SECTION 365:10-3-50. Purpose

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The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. This regulation provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this regulation are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

[Source: Added at 14 Ok Reg 2644, eff 7-1-97]

                    
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