In this chapter, the following terms have the meanings indicated. Terms Defined. “Direct-response solicitation” means a solicitation made: Through a sponsoring or endorsing entity; or Individually solely by mail, telephone, internet, or other mass communication medium. “ERISA” means the federal Employee Retirement Income and Security Act of 1974. Existing Annuity Contract. “Existing annuity contract” means an annuity contract that is in force. “Existing annuity contract” includes an annuity contract that is within an unconditional refund period. “Existing insurer” means an insurer whose life insurance policy or annuity contract is or will be changed or affected in a manner described in §B(11) of this regulation. Existing Life Insurance Policy. “Existing life insurance policy” means an individual life insurance policy that is in force. “Existing life insurance policy” includes a life insurance policy that is: Under a binding or conditional receipt; Within a conditional refund period; or On a paid-up or extended-term basis. “Financed purchase” means the purchase of a new life insurance policy involving the actual or intended use of funds obtained by the withdrawal, surrender, or borrowing from values of an existing life insurance policy contract to pay all or part of a premium due on the new life insurance policy. “Illustration” means a presentation or depiction that includes nonguaranteed elements of a life insurance policy over a period of years as defined in COMAR 31.09.09. “Insurance producer” has the meaning stated in Insurance Article, §1-101(u), Annotated Code of Maryland. “Policy summary” means: For life insurance policies or annuity contracts other than universal life insurance policies, a written statement regarding a life insurance policy or annuity contract that contains, to the extent applicable, the following information: Current death benefit; Annual life insurance policy or annuity contract premium; Current cash surrender value; Current dividend; Application of current dividend; and Amount of outstanding loan; or For universal life insurance policies, a written statement that contains at least the: Beginning and end date of the current report period; Life insurance policy value at the end of the previous report period and at the end of the current report period; Total amounts that have been credited or debited to the life insurance policy value during the current report period, identifying each by type, for example, interest, mortality, expense, and riders; Current death benefit at the end of the current report period on each life covered by the life insurance policy; Net cash surrender value of the life insurance policy as of the end of the current report period; and Amount of outstanding loans, if any, as of the end of the current report period. “Registered contract” means a variable annuity contract or variable life insurance policy subject to the prospectus delivery requirements of Title 15, Chapter 2A, Subchapter I of the United States Code (Securities Act of 1933). “Replacement” means a transaction in which a new life insurance policy or annuity contract is to be purchased, and it is known or should be known to the proposing insurance producer, or to the proposing insurer if there is no insurance producer, that by reason of the transaction, an existing life insurance policy or existing annuity contract has been or is to be: Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer, or otherwise terminated; Converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits or other life insurance policy or annuity contract values; Amended so as to effect either a reduction in benefits or in the term for which coverage would otherwise remain in force or for which benefits would be paid; Reissued with any reduction in cash value; or Used in a financed purchase. “Replacing insurer” means an insurer that issues or proposes to issue a new life insurance policy or annuity contract: To replace an existing life insurance policy or existing annuity contract; or Through a financed purchase. “Sales material” means a sales illustration or any other written, printed, or electronically presented information that is: Created, completed, or provided by the insurer or insurance producer; and Used in the presentation to the owner of a life insurance policy or annuity contract related to the life insurance policy or annuity contract purchased.