Ins 2.16(2)(b)10.10. Settlement options under life insurance or annuity contracts.
Ins 2.16(3)(3)Definitions. In this section:
Ins 2.16(3)(a)(a)
Ins 2.16(3)(a)1.1. “Advertisement” means:
Ins 2.16(3)(a)1.a.a. Printed and published material, audio visual material and descriptive literature of an insurer or intermediary used in direct mail, newspapers, magazines, other periodicals, radio and TV scripts, billboards and similar displays, excluding advertisements prepared for the sole purpose of obtaining employees, intermediaries or agencies;
Ins 2.16(3)(a)1.b.b. Descriptive literature and sales aids of all kinds authored, issued, distributed or used by an insurer, intermediary or third party for presentation to members of the public, including but not limited to circulars, leaflets, booklets, depictions, illustrations and form letters. Descriptive literature and sales aids do not include material in house organs of insurers, communications within an insurer’s own organization not intended for dissemination to the public, individual communications of a personal nature, and correspondence between a prospective group or blanket policyholder and an insurer in the course of negotiating a group or blanket policy, and general announcements from group or blanket policyholders to eligible individuals that a contract has been written;
Ins 2.16(3)(a)1.c.c. Prepared sales talks, presentations and material for use by intermediaries and representations made by intermediaries in accordance therewith, excluding materials to be used solely by an insurer for the training and education of its employees or intermediaries; and
Ins 2.16(3)(a)1.d.d. Packaging, including but not limited to envelopes, used in connection with subd. 1. a., b., and c.
Ins 2.16(3)(a)2.2. Advertisement does not include a policy summary as defined in s. Ins 2.14 (3) (d), the “buyer’s guide to life insurance” as set forth in s. Ins 2.14, an illustration as defined in s. Ins 2.17 (3) (i), a contract summary as defined in s. Ins 2.15 (4) (a), a preliminary contract summary as defined in s. Ins 2.15 (4) (b), and a buyer’s guide as defined in s. Ins 2.15 (4) (c).
Ins 2.16(3)(b)(b) “Analysis” means the separation of a life insurance policy or annuity contract into constituent parts for comparison, special emphasis, or other purposes.
Ins 2.16(3)(c)(c) “Appraisal” means an evaluation or estimate of the quality or other features of a life insurance policy or annuity contract. Appraisal does not include a statement which is also an endorsement or testimonial.
Ins 2.16(3)(d)(d) “Endorsement” means any statement promoting the insurer, its policy, or both, made by an individual, group of individuals, society, association or other organization which makes no reference to the endorser’s experience under the policy.
Ins 2.16(3)(e)(e) “Guaranteed interest rate” means the lowest rate of interest which an insurer may pay under the terms of a policy during the duration of the policy.
Ins 2.16(3)(f)(f) “Illustrated rate” means a rate shown in an advertisement, representation, or solicitation which an insurer may guarantee for a limited period of time, but not guarantee for the duration of the policy.
Ins 2.16(3)(g)(g) “Individual policy issued on a group basis” means an individual policy issued for which:
Ins 2.16(3)(g)1.1. Coverage is provided to employees or members or classes of employees or members defined in terms of conditions pertaining to employment or membership in an association or other group which is eligible for franchise or group insurance as defined in s. 600.03 (22) and (23), Stats.;
Ins 2.16(3)(g)2.2. The coverage is not available to the general public and can be obtained and maintained only because of the covered person’s membership in or connection with the group;
Ins 2.16(3)(g)3.3. The employer, association or other group, or a designated person acting on behalf of one of these persons, pays premiums or subscription charges to the insurer; and
Ins 2.16(3)(g)4.4. The employer, association or other group sponsors the insurance plan.
Ins 2.16(3)(h)(h) “Institutional advertisement” means an advertisement which is prepared solely to promote the reader’s or listener’s interest in the concept of life insurance or annuities, or of promoting the insurer sponsoring the advertisement, or both.
Ins 2.16(3)(i)(i) “Intermediary” has the meaning provided in s. 628.02 (1), Stats.
Ins 2.16(3)(j)(j) “Policy” means any document, including a policy, plan, contract, agreement, rider or endorsement, used to set forth in writing life insurance or annuity benefits.
Ins 2.16(3)(k)(k) “Representation” means any communication, other than an advertisement or solicitation, relating to an insurance policy, the insurance business, any insurer, or any intermediary.
Ins 2.16(3)(L)(L) “Solicitation” means an attempt to persuade a person to make an application for an insurance policy.
Ins 2.16(3)(m)(m) “Testimonial” means any statement made by a policyholder, certificate holder or other person covered by the insurer which promotes the insurer and its policy or contract by describing the person’s benefits, favorable treatment or other experience under the policy or contract.
Ins 2.16(4)(4)Application of this section.
Ins 2.16(4)(a)(a) The commissioner shall construe this section in a manner which does not unduly restrict, inhibit or retard the promotion, sale and expansion of life insurance policies or annuity contracts. The commissioner shall consider differences in the purposes served by various advertisements and in the insurance product being advertised when interpreting this section. When applying this section to a specific advertisement, the commissioner shall consider the detail, character, purpose, use and entire content of the advertisement.
Ins 2.16(4)(b)(b) The extent to which a person subject to this section shall disclose policy provisions in an advertisement will depend on the content, detail, character, purpose and use of the advertisement and the nature of any qualifications involved. The principal criterion is whether the advertisement has the capacity or tendency to mislead or deceive if such a provision is not disclosed.
Ins 2.16(4)(c)(c) The commissioner shall determine whether an advertisement has the capacity or tendency to mislead or deceive from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.