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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 will enforce the new signed application requirement, if missed.
  • Applications received after May 9 must meet the above requirement. A new application will be required prior to issue if the above requirement is not met.

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)

 

Principal National Life Insurance Company and Principal Life Insurance Company, Des Moines, Iowa 50392-0002

Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Principal National and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392.

For financial professional use only. Not for distribution to the public.

452336-032018

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