NY illustration/quotation regulation

Effective Monday, April 9, 2018, the state of New York requires that an illustration, illustration disclosure or quotation must accompany the application and be signed accordingly. A fully completed, newly signed application must be submitted to the home office if the illustration, illustration disclosure or quotation requirement is not met.

April 9 New York requirements

  • All new illustrated products will require a signed illustration or signed illustration disclosure on or before the application signed date.
  • All new quotation products will require a signed quotation on or before the application signed date.
  • All new Term products will require a submitted Term quotation with a run date on or before the application signed date.
  • All new Term applications will require the acknowledgement (checkbox being marked) as to providing preliminary information to the client on the Producer Report.

Transition Period – April 9, 2018 through May 9, 2018

  • There will be a 30-day transition period before the home office will enforce the new signed application requirement, if missed.
  • Applications received after May 9th will require the new application to be submitted prior to issue.

 

NAIC illustration regulation requirement

Effective Monday, April 9, 2018, states that have adopted the NAIC Model Regulation require that an illustration or illustration disclosure accompany the application and be signed accordingly. A fully completed, newly signed application must be submitted to the home office if the illustration or illustration disclosure requirement is not met.

April 9 requirement in NAIC states

All new illustrated products will require a signed illustration or signed illustration disclosure on or before the application signed date.

Transition Period – April 9, 2018 through May 9, 2018

  • There will be a 30-day transition period before the home office enforces the new signed application requirement, if missed.
  • Applications received after May 9 will require the new application to be submitted prior to issue.

States that have adopted the NAIC Model Regulation

AK, AL, AR, AZ, CO, CT, HI, IA, KS, KY, LA, MD, ME, MS, MO, MT, NC, NE, NH, NJ, NM, OH, OR, RI, SC, SD, TX, UT, VA, VT, WI, WV (32 states)

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