18 Del. Admin. Code § 1204-4.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1204-4.0 - Exemptions

4.1 Unless otherwise specifically included, this Regulation shall not apply to transactions involving:

4.1.1 Credit Life Insurance;

4.1.2 Group Life Insurance or Group Annuities;

4.1.3 An application to the existing insurer that issued the existing life insurance and a contractual change or conversion privilege is being exercised;

4.1.4 Transactions where the replacing insurer and the existing insurer are the same, or are subsidiaries or affiliates under common ownership or control. In such cases the agent or broker shall comply with the requirements of section 5.1.

4.1.5 Registered Contracts shall be exempt from the requirements of sections 7.2 and 7.2.1 requiring provision of policy summary or ledger statement information; however, premium or contract contribution amounts and identification of the appropriate prospectus or offering circular shall be required in lieu thereof;

4.1.6 Life insurance or annuity products issued in connection with a pension, profit-sharing or other benefit plan qualifying for tax deductibility of premiums, provided however, that as to any plan described in this subsection, full and complete disclosure shall be given to the administrator of any plan to be replaced;

18 Del. Admin. Code § 1204-4.0