DEFINITION OF POLICY SUMMARY

(a) For purposes of this chapter, "policy summary" has the meaning assigned by this section. (b) For a policy or contract other than a universal life insurance policy, "policy summary" means a written statement regarding the policy or contract that at minimum contains, to the extent applicable, the following information: (1) the current death benefit; (2) the annual contract premium; (3) the current cash surrender value; (4) the current dividend; (5) the application of the current dividend; and (6) the amount of any outstanding loan. (c) For a universal life insurance policy, "policy summary" means a written statement that contains, at minimum, the following information: (1) the beginning and ending date of the current reporting period; (2) the policy value at the end of the previous reporting period and at the end of the current reporting period; (3) the total amounts that have been credited or debited to the policy value during the current reporting period, identifying each by type, including interest, mortality, expense, and riders; (4) the current death benefit at the end of the current reporting period on each life covered by the policy; (5) the net cash surrender value of the policy as of the end of the current reporting period; and (6) the amount of any outstanding loans as of the end of the current reporting period.