Ala. Admin. Code r. 482-1-114-.01

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-114-.01 - Purpose

The purpose of this chapter is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. The chapter provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this chapter are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

Author: Commissioner of Insurance

New Rule: Filed October 15, 1996; effective January 1, 1998. Filed for codification in the Alabama Administrative Code by the Department of Insurance on April 15, 2004, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority:Code of Ala. 1975, § 27-2-17.