(a) For purposes of determining the commencement of the period during which the owner
of an individual insurance policy or annuity may exercise any statutory right to examine,
surrender or return the policy for cancellation, the date of delivery of the policy
or annuity shall be:
(1) the date of mailing of the policy or annuity by the insurer if the delivery is
by the United States mail or other postal delivery system;
(2) the date the policy or annuity is physically delivered to the owner by a representative
of the insurer; or
(3) the date of electronic transmission of the policy or annuity provided the electronic
transmission has been effected in accordance with this section and the provisions
of section 354.7 1 and any other state or Federal laws governing the electronic transmission of documents
and information. The insurer shall retain evidence of electronic transmittal for the entire period
of the insurance policy or annuity.
(b) In the event of a dispute with the owner of a policy or annuity, the burden of
proof shall be on the insurer to establish that the policy or annuity was delivered. An insurer or representative of the insurer shall be deemed to have satisfied the
burden of proof by showing, to the department's satisfaction, it has sent the policy
or annuity in the normal course of business.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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