Statutes, codes, and regulations
Wyoming Administrative Code
Agency 044 - Insurance DeptSubagency 0002 - General Agency, Board or Commission Rules
Chapter 40 - UNIVERSAL LIFE INSURANCE
Section 40-3 - Mandatory Policy Provisions

044-40 Wyo. Code R. § 40-3

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Current through April 27, 2019
Section 40-3 - Mandatory Policy Provisions

The policy shall provide the following:

(a) Periodic Disclosure to Policy owner. The policy shall provide that the policy owner will be sent, without charge, at least annually, a report which will serve to keep such policy owner advised as to the status of the policy. The end of the current report period must be not more than three months previous to the date of the mailing of the report.

(b) Illustrative Reports. The policy shall provide for an illustrative report which will be sent to the policy owner upon request without charge, at least annually. If the policy owner requests reports of greater frequency, a reasonable fee may be charged only for such additional reports.

(c) Policy Guarantees. The policy shall provide guarantees of minimum interest credits and maximum mortality and expense charges. All values and data shown in the policy shall be based on guarantees. No figures based on non-guarantees shall be included in the policy.

(d) Calculation of Cash Surrender Values. The policy shall contain at least a general description of the calculation of cash surrender values including the following information:

  • (i) The guaranteed maximum expense charges and loads.
  • (ii) Any limitation on the crediting of additional interest. Interest credits shall not remain conditional for a period longer than twelve months.
  • (iii) The guaranteed minimum rate or rates of interest.
  • (iv) The guaranteed maximum mortality charges.
  • (v) Any other guaranteed charges.
  • (vi) Any surrender or partial withdrawal charges.

(e) Changes in Basic Coverage. If the policy owner has the right to change the basic coverage, any limitation on the amount or timing of such change shall be stated in the policy. If the contract confers upon the policy owner the right to increase the basic coverage without the consent of the insurer, no new period of contestability or exclusion for suicide shall be permitted on such increased coverage.

(f) Grace Period and Lapse. The policy shall provide for written notice to be sent to the policy owner's last known address at least thirty days prior to termination of coverage.

  • (i) A flexible premium policy shall provide for a grace period of at least thirty days after lapse. Unless otherwise defined in the policy, lapse shall occur on the date on which the net cash surrender value first equals zero.

(g) Maturity Date. If a policy provides for a "maturity date," "end date," or similar date, then the policy shall also contain a statement, in close proximity to that date, that it is possible that coverage may not continue to the maturity date even if scheduled premiums are paid in a timely manner, if such is the case.

044-40 Wyo. Code R. § 40-3

Amended, Eff. 7/13/2017.