NAIC Life Insurance and Annuities Replacement Model Regulation (#613)

What this document is

NAIC Life Insurance and Annuities Replacement Model Regulation (#613) is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• NAIC Model #613: Section 6 (Duties of the Existing Insurer)

  “Send a letter to the policy or contract owner of the right to receive information regarding the existing policy or contract values including, if available, an in force illustration or policy summary if an in force illustration cannot be produced within five (5) business days of receipt of a notice...”

• NAIC Model #613, Section 5 (Duties of Replacing Insurers that Use Producers)

  “Provide to the policy or contract owner notice of the right to return the policy or contract within thirty (30) days of the delivery of the contract and receive an unconditional full refund of all premiums or considerations paid on it, including any policy fees or charges or, in the case of a...”

• NAIC Model NAIC 613: Section 5A(4) (Duties of Replacing Insurers)

  “Provide to the policy or contract owner notice of the right to return the policy or contract within thirty (30) days of the delivery of the contract and receive an unconditional full refund of all premiums or considerations paid on it, including any policy fees or charges or, in the case of a...”

• NAIC Model NAIC 613: Section 3B (Duties of Producers)

  “the producer shall present and read to the applicant, not later than at the time of taking the application, a notice regarding replacements in the form as described in Appendix A or other substantially similar form approved by the commissioner.”

• NAIC Life Insurance and Annuities Replacement Model Regulation § 2J, definition of replacement

  ““Replacement” means a transaction in which a new policy or contract is to be purchased, and it is known or should be known to the proposing producer, or to the proposing insurer if there is no producer, that by reason of the transaction, an existing policy or contract has been or is to be: (1)...”

• NAIC Life Insurance and Annuities Replacement Model Regulation § 6A and § 6B: duties of the existing insurer

  “Where a replacement is involved in the transaction, the existing insurer shall: A. Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least five (5) years or until the conclusion of the next regular examination conducted by the Insurance...”

• NAIC Life Insurance and Annuities Replacement Model Regulation § 5A(1) and (2): duties of replacing insurers that use producers

  “Where a replacement is involved in the transaction, the replacing insurer shall: (1) Verify that the required forms are received and are in compliance with this regulation; (2) Notify any other existing insurer that may be affected by the proposed replacement within five (5) business days of...”

• NAIC Life Insurance and Annuities Replacement Model Regulation § 3C (Duties of Producers: contents of the replacement notice)

  “The notice shall list all life insurance policies or annuities proposed to be replaced, properly identified by name of insurer, the insured or annuitant, and policy or contract number if available; and shall include a statement as to whether each policy or contract will be replaced or whether a...”

• NAIC Life Insurance and Annuities Replacement Model Regulation § 3B (Duties of Producers: notice regarding replacements)

  “If the applicant answered “yes” to the question regarding existing coverage referred to in Subsection A, the producer shall present and read to the applicant, not later than at the time of taking the application, a notice regarding replacements in the form as described in Appendix A or other...”

• NAIC Life Insurance and Annuities Replacement Model Regulation, Section 8C (violations and penalties)

  “Where it is determined that the requirements of this regulation have not been met the replacing insurer shall provide to the policy owner an in force illustration if available or policy summary for the replacement policy or available disclosure document for the replacement contract and the...”

• NAIC Life Insurance and Annuities Replacement Model Regulation, Section 3B (duties of producers, notice regarding replacements)

  “If the applicant answered “yes” to the question regarding existing coverage referred to in Subsection A, the producer shall present and read to the applicant, not later than at the time of taking the application, a notice regarding replacements in the form as described in Appendix A or other...”

• NAIC Life Insurance and Annuities Replacement Model Regulation § 3C (identification of policies proposed to be replaced)

  “If a policy or contract number has not been issued by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.”

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