Under 50 Ill. Adm. Code 917.70(c), within how many working days after receipt of the application must the replacing insurer notify the existing insurer that a replacement is taking place?

Why this is the answer

Under 50 Ill. Adm. Code 917.70(c), the replacing insurer must forward the Notice Regarding Proposed Replacement of Life Insurance or Annuity (Exhibit B of Part 917) to the existing insurer within 3 working days after it receives the application. The producer submits that notice with the application under Section 917.60(b), so the insurer has it in hand from the start. Five, ten and fifteen working days are all longer than the rule allows.