W. Va. Code R. § 114-11-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-11-3 - Definitions

3.1.

a. Advertisement means material designed to create public interest in life insurance or annuities or in an insurer, or in an insurance producer; or to induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace or retain a policy including:

1. Printed and published material, audio-visual material and descriptive literature of an insurer or insurance producer used in direct mail, newspapers, magazines, radio and television scripts, billboard and similar displays, and the Internet or any other mass communication media;

2. Descriptive literature and sales aids of all kinds authored by the insurer, its insurance producers, or third parties, issued, distributed or used by the insurer or insurance producer, including, but not limited to, circulars, leaflets, booklets, web pages, depictions, illustrations and form letters;

3. Material used for recruiting, training and educating an insurer's insurance producers which is used to induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace or retain a policy; and

4. Prepared sales talks, presentations and material for use by insurance producers.

b. "Advertisement" does not include:

1. Communications or materials used within an insurer's own organization and not intended for dissemination to the public;

2. Communications with policyholders other than material urging policyholders to purchase, increase, modify, reinstate or retain a policy; and

3. A general announcement from a group or blanket policyholder to eligible individuals on an employment or membership list that a policy or program has been written or arranged, as long as the announcement clearly indicates that it is preliminary to the issuance of a booklet explaining the proposed coverage.

3.2. "Determinable policy elements" means provisions that are derived from processes or methods that are guaranteed at issue and not subject to company discretion, but the values or amounts of which cannot be determined until some point after issue. These determinable policy elements include premiums, credited interest rates (including any bonus), benefits, values, non-interest based credits, charges, or elements of formulas used to determine any of these. These elements may be described as guaranteed but not determined at issue. An element is considered determinable if it was calculated from underlying determinable policy elements only or from both determinable and guaranteed policy elements.

3.3. "Guaranteed policy elements" means premiums, benefits, values, credits or charges under a policy, or elements of formulas used to determine any of these that are guaranteed and determined at issue.

3.4. "Insurance producer" means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance.

3.5. "Insurer" means any individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyd's, fraternal benefit society, and any other legal entity which is defined as an "insurer" in the insurance code of this state or issues life insurance or annuities in this state and is engaged in the advertisement of a policy.

3.6. "Nonguaranteed policy element" means premiums, credited interest rates (including any bonus), benefits, values, non-interest based credits, charges or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. An element is considered nonguaranteed if any of the underlying nonguaranteed elements are used in its calculation.

3.7. "Policy" means any policy, plan, certificate, including a fraternal benefit certificate, contract, agreement, statement of coverage, rider or endorsement which provides for life insurance or annuity benefits.

W. Va. Code R. § 114-11-3