (2) The insurer’s name and address. (3) […]
58-60-145. Report to contract owners. For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least all of the following information: (1) The […]
58-60-15. Disclosure requirements. (a) The insurer shall provide to all prospective purchasers a Buyer’s Guide and a Policy Summary prior to accepting any applicant’s initial premium deposit, unless the policy for which application is made contains an unconditional refund provision of at least 10 days or unless the Policy Summary contains such an unconditional refund […]
58-60-20. General rules relating to solicitation. (a) Each insurer subject to this Part shall maintain at its home office or principal office a complete file containing one copy of each document authorized by the insurer for use pursuant to this Part. Such file shall contain one copy of each authorized form for a period of […]
58-60-25. Adoption of Buyer’s Guide; requirements. Any insurer soliciting life insurance in this State on or after December 1, 1979, shall adopt and use a Buyer’s Guide, and the adoption and use by an insurer of the Buyer’s Guide promulgated by the National Association of Insurance Commissioners in the NAIC Model Life Insurance Solicitation Regulations […]
58-60-30. Failure to comply. The failure of an insurer to provide or deliver a Buyer’s Guide, or a Policy Summary as provided in G.S. 58-60-15(a) and (b) shall constitute an omission which misrepresents the benefits, advantages, conditions or terms of an insurance policy within the meaning of G.S. 58-58-40 and Article 63 (Unfair Trade Practice […]
58-60-35. Disclosure of prearrangement insurance policy provisions. (a) As used in this section: (1) "Prearrangement" means any contract, agreement, or mutual understanding, or any series or combination of contracts, agreements or mutual understandings, whether funded by trust deposits or prearrangement insurance policies, or any combination thereof, which has for a purpose the furnishing or performance […]
58-60-5. Scope; exemptions. (a) Except as otherwise provided in this Part, this Part applies to any solicitation, negotiation or procurement of life insurance occurring within this State. This Part applies to any issuer of a life insurance contract, including fraternal benefit societies. (b) Unless otherwise specifically included, this Part does not apply to: (1) Individual […]
58-60-90. Title and reference. This Part may be cited as the "Small Face Amount Life Insurance Disclosure Act". (2005-234, s. 1.10.)
58-60-95. Purpose; intent; and scope. (a) The purpose of this Part is to establish standards that ensure meaningful information is provided to the purchasers of small face amount policies. (b) This Part applies to any life insurance policy or certificate with an initial face amount of fifteen thousand dollars ($15,000) or less. (c) This Part […]
