Under 50 Ill. Adm. Code 917, when an applicant indicates that the new policy will replace an existing contract, the producer must complete and submit which document with the application?

Why this is the answer

In a replacement transaction the producer must complete a Replacement Disclosure Statement that identifies the existing policy and the reasons for the replacement. Both the applicant and the producer must sign the form and it must be submitted to the replacing insurer with the application. A 1035 form addresses federal tax treatment, not Illinois replacement disclosure, and a producer-only memorandum or commission statement cannot substitute for the required disclosure.