Signed Statement. An insurance producer who initiates an application for a life insurance policy or annuity contract shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the insurance producer as to whether the applicant has any existing life insurance policy or existing annuity contract. Applicant Without Existing Life Insurance Policy or Existing Annuity Contract. If the applicant does not have an existing life insurance policy or existing annuity contract, the insurance producer's duties with respect to replacement are complete upon the fulfillment of the requirement in §A of this regulation. Applicant With Existing Life Insurance Policy or Existing Annuity Contract. If the applicant has an existing life insurance policy or existing annuity contract, the insurance producer shall present and, unless declined, read to the applicant, not later than at the time of taking the application, a notice regarding replacement in the form contained in Regulation .10 of this chapter or other substantially similar notice approved by the Commissioner. Notwithstanding §C(1) of this regulation, approval is not required if amendments to the notice are limited to the omission of references not applicable to the product being sold or replaced. The notice shall be signed by both the applicant and the insurance producer attesting that the notice has been: Read aloud by the insurance producer or that the applicant did not wish the notice to be read aloud; and Left with the applicant. Contents of Notice. The notice shall include a: List of each life insurance policy or annuity contract proposed to be replaced, properly identified by name of insurer, the insured or annuitant, and life insurance policy or annuity contract number if available; and Statement as to whether each life insurance policy or annuity contract will be replaced or whether a life insurance policy will be used as a source of financing for the new life insurance policy or annuity contract. If a life insurance policy or annuity contract number has not been issued by the existing insurer, alternative identification, such as an application or receipt number, shall be listed. Sales Material. In connection with a replacement transaction, the insurance producer shall leave the original or a copy of all sales material with the applicant at the time an application for a new life insurance policy or annuity contract is completed. With respect to electronically presented sales material, the insurance producer shall provide to the owner of a life insurance policy or annuity contract the original or a copy of all sales material in printed form not later than the time of delivery of the life insurance policy or annuity contract. Provision of Information to the Insurer. Except as provided in Regulation .06D of this chapter, in connection with a replacement transaction, the insurance producer shall submit to the insurer to which an application for a life insurance policy or annuity contract is presented: A copy of each document required by this regulation; A statement identifying any preprinted or electronically presented insurer-approved sales materials used; and Copies of individualized sales materials, including illustrations related to the specific life insurance policy or annuity contract purchased.