48.23A.050 - Supplemental illustration -- Conditions for use -- Reference to basic illustration.

Supplemental illustration — Conditions for use — Reference to basic illustration.

(1) A supplemental illustration may be provided so long as:

     (a) It is appended to, accompanied by, or preceded by a basic illustration that complies with this chapter;

     (b) The nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration;

     (c) It contains the same statement required of a basic illustration that nonguaranteed elements are not guaranteed; and

     (d) For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.

     (2) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.

[1997 c 313 § 7.]