Common use of Department Notification Clause in Contracts

Department Notification. (i) Insurers are advised to notify Department of coverage within 30 days (i.e., copy of confirmation letter) of coverage and submit forms within six months. (Best Practice). (ii) Statement explaining circumstances and reasons for delay in submitting forms within twelve months for group annuity. (iii) Follow-up statement every six months for group annuity until form is submitted. If reason for delay is unacceptable, Department may pursue a violation under Section 4241 for willful violation of the prior approval requirement.

Department Notification. (i) Insurers are advised to It is suggested that insurers notify Department of coverage within 30 days (i.e., copy of confirmation letter) of coverage and submit forms within six months. (Best Practice). (ii) Statement The notification should include a statement explaining circumstances and reasons for the delay in submitting forms within twelve months for group annuity. (iii) Follow-up statement every six months for group annuity until form is submitted. If reason for delay is unacceptable, Department may pursue a violation under Section 4241 for willful violation of the prior approval requirement.