Section 45-04-05-07 - Periodic disclosure to policyowner requirements The policy must provide that the policyowner will be sent, without charge, at least annually, a report which will serve to keep such policyowner advised of the status of the policy. The end of the current report period may be not more than three months previous to the date of the mailing of the report.
The report must include the following:
1. The beginning and end of the current report period. 2. The policy value at the end of the previous report period and at the end of the current report period. 3. The total amounts which have been credited or debited to the policy value during the current report period, identifying each by type (e.g., interest, mortality, expense and riders). 4. The current death benefit at the end of the current report period on each life covered by the policy. 5. The net cash surrender value of the policy as of the end of the current report period. 6. The amount of outstanding loans, if any, as of the end of the current report period. 7. For fixed premium policies: If, assuming guaranteed interest, mortality and expense loads and continued scheduled premium payments, the policy's net cash surrender value is such that it would not maintain insurance in force until the end of the next reporting period, a notice to this effect must be included in the report. 8. For flexible premium policies: If, assuming guaranteed interest, mortality and expense loads, the policy's net cash surrender value will not maintain insurance in force until the end of the next reporting period unless further premium payments are made, a notice to this effect must be included in the report. N.D. Admin Code 45-04-05-07
Effective January 1, 1985.General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-30, 26.1-33