044-12 Wyo. Code R. § 12-7

Current through April 27, 2019

Section 12-7 - Duties of Insurers That Use Producers

Each insurer that uses a producer in a life insurance or annuity sale shall:

(a) Require with or as part of each completed application for life insurance or annuity, a statement signed by the producer as to whether he or she knows replacement is or may be involved in the transaction.

(b) Where a replacement is involved:

• (i) Require from the producer with the application for life insurance or annuity a list of all the applicant's existing life insurance or annuity to be replaced and a copy of the Replacement Notice provided the applicant pursuant to Section 5(b)(i). Such existing life insurance or annuity shall be identified by name of insurer, insured and contract number. If a number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.

• (ii) Send to each existing insurer a written communication advising of the replacement or proposed replacement and the identification information obtained pursuant to Section 7(b)(i). This written communication shall be made within three (3) working days of the date the application is received in the replacing insurer's home or regional office, or the date the proposed policy or contract is issued, whichever is sooner.

(c) The replacing insurer shall maintain evidence of the "Replacement Notice," all written communications with respect to replacement, and a replacement register, cross indexed by replacing producer and existing insurer to be replaced. Evidence that all requirements were met shall be maintained for at least three years or until the conclusion of the next succeeding regular examination by the Insurance Department of its state of domicile, whichever is later.

(d) The replacing insurer shall provide in its policy or in a separate written notice which is delivered with the policy that the applicant has a right to an unconditional refund of all premiums paid, which right may be exercised within a period of thirty (30) days commencing from the date of delivery of the policy. In the case of a variable or market value adjustment policy or contract, a payment of the cash surrender value provided under the policy or contract plus the fees and other charges deducted from the gross premiums or considerations or imposed under such policy or contract.

044-12 Wyo. Code R. § 12-7