191—15.54(507B) Disclosure requirements.
	15.54(1) An insurer issuing a small face amount policy shall provide the disclosure included in Appendix IV if at any point in time over the term of the policy the cumulative premiums paid may exceed the face amount of the policy at that point in time. The required disclosure shall be provided to the policy owner or certificate holder no later than at the time the policy or certificate is delivered. The disclosure shall not be attached to the policy, but may be delivered with the policy.
	15.54(2) If, for a particular policy form, the cumulative premiums may exceed the face amount for some demographic or benefit combination but not for all combinations, the insurer may choose to either:
	a. 	Provide the disclosure only in those circumstances when the premiums may exceed the face amount; or
	b. 	Provide the disclosure for all demographic and benefit combinations.
	15.54(3) Cumulative premiums shall include premiums paid for riders. However, the face amount shall not include the benefit attributable to the riders.
[ARC 7734C, IAB 3/20/24, effective 4/24/24]