760 Ind. Admin. Code 1-62-6

Current through December 12, 2024

Section 760 IAC 1-62-6 - Supplemental illustrations

Authority: IC 27-1-3-7

Affected: IC 27-1-12-25; IC 27-4-1-4

Sec. 6.

(a) A supplemental illustration may be provided so long as the following requirements are met:

(1) It is appended to, accompanied by, or preceded by a basic illustration that complies with this rule.

(2) The nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration.

(3) It contains the same statement required of a basic illustration that nonguaranteed elements are not guaranteed.

(4) For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.

(b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.

760 IAC 1-62-6

Department of Insurance; 760 IAC 1-62-6; filed Sep 27, 1999, 9:00 a.m.: 23 IR 339, eff Jan 1, 2000; readopted filed Sep 25, 2006, 3:23 p.m.: 20061004-IR-760060200RFA; readopted filed Nov 21, 2012, 4:15 p.m.: 20121219-IR-760120454RFA

Readopted filed Nov 13, 2018, 10:02 a.m.: 20181212-IR-760180372RFA

Readopted filed 10/31/2024, 3:52 p.m.: 20241127-IR-760230814RFA