2007 Minnesota Statutes

61A.73 DELIVERY OF ILLUSTRATION AND RECORD RETENTION.
(a)(1) If a basic illustration is used by an insurance producer or other authorized
representative of the insurer in the sale of a life insurance policy and the policy is applied for
as illustrated, a copy of that illustration, signed in accordance with sections 61A.70 to 61A.745,
must be submitted to the insurer at the time of policy application. A copy also must be provided
to the applicant.
(2) If the policy is issued other than as applied for, a revised basic illustration conforming to
the policy as issued must be sent with the policy. The revised illustration must conform to the
requirements of sections 61A.70 to 61A.745, must be labeled "Revised Illustration," and must be
signed and dated by the applicant or policy owner and producer or other authorized representative
of the insurer no later than the time the policy is delivered. A copy must be provided to the
insurer and the policy owner.
(b)(1) If no illustration is used by an insurance producer or other authorized representative
in the sale of a life insurance policy or if the policy is applied for other than as illustrated, the
producer or representative shall certify to that effect in writing on a form provided by the insurer.
On the same form the applicant shall acknowledge that no illustration conforming to the policy
applied for was provided and shall further acknowledge an understanding that an illustration
conforming to the policy as issued will be provided no later than at the time of policy delivery.
This form shall be submitted to the insurer at the time of policy application.
(2) If the policy is issued, a basic illustration conforming to the policy as issued must be
sent with the policy and signed no later than the time the policy is delivered. A copy must be
provided to the insurer and the policy owner.
(c) If the basic illustration or revised illustration is sent to the applicant or policy owner by
mail from the insurer, it must include instructions for the applicant or policy owner to sign the
duplicate copy of the numeric summary page of the illustration for the policy issued and return
the signed copy to the insurer. The insurer's obligation under this paragraph must be satisfied if it
can demonstrate that it has made a diligent effort to secure a signed copy of the numeric summary
page. The requirement to make a diligent effort must be deemed satisfied if the insurer includes
in the mailing a self-addressed postage prepaid envelope with instructions for the return of the
signed numeric summary page.
(d) A copy of the basic illustration and a revised basic illustration, if any, signed as
applicable, along with any certification that either no illustration was used or that the policy was
applied for other than as illustrated, must be retained by the insurer until three years after the
policy is no longer in force. A copy need not be retained if no policy is issued.
History: 2007 c 104 s 12