Section 760 IAC 1-16.1-7 - Direct response sales; insurer's dutiesAuthority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 7.
Each insurer shall:
(A) Inform its responsible personnel of the requirements of 760 IAC 1-16.1.(B) Require with or as part of each completed application for life insurance a statement signed by the applicant as to whether or not such insurance will replace existing life insurance.(C) Where a replacement is involved in the solicitation of a direct-response sale:(1) Request from the applicant with or as part of the application a list of all existing life insurance to be replaced. Such existing life insurance shall be identified by name of insurer.(2) If the applicant furnishes the names of the existing insurers, then the replacing direct-response insurer shall mail the applicant an "Important Notice Regarding Replacement of Life Insurance" in a form substantially as described in 760 IAC 1-16.1-13.5 within three working days after receipt of the application and shall comply with all of the provisions of 760 IAC 1-16.1-6(C)(2), (3), (4), and (5), except that it need not maintain a replacement register required by 760 IAC 1-16.1-6(C)(4).(3) If the applicant does not furnish the names of the existing insurers, then the replacing direct-response insurer shall at the time the policy is mailed to the applicant, include an "Important Notice Regarding Replacement of Life Insurance" in a form substantially as described in 760 IAC 1-16.1-13.5.Department of Insurance; Reg 28, Sec 8; filed Oct 12, 1979, 4:50 pm: 2 IR 1571, eff Jan 1, 1980; filed Aug 20, 1982, 2:58 pm: 5 IR 2233, eff Jan 1, 1983; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA