Key details and date for the limitations:
- The limitations will be the greater of $250,000 or seven times CTP, annually; the limitations are ongoing for the first three years, but are not cumulative, so each year premium up to the amount of the limitations can be paid into the policy.
- To have an application submitted without these limitations, it must have an illustration produced on May 12, 2013 or earlier, AND the application must be signed May 28, 2013 or earlier, AND the application must have a home office receipt on or before May 31, 2013.
- Informal inquiries are subject to the limitations, unless replaced by a formal application submitted and following the process above.
- All cases currently received, pending issue, and pending placement, will be handled per our current rules.
- There will be no exceptions considered so pay special attention to the cut off dates.