48.23A.005 – Purpose—Standards for life insurance policy illustrations.

RCW 48.23A.005 Purpose—Standards for life insurance policy illustrations. The purpose of this chapter is to provide standards for life insurance policy illustrations that will protect consumers and foster consumer education by providing illustration formats, prescribing standards to be followed when illustrations are used, and specifying the disclosures that are required in connection with illustrations. The […]

48.23A.010 – Scope of chapter—Exceptions.

RCW 48.23A.010 Scope of chapter—Exceptions. This chapter applies to all group and individual life insurance policies and certificates except: (1) Variable life insurance; (2) Individual and group annuity contracts; (3) Credit life insurance; or (4) Life insurance policies with no illustrated death benefits on any individual exceeding ten thousand dollars. [ 1997 c 313 § […]

48.23A.015 – Definitions.

RCW 48.23A.015 Definitions. The definitions in this section apply throughout this chapter unless the context requires otherwise. (1) “Actuarial standards board” means the board established by the American academy of actuaries to develop and adopt standards of actuarial practice. (2) “Contract premium” means the gross premium that is required to be paid under a fixed […]

48.23A.020 – Marketing with or without an illustration—Notice to commissioner—Conditions—Availability.

RCW 48.23A.020 Marketing with or without an illustration—Notice to commissioner—Conditions—Availability. (1) Each insurer marketing policies to which this chapter is applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on January 1, 1998, the insurer shall identify in writing […]

48.23A.030 – Illustration used in sale—Label—Required basic information—Prohibitions—Use of interest rate.

RCW 48.23A.030 Illustration used in sale—Label—Required basic information—Prohibitions—Use of interest rate. (1) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled “life insurance illustration,” and contain the following basic information: (a) Name of insurer; (b) Name and business address of producer or […]

48.23A.040 – Basic illustration—Conforming requirements—Brief descriptions—Numeric summaries—Required statements.

RCW 48.23A.040 Basic illustration—Conforming requirements—Brief descriptions—Numeric summaries—Required statements. (1) A basic illustration shall conform with the following requirements: (a) The illustration shall be labeled with the date on which it was prepared. (b) Each page, including any explanatory notes or pages, shall be numbered and show its relationship to the total number of pages in […]

48.23A.050 – Supplemental illustration—Conditions for use—Reference to basic illustration.

RCW 48.23A.050 Supplemental illustration—Conditions for use—Reference to basic illustration. (1) A supplemental illustration may be provided so long as: (a) It is appended to, accompanied by, or preceded by a basic illustration that complies with this chapter; (b) The nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based […]

48.23A.060 – Illustration used or not used during sale—Signed copy of illustration or acknowledgment of no use—Computer screen—Retained copies.

RCW 48.23A.060 Illustration used or not used during sale—Signed copy of illustration or acknowledgment of no use—Computer screen—Retained copies. (1)(a) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy […]

48.23A.070 – Policy designated for use of illustrations—Annual report—Required information—In-force illustrations—Notice of adverse changes.

RCW 48.23A.070 Policy designated for use of illustrations—Annual report—Required information—In-force illustrations—Notice of adverse changes. (1) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain at least the following information: […]

48.23A.080 – Illustration actuaries—Conditions for appointment—Duties—Certifications—Disclosures to commissioner.

RCW 48.23A.080 Illustration actuaries—Conditions for appointment—Duties—Certifications—Disclosures to commissioner. (1) The board of directors of each insurer shall appoint one or more illustration actuaries. (2) The illustration actuary shall certify that the disciplined current scale used in illustrations is in conformity with the actuarial standard of practice for compliance with the national association of insurance commissioners […]

48.23A.090 – Violations—RCW 48.30.010(1).

RCW 48.23A.090 Violations—RCW 48.30.010(1). In addition to any other penalties provided by law, an insurer or producer that violates a requirement of this chapter is guilty of a violation of RCW 48.30.010(1). [ 1997 c 313 § 11.]

48.23A.901 – Effective date—Application—1997 c 313.

RCW 48.23A.901 Effective date—Application—1997 c 313. This act takes effect January 1, 1998, and applies to policies sold on or after January 1, 1998. [ 1997 c 313 § 13.]