Section 3117.25  Definitions

Code means the Illinois Insurance Code [215 ILCS 5].

Department means the Department of Financial and Professional Regulation.

Director means the Director of the Illinois Department of Financial and Professional Regulation-Division of Insurance.

Division means the Illinois Department of Financial and Professional Regulation-Division of Insurance.

Insurance producer means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance.

Recommendation means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of a variable life insurance contract in accordance with that advice.

Variable Contract shall mean any policy or contract that provides for benefits or annuity benefits that vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract, as provided for in Section 245.21 of the Illinois Insurance Code [215 ILCS 5/245.21].

(Source:  Added at 31 Ill. Reg. 12740, effective January 1, 2008)