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Under NY Reg 74 (11 NYCRR 53), what is a producer required to do with a life insurance policy illustration used in the sale of a NY life policy?

Deliver an illustration that conforms to Reg 74 format — including both guaranteed and non-guaranteed columns — and obtain a signed copy from the applicant no later than policy delivery
BProvide only a guaranteed-only ledger if the insured requests it in writing
CUse any illustration produced by the home office without further documentation
DSkip the illustration entirely because Reg 74 applies only to annuities

Why this is the answer

NY Reg 74, codified at 11 NYCRR 53, governs policy illustrations used in the sale of individual life insurance. The illustration must conform to a prescribed format that distinguishes clearly between guaranteed values (always available regardless of insurer performance) and non-guaranteed values (subject to change at insurer discretion based on actual experience). The producer must obtain the applicant's signature on the illustration acknowledging receipt no later than the time of policy delivery, and the insurer must retain it. Reg 74 applies to life insurance, not just annuities; a guaranteed-only ledger is permissible only in narrow circumstances and does not substitute for a full Reg 74 illustration when one is used.

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