31A-22-632 - Report to policy holder.
31A-22-632. Report to policy holder.
(1) An insurer shall provide the policyholder a monthly report if an accident and healthrider or supplemental benefit is:
(a) funded through a life insurance vehicle by acceleration of the death benefit; and
(b) in benefit payment status.
(2) The report required by Subsection (1) shall include:
(a) any rider or supplemental benefits paid out during the month;
(b) an explanation of any changes in the policy due to rider or supplemental benefitsbeing paid out such as:
(i) death benefits; or
(ii) cash values; and
(c) the amount of the rider or supplemental benefits existing or remaining.
Enacted by Chapter 116, 2001 General Session