W. Va. Code R. § 114-11A-5

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

Section 114-11A-5 - General Rules

5.1. Each insurer must maintain, at its home office or principal office, one copy of each document authorized and used by the insurer pursuant to this rule. Unless otherwise provided by this rule, each such copy must be maintained for a period of three (3) years after the date of its last authorized use.

5.2. An insurance producer must inform a prospective purchaser, prior to commencing a life insurance sales presentation, that he or she is acting as a life insurance producer and of the full name of the insurance company which the individual insurance producer is representing. In sales situations in which an insurance producer is not involved, the insurer shall identify its full name.

5.3. No insurance producer may use terms such as "financial planner," "investment adviser," "financial consultant" or "financial counseling" to imply that he or she is generally engaged in an advisory business in which compensation is unrelated to sales unless that actually is the case. This provision does not preclude persons who hold some form of formal recognized financial planning or consultant designation from using this designation even when they are only selling insurance. This provision also does not preclude an insurance producer from citing his or her membership in a recognized trade or professional association having such terms as part of its name, as long as the fact that the producer is authorized only to sell insurance products is disclosed. This provision does not permit persons to charge an additional fee for services that are customarily associated with the solicitation, negotiation or servicing of policies.

5.4. Any reference to nonguaranteed elements shall include a statement that the item is not guaranteed and is based on the company's current scale of nonguaranteed elements (use appropriate special term such as "current dividend" or "current rate" scale). If a nonguaranteed element would be reduced by the existence of a policy loan, a statement to that effect must be included in any reference to nonguaranteed elements. A presentation or depiction of a policy that includes nonguaranteed elements over a period of years is governed by 114 CSR 11C.

W. Va. Code R. § 114-11A-5