Section 28.09 - Delivery of Illustration and Record RetentionWhen an insurance producer or other authorized representative of the insurer uses a basic illustration in the sale of a life insurance policy the following shall be adhered to:
(1) The insurance producer or other authorized representative shall give a signed copy of that illustration to both the applicant and the insurer at the time the applicant applies for the policy, if the applicant applies for the policy as illustrated;(2) For the purpose in 211 CMR 28.09(1), a signature on an electronic copy of the illustration shall satisfy the requirement for a signed copy;(3) If the illustration is displayed to the applicant electronically and no hard copy is furnished to the applicant at the time of application, an acknowledgement, signed by the applicant and insurance producer or authorized representative for the insurance producer, shall be obtained by the insurance producer or authorized representative for the insurance producer at the time of application and submitted with the application;(4) The acknowledgement in 211 CMR 28.09(3) shall contain the following: (a) The applicant's gender(c) The underwriting or rating class(d) The type of policy for which an application is submitted(e) The initial death benefit(f) The dividend option, if any(g) The insurance producer's name;(5) The acknowledgement in 211 CMR 28.09(3) shall: (a) Require that an illustration conforming to the issued policy be delivered to the applicant no later than at the time of policy delivery(b) Require that the insurance producer or authorized representative leave one copy of the signed acknowledgement with the applicant(c) Require that the insurance producer or authorized representative submit to the insurer one copy of the signed acknowledgement with the application and illustration presented electronically;(6) If the policy issued is other than that applied for, the applicant shall be provided with a revised basic illustration which conforms to the policy actually issued;(7) If a revised illustration is provided as required in 211 CMR 28.09(6): (a) The revised illustration shall conform to the requirements of 211 CMR 28.09(6);(b) The revised illustration shall be labeled clearly "revised illustration"(c) The applicant or policy owner and the insurance producer or authorized representative of the insurer shall sign and date the revised illustration no later than the time the policy is delivered;(8) If the policy is issued, a basic illustration conforming to the policy as issued shall be sent with the policy, if a conforming illustration was not previously provided to the insured, and signed no later than the time the policy is delivered. A copy shall be provided to the insurer and the policy owner;(9) If an insurance producer or other authorized representative does not use a basic illustration when selling a life insurance policy, or if the applicant applies for a policy other than as illustrated, the insurance producer or other authorized representative shall submit a certification form, provided by the insurer, to the insurer with the policy application;(10) The form required in 211 CMR 28.09(9), shall contain: (a) The insurance producer or representative's certification that he or she did not present an illustration to the applicant conforming to the policy applied for(b) The applicant's certification that he or she did not receive an illustration when applying for the policy(c) The applicant's certification that he or she understands that an illustration conforming to the policy issued will be provided on or before the delivery of the policy;(11) If the insurer sends the basic illustration or revised illustration to the applicant or policy owner by mail, it shall: (a) Include instructions for the applicant or policy owner to sign the duplicate copy of the numeric summary page of the illustration and return the signed copy to the insurer(b) Make a diligent effort to secure a signed copy of the numeric summary page;(12) Compliance with 211 CMR 28.09(11)(b) may be accomplished by including in the mailing a self-addressed prepaid postage envelope and instructions for returning the signed numeric summary page; and(13) The insurer shall retain, for three years after the policy is no longer in force, a copy of: (a) The basic illustration(b) The revised basic illustration, if any(c) Any certification that: 1. The insurance producer or authorized representative did not use an illustration; or2. The applicant applied for a policy different from the illustrated policy. The insurer shall not be required to retain copies, as required in 211 CMR 28.09(13), if the insurer did not issue a policy.