191—15.65 (507B) Content of disclosure documents. Insurers shall define terms used in the disclosure statement in language that facilitates understanding by a typical individual within the segment of the public to which the disclosure statement is directed. At a minimum, the following information shall be included in the disclosure document:
	 15.65(1) The generic name of the contract, the company product name, if different, and form number and the fact that it is an annuity;
	 15.65(2) The insurer’s name and address;
	 15.65(3) A description of the contract and its benefits, emphasizing its long-term nature, including examples where appropriate, including but not limited to:
	  a.   	 The guaranteed, nonguaranteed and determinable elements of the contract, and the limitations of those elements, if any, and an explanation of how the elements and limitations operate;
	  b.   	 An explanation of the initial crediting rate, specifying any bonus or introductory portion, the duration of the rate and the fact that rates may change from time to time and are not guaranteed;
	  c.   	 Periodic income options both on a guaranteed and nonguaranteed basis;
	  d.   	 Any value reductions caused by withdrawals from or surrender of the contract;
	  e.   	 How values in the contract can be accessed;
	  f.   	 The death benefit, if available, and how it will be calculated;
	  g.   	 A summary of the federal tax status of the contract and any penalties applicable on withdrawal of values from the contract; and
	  h.   	 Impact of any rider, such as a long-term care rider;
	 15.65(4) Specific dollar amount or percentage charges and fees, listed with an explanation of how they apply; and
	 15.65(5) Information about the current guaranteed rate for new contracts that contains a clear notice that the rate is subject to change.