§ 90c.20. Applications for life insurance and annuities sold in connection with a financial institution.
(a) The application does not permit a financial institution to apply for insurance on the life of an individual.
(b) If an application contains wording indicating that a financial institution is involved in the solicitation of insurance, the company provides a detailed explanation of the solicitation and the financial institution’s involvement, including involvement with an insurance agent. The financial institution’s renting or leasing of office space to an agent would constitute involvement with an agent.
(c) The application does not contain wording automatically naming a financial institution the assignee or beneficiary of insurance proceeds. The insurer does or does not permit assignment of the proceeds or naming the financial institution the beneficiary to the extent of that institution’s interest, using the company’s normal assignment and beneficiary designation procedures.
(d) If the application automatically provides for the payment of premiums through the financial institution, there is a statement on the application whereby the applicant acknowledges that this is the way premium payment is to be made.
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