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Section 27-62-7 Standards for supplemental illustrations.

RI Gen L § 27-62-7 (2019) (N/A)
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§ 27-62-7. Standards for supplemental illustrations. (a) A supplemental illustration may be provided so long as:

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

(2) The non-guaranteed 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 non-guaranteed elements are not guaranteed; and

(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.

History of Section. (P.L. 1998, ch. 56, § 1.)

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Section 27-62-6 Standards for basic illustrations.
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Section 27-62-8 Delivery of illustration and record retention.