054.00.17-6. Duties of Insurers And Producers
AR ADC 054.00.17-6Arkansas Administrative Code
Ark. Admin. Code 054.00.17-6
054.00.17-6. Duties of Insurers And Producers
(1) The insurer shall provide a Buyer's Guide to all prospective purchasers prior to accepting the applicant's initial premium or premium deposit. However, if the policy for which application is made contains an unconditional refund provision of at least ten (10) days, the Buyer's Guide may be delivered with the policy or prior to delivery of the policy.
(3) When the sale involves a product in addition to life insurance, the life insurance solicitation must be separately disclosed and must be independently available without the purchase of another product, unless such sale has been found unobjectionable by the Commissioner. All information applicable to the life insurance sale must be separately disclosed as required by this section.
(4) In the event a computer or financial advisory service produces or furnishes individualized promotional material used in connection with the sale or solicitation of insurance, a complete disclosure shall be made identifying any financial, proprietary or contractual arrangement or interest between the service and the insurer or insurance producer.
(1) If a life insurance company changes its method of determining scales of nonguaranteed elements on existing policies; it shall, no later than when the first payment is made on the new basis, advise each affected policy owner residing in this state of this change and of its implication on affected policies. This requirement shall not apply to policies for which the amount payable upon death under the basic policy as of the date when advice would otherwise be required does not exceed $5,000.
(1) Insurers, general agents, independent agencies and insurance producers shall maintain or be able to make available to the Commissioner records of the information collected from the consumer and other information required by this rule for five (5) years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of an insurance producer.
Credits
Amended July 15, 2009.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.17-6, AR ADC 054.00.17-6
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