31A-22-632. Report to policy holder.
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31A-22-632. Report to policy holder.
(1)An insurer shall provide the policyholder a monthly report if an accident and health rider 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 benefits being 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