50.17—Use of model forms.
(a)
Policies in force on the date of
enactment. (1) An insurer that is required to
make the disclosure under § 50.10(b) and that
makes no change in the existing premium, is deemed
to be in compliance with the disclosure
requirement if it uses NAIC Model Disclosure Form
No. 2.
(2)
An insurer that is required to make the
disclosure under § 50.10(b) and that makes a
change in the existing premium, is deemed to be in
compliance with the disclosure requirement if it
uses NAIC Model Disclosure Form No. 1. Such an
insurer may also use the same NAIC Model
Disclosure Form No. 1 to comply with the notice
requirement of section 105(c) of the Act. See § 50.18.
(b)
Policies issued within 90 days of
the date of enactment. An insurer that is
required to make the disclosure under § 50.10(c)
is deemed to be in compliance with the disclosure
requirement if it uses either NAIC Model
Disclosure Form No. 1 or NAIC Model Disclosure
Form No. 2, as long as the form used is modified
as appropriate for the particular policy.
(c)
Policies issued more than 90 days
after the date of enactment. An insurer that
is required to make the disclosure under § 50.10(d) may continue to use NAIC
Model Disclosure Form No. 1 or NAIC Model
Disclosure Form No. 2 if appropriate, or other
disclosures that meet the requirements of §§
50.10(a) and 50.14 may be developed.
(d)
Not exclusive means of
compliance. An insurer is not required to use
NAIC Model Disclosure Form No. 1 or NAIC Model
Disclosure Form No. 2 to satisfy the disclosure
requirement. An insurer may use other means to
comply with the disclosure requirement, as long as
the disclosure comports with the requirements of
the Act.
(e) Cap disclosure.
An insurer
may use NAIC Model Disclosure Form No. 1 or NAIC
Model Disclosure Form No. 2 dated December 19,
2007, or as subsequently modified in accordance
with paragraph (f) of this section, to satisfy the
cap disclosure requirement, or another disclosure
that meets the requirements of § 50.15 may be
developed.
(f) Definitions.
For purposes of
this section, references to NAIC Model Disclosure
Form No. 1 and NAIC Model Disclosure Form No. 2
refer to such forms as were in existence on April
18, 2003, or as subsequently modified by the NAIC,
provided Treasury has stated that usage by
insurers of the subsequently modified forms is
deemed to satisfy the disclosure requirements of
the Act and the insurer uses the most current
forms that are available at the time of
disclosure. These forms may be found on the
Treasury Web site at http://www.treasury.gov/trip.