A New York producer is taking an application for a new whole life policy that will replace an existing in-force life policy. Under Regulation 60 (11 NYCRR 51), what document must the producer present and obtain the applicant's signature on at or before the time of application?

Why this is the answer

New York's Regulation 60 (11 NYCRR Part 51) governs replacement of life insurance and annuity contracts. The first procedural step in any replacement transaction is the producer's delivery of the 'Important Notice Regarding Replacement of Life Insurance or Annuity Contracts' — a DFS-prescribed form that warns the applicant of the financial consequences of replacing existing coverage. The agent must read it with the applicant and obtain a signed copy at or before the time of application. The Disclosure Statement and Sales Material are additional Reg 60 documents but follow the Important Notice in the workflow. Per 11 NYCRR § 51.6(b).