OAR 836-014-0325: Disclosures Required by Life Insurers

(1) With respect to each policy issued by an insurance company, the insurance company shall provide notice to the owner of an individual life insurance policy when the insured person under such a policy is 60 years of age or older, and: (a) The life insurance company receives notice from such an owner of a request to surrender, in whole or in part, an individual policy; (b) The life insurance company receives notice from such an owner of a request to receive an accelerated death benefit under an individual policy; or (c) The life insurance company sends to such an owner all notices of lapse of an individual policy, other than a term policy. (2)(a) The notice must consist of the following statement in large, bold or otherwise conspicuous typeface calculated to draw the eye: “Life insurance is a critical part of a broader financial plan. There are many options available, and you have the right to shop suited to your needs.” The notice may include the contact information for the Department of Consumer and Business Services as suggested in Exhibit 1 to this rule or in a form similar to the notice in Exhibit 1 to this rule. The director may update the names, telephone numbers, website information and similar information in Exhibit 1 from time to time as necessary. (b) If the notice does not include the contact information for the department, the communication of the notice must also contain a statement advising the recipient that the recipient may contact the Division of Financial Regulation of the Department of Consumer and Business Services for more information. The insurer shall direct the recipient of the communication to either contact the Division of Financial Regulation Consumer Advocacy Unit at its toll free telephone number or visit the division’s website at the website address currently provided by the division as Exhibit 1 to this rule as may be updated from time to time on the division website.