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Insurance Division

Oregon Insurance Division Bulletin INS 2009-3

THIS BULLETIN HAS BEEN WITHDRAWN

TO: All Life and Annuity Insurance Companies, Producers and Representatives

RE: New Filing Procedures for Life and Annuity Advertisements

This bulletin replaces Insurance Division Bulletin 2000-2.

Purpose:

This bulletin is to provide new and revised information on the filing procedures and self-certification for life and annuity advertisements.

For the purpose of this bulletin, advertisement or advertising material includes all sales and marketing materials used by life and annuity insurers and producers.

Authority:

The Director of the Department of Consumer and Business Services (DCBS) may require the filing by an insurer of any producer materials, of any life and annuities sales presentation material for use in the sale or the presentation for sale of any life and annuity policy by authority of ORS 742.009.

Life and annuities as defined in ORS 731.170

The Department shall apply and insurers are expected to use and comply with, at a minimum, the standards, practices and procedures established in the Transmittal and Product Standards for Life and Annuities Advertisements. Advertisement materials may be requested at any time for any reason, including but not limited to market surveillance audits.

Advertisements will be disapproved if the director finds that, in whole or in part, they are false, deceptive, or misleading. Upon disapproval, such sales presentation material shall not be made, issued, circulated, displayed, or given other use by the insurer as defined in ORS 742.005(5) and ORS 742.009.

Advertising material created by producers that indentify specific plan designs offered by an identified insurer may be filed or self-certified by the insurer.

Materials that contain generic descriptions of types of insurance, company history, financial reports, and information to recruit agents do not need to be filed.


Section 1 – Self-certification:

  • The self-certification method may be used for all lines of life and annuities.
  • Life and annuity advertisements that self-certify must be retained in the insurer's home office for five (5) years from the date of the self-certification, or as long as they are used, whichever is longer.
  • Self-certifications must occur prior to use of the life and annuity advertising material.
  • All advertisements must contain a unique form number in the bottom left hand corner and at a minimum on the first page.
  • Life advertisements that illustrate projections and are developed for advertisement purposes, (key-employee, retirement funding, and others) may be self-certificated.

    • The following product standards must be completed and submitted:

  • To file the Self-certification, refer to Page 2, of the Transmittal and Standards for Life and Annuity Advertisements (Form No. 440-3308) titled "Self-Certification Method"..

Section 2 – Advertisements that Require Prior Approval:

  • Pre-need/funeral
  • Final expense
  • Funeral expense
  • Indexed annuity products
  • Solicitation to senior citizens
  • Direct mail advertisements
  • Advertisements when an application is attached (tear or cut off)
  • Equity indexed products- any equity indexed product filing must include the advertising material.
  • Advertisements that illustrate projections and are developed for advertising purposes. (i.e. key man, retirement funds, etc.)
    (Illustrations that accompany the policy at point of sale must be filed with the policy and must be submitted to the division for annual certification.)

Filing Methods: Life and Annuity Advertisement Forms may be submitted via SERFF or paper filing.

Paper Filings:

When filing a revision of a previously approved advertisement via paper form, the filing must include a clean copy of the new advertisement, a marked copy of the old advertisement which clearly identifies the differences referred to as the "red-line" version, and a completed Transmittal and Standards for Life and Annuity Advertisements (Form No. 440-3308).

SERFF Filings:

If filing via SERFF, a copy of the previously approved advertisement (or a red-line copy) must be included in the filing as well as the SERFF number the previous form was approved under.

Oregon prefers filers use the self-certification method for most advertisements. However, at any time an insurer may file any advertisement for review and approval by the Oregon Insurance Division.

Please visit our web site for general filing tips.
http://www.cbs.state.or.us/ins/insurer/rates_forms/rateform-general_filing-tips.html

This bulletin takes effect immediately.

This bulletin is dated the 5th day of May 2009 at Salem, Oregon.

____________(Signed)______________
Teresa D. Miller, Acting Administrator