Ins 2.15(6)(d)(d) Any guaranteed death benefits during the deferral period, and the form of annuity payment selected for pars. (f), (g) and (i);
Ins 2.15(6)(e)(e) A prominent statement that the contract does not provide cash surrender values if such is the case;
Ins 2.15(6)(f)(f) The amount of the guaranteed annuity payments at the scheduled commencement thereof, based on the assumption that all scheduled considerations are paid and there are no prior withdrawals from or partial surrenders of the arrangement and no indebtedness to the insurer on the contract;
Ins 2.15(6)(g)(g) Illustrative annuity payments on a current basis, if shown, must be on the same basis as for par. (f) except for guarantees, and may not be greater in amount than those based on:
Ins 2.15(6)(g)1.1. The current dividend scale and the interest rate currently used to accumulate dividends under such arrangements, or the current excess interest rate credited by the insurer, and
Ins 2.15(6)(g)2.2. Current annuity purchase rates;
Ins 2.15(6)(h)(h) For arrangements under which guaranteed cash surrender values at any duration are less than the total considerations paid, a prominent statement that such contract or fund may result in loss if kept for only a few years and showing the number of years such a relationship exists, together with a reference to the schedule of guaranteed cash surrender values required by par. (i) 3.;
Ins 2.15(6)(i)(i) The following amounts, where applicable, for the first 5 years and representative years thereafter sufficient to illustrate clearly the patterns of considerations and benefits, including but not limited to the tenth and twentieth contract years and at least one age from 60 through 65 or the scheduled commencement of annuity payments:
Ins 2.15(6)(i)1.1. The gross consideration for the arrangement;
Ins 2.15(6)(i)2.2. Any minimum or maximum premium limitation;
Ins 2.15(6)(i)3.3. The total guaranteed cash surrender value at the end of the year or, if no guaranteed cash surrender values are provided, the total guaranteed paid-up annuity at the end of the year;
Ins 2.15(6)(i)4.4. If other than guaranteed cash values are shown, the total illustrative cash value or paid-up annuity at the end of the year may not be greater in amount than that based on:
Ins 2.15(6)(i)4.a.a. The current dividend scale and the interest rate currently used to accumulate dividends under such arrangements or the current excess interest rate credited by the insurer, and
Ins 2.15(6)(i)4.b.b. Current annuity purchase rates.
Ins 2.15(6)(im)(im) If the annuity payments have not yet commenced, the yield on gross considerations at the end of 10 years and at the scheduled commencement of annuity payments. For contracts without surrender values, only the yield at the scheduled commencement of annuity payments need be shown. The yield shall be figured on the basis of the contract value used to determine the annuity payments. These yield figures shall be shown on a guaranteed basis and, if current annuity payments or cash surrender values are shown, on an illustrative basis also.
Ins 2.15(6)(in)(in) A statement of the interest rates used in calculating the guaranteed and illustrative contract or fund values.
Ins 2.15(6)(j)(j) For a Contract Summary which includes values based on the current dividend scale or the current dividend accumulation or excess interest rate, a statement that such values are illustrations and are not guaranteed;
Ins 2.15(6)(k)(k) The date on which the Contract Summary is prepared.
Ins 2.15(7)(7)Preparation of preliminary contract summary and contract summary. The following must be considered in preparing the Preliminary Contract Summary and the Contract Summary:
Ins 2.15(7)(a)(a) The Preliminary Contract Summary and the Contract Summary must be separate documents;
Ins 2.15(7)(b)(b) All information required to be disclosed must be set out in such a manner as not to minimize or render any portion thereof obscure;
Ins 2.15(7)(c)(c) Any amounts which remain level for 2 years or more contract years may be represented by a single number if it is clearly indicated what amounts are applicable for each contract year;
Ins 2.15(7)(d)(d) Amounts in sub. (6) (d), (f), (g) and (i) shall, in the case of flexible premium annuity arrangements, be determined either according to an anticipated pattern of consideration payments or on the assumption that considerations payable will be a specified level amount, such as $100 or $1,000 per year;
Ins 2.15(7)(e)(e) If not specified in the contract, annuity payments shall be assumed to commence at age 65 or 10 years from issue, whichever is later;
Ins 2.15(7)(f)(f) A dividend scale or excess interest rate which has been publicly declared by the insurer with an effective date not more than two months subsequent to the date of declaration shall be considered a current dividend scale or a current excess interest rate.
Ins 2.15(8)(8)Disclosure requirements.
Ins 2.15(8)(a)(a) The insurer and its intermediaries shall provide, to all prospective purchasers of any contract or arrangement subject to this section, a buyer’s guide and a properly completed Preliminary Contract Summary or Contract Summary prior to accepting the applicant’s initial consideration for the annuity contract, or, in the case of a rider or provision, prior to acceptance of the applicant’s initial consideration for the associated insurance policy or annuity contract. Insurers which do not market contracts through an intermediary may provide the Contract Summary, and a buyer’s guide at the point of contract delivery provided they:
Ins 2.15(8)(a)1.1. Guarantee to the contractholder the right to return the contract for a full refund of premium any time during a 30 day period commencing on the date such contractholder receives the Contract Summary and a buyer’s guide;
Ins 2.15(8)(a)2.2. Alert the prospective contractholder, in advertisements or direct mail solicitations, of his or her right to obtain a buyer’s guide and a Preliminary Contract Summary prior to the sale.