Iowa Admin. Code r. 191-15.4
Current through Register Vol. 47, No. 11, December 11, 2024
Rule 191-15.4 - Life insurance cost and benefit disclosure requirements(1) The definition of terms applicable to this rule and its appendices will be found in Appendix I.(2) Except as hereafter exempted, this rule shall apply to any solicitation, negotiation or procurement of life insurance occurring within this state. This rule shall apply to any insurer issuing life insurance contracts including fraternal benefit societies. Unless otherwise specifically included, this rule shall not apply to:
b. Credit life insurance.c. Group life insurance, except for disclosures relating to preneed funeral contracts or prearrangements as provided herein. These disclosure requirements shall extend to the issuance or delivery of certificates as well as to the master policy.d. Life insurance policies issued in connection with pension and welfare plans as defined by and that are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA).e. Variable life insurance under which the death benefits and cash values vary in accordance with unit values of investments held in a separate account.(3) Prior to or at delivery of a life insurance policy, an insurer or producer shall provide the prospective purchaser the following: a. A life insurance buyer's guide in the current form prescribed by the National Association of Insurance Commissioners or language approved by the commissioner of insurance, andb. A policy summary as defined in Appendix I.(4) A policy summary is not required to include information available in the policy form or illustration. If an illustration subject to the provisions of 191-Chapter 14, Life Insurance Illustrations Model Regulation, is used in the sale of a policy, delivery of a policy summary is not required. A policy summary may not include any element that is not guaranteed.Iowa Admin. Code r. 191-15.4
Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024