Revised Code of Washington - RCW Title 48 Insurance - Chapter 48.23A Life Insurance Policy Illustrations

48.23A.005 Purpose -- Standards for life insurance policy illustrations
The purpose of this chapter is to provide standards for life insurance policy illustrations that will protect consumers and foster consumer education by providing illustration ...
48.23A.010 Scope of chapter -- Exceptions
This chapter applies to all group and individual life insurance policies and certificates except: (1) Variable life insurance; (2) Individual and group annuity contracts; (3) ...
48.23A.015 Definitions
The definitions in this section apply throughout this chapter unless the context requires otherwise. (1) "Actuarial standards board" means the board established by the American ...
48.23A.020 Marketing with or without an illustration -- Notice to commissioner -- Conditions -- Availability
(1) Each insurer marketing policies to which this chapter is applicable shall notify the commissioner whether a policy form is to be marketed with or ...
48.23A.030 Illustration used in sale -- Label -- Required basic information -- Prohibitions -- Use of interest rate
(1) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled "life insurance ...
48.23A.040 Basic illustration -- Conforming requirements -- Brief descriptions -- Numeric summaries -- Required statements
(1) A basic illustration shall conform with the following requirements: (a) The illustration shall be labeled with the date on which it was prepared. (b) ...
48.23A.050 Supplemental illustration -- Conditions for use -- Reference to basic illustration
(1) A supplemental illustration may be provided so long as: (a) It is appended to, accompanied by, or preceded by a basic illustration that complies ...
48.23A.060 Illustration used or not used during sale -- Signed copy of illustration or acknowledgment of no use -- Computer screen -- Retained copies
(1)(a) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance ...
48.23A.070 Policy designated for use of illustrations -- Annual report -- Required information -- In-force illustrations -- Notice of adverse changes
(1) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an ...
48.23A.080 Illustration actuaries -- Conditions for appointment -- Duties -- Certifications -- Disclosures to commissioner
(1) The board of directors of each insurer shall appoint one or more illustration actuaries. (2) The illustration actuary shall certify that the disciplined current ...
48.23A.090 Violations -- RCW 48.30.010(1)
In addition to any other penalties provided by law, an insurer or producer that violates a requirement of this chapter is guilty of a violation ...
48.23A.900 Severability -- 1997 c 313
If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application ...
48.23A.901 Effective date -- Application -- 1997 c 313
This act takes effect January 1, 1998, and applies to policies sold on or after January 1, 1998.[1997 c 313 § 13.] ...

Last modified: April 7, 2009