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(9m) Disclosures by insurer to owner. (a) The commissioner shall develop,
4by rule, a notice to inform an owner, in writing and in language understandable to
5an average owner, of his or her rights as an owner of a policy. The commissioner shall
6make the notice available at no cost to insurers and insurance intermediaries.
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(b) The notice under par. (a) shall contain all of the following:
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1. Advice to the owner that life insurance is a critical part of a broader financial
9plan.
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2. Advice that alternatives to lapse or surrender of the policy exist.
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3. A general description of other products and services that may be available
12to an owner before the lapse or surrender of a policy.
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14. A statement advising owners that life insurance, life settlements, or any of
2the products or services described in the notice may or may not be available
3depending on a number of circumstances, including the age and health status of the
4insured or the terms of a policy and that owners of life insurance are encouraged to
5contact their financial advisor, agent, or broker to seek further advice and assistance.
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(c) An insurer shall provide the notice under par. (a) to an owner at a time
7during the existence of the policy while the policy is held by the original owner or any
8time the commissioner prescribes by rule.".
