Ins 23.80 Ins 23.80Suitability.
Ins 23.80(1) (1) An insurer shall establish written suitability standards to assure that inappropriate, unsuitable or excessive insurance is not sold or issued to fund prearranged funeral plans.
Ins 23.80(2) (2) An insurer shall require that the suitability standards include, but not limited to the following:
Ins 23.80(2)(a) (a) The appropriateness of using a funeral policy to fund a prearranged funeral plan.
Ins 23.80(2)(b) (b) The appropriateness of using an existing insurance policy to fund the prearranged funeral plan.
Ins 23.80(2)(c) (c) The appropriateness of replacing any existing policy with a funeral policy.
Ins 23.80(3) (3) The insurer shall train and monitor its insurance intermediaries to ensure compliance with the suitability standards in their sales practices.
Ins 23.80(4) (4) An insurer or an insurance intermediary shall take an application or issue a funeral policy only if the funeral policy is suitable for the applicant.
Ins 23.80 History History: Cr. Register, July, 1997, No. 499, eff. 10-1-97; correction in (2) made under s. 13.93 (2m) (b) 1., Stats., Register, January, 2001, No. 541.
Ins 23.90 Ins 23.90Solicitation and disclosure requirements.
Ins 23.90(1)(1) Any insurance intermediary who solicits funeral policies shall comply with all applicable statutes and rules, including but not limited to s. 628.34 (1), Stats. and ch. Ins 20.
Ins 23.90(2) (2) Every insurance intermediary intending to solicit the sale of a funeral policy shall at the time of the initial contact or communication with the prospective buyer, clearly and expressly disclose:
Ins 23.90(2)(a) (a) The name of the individual insurance intermediary who solicited the sale of the funeral policy.
Ins 23.90(2)(b) (b) The name of the funeral home represented.
Ins 23.90(2)(c) (c) A statement that insurance is being sold.
Ins 23.90(2)(d) (d) The identity of the insurer.
Ins 23.90(2)(e) (e) The type of insurance being solicited.
Ins 23.90(3) (3) Insurance intermediaries shall not:
Ins 23.90(3)(a) (a) Make any misleading representation or incomplete or fraudulent comparison of any insurance policies or insurers for the purpose of inducing, or tending to induce, any person to lapse, forfeit, surrender, terminate, retain, pledge, assign, borrow on or convert any insurance policy or to take out a policy of insurance with another insurer.
Ins 23.90(3)(b) (b) Employ undue pressure to purchase or recommend the purchase of insurance or any method of marketing having the effect of inducing or tending to induce, the purchase of insurance through force, fright, or threat, whether explicit or implied.
Ins 23.90(3)(c) (c) Make use directly or indirectly of any method of marketing which fails to disclose in a conspicuous manner that a purpose is solicitation of the purchase of insurance and that contact will be made by an insurance intermediary.
Ins 23.90(3)(d) (d) Use any advertisement, or responses from any advertisement, which has not been approved by the insurer.
Ins 23.90(4) (4) No insurance intermediary may directly or indirectly prevent or dissuade or attempt to prevent or dissuade any person from filing a complaint with the office of the commissioner of insurance, cooperating with the office of the commissioner of insurance in any investigation or attending or giving testimony at any proceeding authorized by law.
Ins 23.90(5) (5) An insurance intermediary shall provide the insurer at the time the funeral policy application is submitted, a list of the funeral goods and services contracted for by the insured in the prearranged funeral plan.
Ins 23.90(6) (6) After receiving a funeral policy from the insurer, the insurance intermediary shall:
Ins 23.90(6)(a) (a) Promptly deliver the policy to the policyholder.
Ins 23.90(6)(b) (b) Obtain from the insured a signed policy delivery receipt.
Ins 23.90(6)(c) (c) Keep a copy of the signed policy delivery receipt for at least 3 years after termination of the policy.
Ins 23.90(6)(d) (d) Forward a copy of the signed policy delivery receipt to the insurer within 7 days of delivery.
Ins 23.90 History History: Cr. Register, July, 1997, No. 499, eff. 10-1-97.
Loading...
Loading...
Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.