RSA 408-D:8 · Life Insurer Disclosure to Viator

408-D:8 Life Insurer Disclosure to Viator. –

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I.

Life insurers shall provide individual life insurance policyholders with a written notice that any of the acts described in paragraph III can have significant future financial, tax, or other implications and the consumer should consult with a licensed financial advisor, attorney, or other professional who can explain to the consumer all available options and consequences before acting.

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II.

The timing of the issuance of the notice, and the form of the notice shall be as set forth in rules adopted by the commissioner.

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III.

Actions that may have a significant future financial, tax, or other implication to the consumer are:

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(a)

Sale of the policy.

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(b)

Surrender of the policy.

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(c)

Lapse of the policy.

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(d)

Assignment of the policy or any right under the policy.

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(e)

Failure to pay premium.

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(f)

Application of the equity of the policy toward payment of premium.

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(g)

Application of accumulated dividends toward payment of premium.

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(h)

Financing of premium payments.

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IV.

Life insurers shall comply with regulations that require annual reporting to the consumer of policy information including annual reporting of the cash value of the policy. Source. 2010, 132:1, eff. June 14, 2010.

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