Montana Code 33-20-150. Life insurance policy and sales illustrations — annuity disclosure — rules
33-20-150. Life insurance policy and sales illustrations — annuity disclosure — rules. (1) (a) The commissioner shall adopt rules providing for and regulating life insurance policy illustrations, annuity disclosure, and sales illustrations that are marketed, issued, or issued for delivery to Montana residents.
Terms Used In Montana Code 33-20-150
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(b)The rules must specify any types of life insurance or annuities that are exempt from the provisions of the rules.
(2)The rules must be designed to:
(a)protect life insurance and annuity consumers;
(b)foster consumer education;
(c)improve consumers’ ability to understand the basic features of life insurance policies and annuities; and
(d)improve consumers’ ability to select the most appropriate plan of life insurance or annuity.
(3)Rules that are adopted by the commissioner may not go beyond the scope of, or contain material differences from, the national association of insurance commissioners’ life insurance illustrations, annuity disclosure, and sales model regulations.
(4)After the effective date of rules that are adopted pursuant to this section, a group or individual life insurance policy, certificate, or annuity may not be marketed, issued, or issued for delivery to a Montana resident unless the policy, certificate, or annuity conforms to the rules that are adopted pursuant to this section.