Subject 120-2-11 ADVERTISING OF LIFE INSURANCE AND ANNUITY CONTRACTS

To implement the Insurance Laws of the State of Georgia with respect to advertising in the solicitation, replacement, advisement and sale of life insurance and annuity contracts and to protect the interests of the public so that they will be able to more adequately make insurance purchasing decisions in their own best interest,

To establish minimum standards of conduct and guidelines requiring truthful, complete, clear and accurate disclosure of all material and relevant information used or intended for use with respect to advertising in the solicitation, replacement, advisement or sale of life insurance or annuity contracts in this State, and

(3)	To prevent the use of unfair methods of competition and unfair practices among insurers, agents and counselors with regard to advertising in the solicitation, replacement, advisement and sale of life insurance and annuity contracts in this State.

(4)	The provisions of this regulation are not intended to discourage competition or comparison of life insurance and annuity contracts, but to provide for correct and truthful information and comparison in connection therewith.

Rule 120-2-11-.03 Definitions

For the purpose of these Regulations:

(1)	"Commissioner" shall mean the Insurance Commissioner of the State of Georgia.

(2)	"Policy" shall include any policy, plan, certificate, contract, agreement, statement of coverage, rider or endorsement which provides for life insurance or annuity benefits.

(3)	"Insurer" shall include any individual, corporation, association, partnership, or any other legal entity which is defined as an "insurer" in the Georgia Insurance Code or issues life insurance or annuity contracts for delivery in this State.

(4)

"Advertisement" shall be verbal, printed, written or other material or communication of any type from any source which is designed to create or has the effect of creating public interest in life insurance, annuities or in an insurer, agent or counselor, or induces or tends to induce the public to purchase, increase, modify, reinstate, surrender or retain a policy including, but not limited to:

(a)	printed and/or published material, audiovisual material, mailing envelopes, descriptive literature used by an insurer in direct mail, newspapers, magazines, radio and television scripts, billboards or similar displays;

(b)

descriptive literature and sales aids of all kinds issued, distributed or used by an insurer, agent or counselor, including but not limited to circulars, leaflets, booklets, depictions, illustrations, and form letters, including the use of pamphlets, brochures, books or portions thereof, authored by third parties;

(c)	materials, statements or communications of any type used for the recruitment, training, and education of an insurer's sales personnel and agents which are designed to be used or are used to induce the public to purchase, increase, modify, reinstate, surrender or retain a policy; and

(d)	prepared or extemporaneous sales talks, presentations, and material for use or used by sales personnel, agents or counselors.

(5)

"Advertisement" for the purpose of these rules shall not include:

(a)	communications or materials used within an insurer's own organization and not disseminated to the public.

(b)	communications with policyholders other than material urging policyholders to purchase, increase, modify, reinstate, surrender or retain a policy.

a general announcement from a group or blanket policyholder to eligible individuals on an employment or membership list that a policy or program has been written or arranged; provided the announcement clearly indicates that it is preliminary to the issuance of a booklet explaining the proposed coverage.

Rule 120-2-11-.04 Applicability

This Regulation shall apply to any life insurance policy or annuity contract or service or advice related thereto, wherein an "advertisement," as that term is hereinbefore defined, is used or is intended for presentation, distribution or dissemination in this State when such use, presentation, distribution or dissemination is made either directly or indirectly by or on behalf of an insurer, agent, or counselor as those terms are defined in the Georgia Insurance Code and this Regulation.

(2)	Every insurer shall establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its policies. All such advertisements, regardless of by whom written, created, designed, or presented, shall be the responsibility of the insurer.

Rule 120-2-11-.05 Form and Content of Advertisements

Advertisements shall be truthful and not misleading in fact or by implication. The form and content of an advertisement of a policy shall be sufficiently accurate, complete and clear so as to avoid deception or the capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive shall be determined by the Commissioner from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.

No advertisement shall use the terms "investment," "investment plan," "founder's plan," "charter plan," "expansion plan," "profit," "profits," "profit sharing," "deposit," "interest plan," "savings," "savings plan," or other similar terms in connection with a policy in a context or under such circumstances or conditions as to have the capacity or tendency to mislead a purchaser or prospective purchaser of such policy or a policyholder to believe that he will receive, or that it is possible that he will receive, something other than a policy or some benefit not available to other persons of the same class and equal expectation of life, when such is not the fact.

