18 Del. Admin. Code § 1204-8.0

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

Section 1204-8.0 - Duties of Insurer with Respect to Direct Response Sales

8.1 If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant with the policy a Replacement Notice as described in Exhibit A or other substantially similar form approved by the Commissioner. Form R (Exhibit A) modified by deleting the agent's name and signature block may be used by direct response insurers without obtaining prior approval so long as the text of the notice is not modified.

8.2 If the insurer proposed the replacement it shall:

8.2.1 Provide to applicants or prospective applicants with or as a part of the application a Replacement Notice as described in Exhibit A.

8.2.2 Request from the applicant with or as a part of the application, a list of all existing life insurance or annuities to be replaced and properly identified by name of insurer and insured.

8.2.3 Comply with the requirements of section 7.1.2.2, if the applicant furnishes the names of the existing insurers, and the requirements of section 7.4, except that it need not maintain a replacement register.

18 Del. Admin. Code § 1204-8.0