Section 31.05 - Duties of Insurers(1)Requirements Applicable Generally.(a) The insurer shall provide a Buyer's Guide to all prospective purchasers prior to accepting the applicant's initial premium or premium deposit. However, if the policy for which application is made contains an unconditional refund provision of at least ten days, the Buyer's Guide may be delivered with the policy or prior to delivery of the policy.(b) The insurer shall provide a policy summary to prospective purchasers where the insurer has identified the policy form as one that will not be marketed with an illustration. The policy summary shall show guarantees only. It shall consist of a separate document with all required information set out in a manner that does not minimize or render any portion of the summary obscure. Any amounts that remain level for two or more years of the policy may be represented by a single number if it is clearly indicated what amounts are applicable for each policy year. Amounts in 211 CMR 31.04: Policy Summary(e) shall be listed in total, not on a per thousand or per unit basis. If more than one insured is covered under one policy or rider, death benefits shall be displayed separately for each insured or for each class of insureds if the death benefits do not differ within the class. Zero amounts shall be displayed as a blank space. Delivery of the policy summary shall be consistent with the time for delivery of the Buyer's Guide as specified in 211 CMR 31.05(1)(a).(2)Requirements Applicable to Existing Policies. (a) Upon request by the policy owner, the insurer shall furnish either policy data or an in force illustration as follows: 1. For policies issued prior to the effective date of 211 CMR 28.00, Life Insurance Illustrations, the insurer shall furnish policy data, or, at its option, an in force illustration meeting the requirements of 211 CMR 28.00.2. For policies issued after the effective date of 211 CMR 28.00, that were declared not to be used with an illustration, the insurer shall furnish policy data, limited to guaranteed values, if it has chosen not to furnish an in force illustration meeting the requirements of 211 CMR 28.00.3. If the policy was issued after the effective date of 211 CMR 28.00, and declared to be used with an illustration, an in force illustration shall be provided.4. Unless otherwise requested, the policy data shall be provided for 20 consecutive years beginning with the previous policy anniversary. The statement of policy data shall include nonguaranteed elements according to the current scale, the amount of outstanding policy loans, and the current policy loan interest rate. Policy values shown shall be based on the current application of nonguaranteed elements in effect at the time of the request.(b) If a life insurance company changes its method of determining scales of nonguaranteed elements on existing policies it shall, no later than when the first payment is made on the new basis, advise each affected policy owner residing in Massachusetts of this change and of its implication on affected policies. This requirement shall not apply to policies for which the amount payable upon death under the basic policy as of the date when advice would otherwise be required does not exceed $5,000.(c) If the insurer makes a material revision in the terms and conditions under which it will limit its right to change any nonguaranteed factor; it shall, no later than the first policy anniversary following the revision, advise each affected policy owner residing in Massachusetts.