Rule 120-2-11-.06 Disclosure Requirements

(1)	The information required to be disclosed by this Regulation shall not be minimized, rendered obscure, or presented in an ambiguous fashion or intermingled with the text of the advertisement so as to confuse or mislead.

No advertisement shall omit material information or use words, phrases, statements, references, or illustrations if such omission or such use has the capacity, tendency, or effect of misleading or deceiving purchasers or prospective purchasers as to the nature of their relationship with the insurer or as to the nature or extent of any policy benefit, loss covered, premiums payable at specified ages over the life of the contract unless premiums remain level, or state or federal tax consequences. The fact that the policy offered is made available to a prospective insured for inspection prior to consummation of the sale, or an offer is made to refund the premium if the purchaser is not satisfied, does not remedy misleading statements.

(3)

In the event an advertisement uses the terms "Non-Medical," "No Medical Examination Required," or similar terms where issuance of a policy is not guaranteed, such terms shall be accompanied by a further disclosure of equal prominence and in juxtaposition thereto to the effect that issuance of the policy may depend upon the answers to the health questions contained in the application.

(4)	An advertisement shall not use as the name or title of a policy any phrase which does not include the words "life insurance" or "annuity" unless accompanied by other language clearly indicating it is life insurance or an annuity.

(5)	An advertisement shall clearly and prominently describe the type of policy discussed or advertised. The name or title of the policy, or description thereof, shall not be such as to deceive or mislead a person as to the true nature of the policy or as to the benefits provided thereunder.

(6)

An advertisement of a policy marketed by direct response techniques shall not state or imply that because there is no agent or commission involved there will be a cost saving to prospective purchasers unless such is the fact. No such cost savings may be stated or implied in any advertisement without justification found to be satisfactory to the Commissioner prior to its use unless such is a provable fact.

(7)	An advertisement for a policy containing graded or modified benefits shall prominently display any limitation of benefits. If the premium is level and coverage decreases or increases with age or duration, such fact shall be clearly and prominently disclosed.

(8)	An advertisement for a policy with non-level premiums shall clearly and prominently describe the premium changes.

(9)

The following requirements shall apply to advertisements which make reference to dividends:

An advertisement shall not utilize or describe dividends in a manner which is misleading or has the capacity or tendency to mislead. In this connection, analogies and comparisons between dividends payable on shares of stock and dividends payable under a policy are prohibited unless the advertisement fully, clearly, and accurately describes the differences.

(b)

An advertisement shall not state or imply that the payment of any amount of dividends is guaranteed. If dividends are illustrated, they must be based on the insurer's current dividend scale and the illustration must contain a prominent statement to the effect that such dividends are not to be construed as guarantees of dividends to be paid in the future.

An advertisement shall not state nor imply that illustrated dividends under any participating policy and/or pure endowments will be or can be sufficient at any future time to assure, without the further payment of premiums, the receipt of benefits, such as a paid-up policy, unless the advertisement clearly and precisely explains what benefits or coverage would be provided at such time and under what conditions this would occur.

(d)	Advertisements shall not state nor imply that dividends are other than a refund or return of part of the premium paid which is not guaranteed and which is dependent on the investment earnings, mortality experience and expense experience of the company.

(e)	Any comparison between participating and non-participating policies or contracts must be true and accurate.

(10)	An advertisement shall not state or imply that a purchaser of a policy will share in or receive a stated percentage or portion of the earnings on the general account assets of the insurer.

(11)

The following requirements shall apply to testimonials or endorsements:

Testimonials used in advertisements must be genuine; represent the current opinion of the author; be applicable to the policy advertised, if any; and be accurately reproduced. In using a testimonial the insurer, agent or counselor makes as its own all of the statements contained therein, and such statements are subject to all the provisions of this Regulation.

(b)

If the individual making a testimonial or an endorsement has a financial interest, directly or indirectly, in the insurer or a related entity as a stockholder, director, officer, employee, or otherwise, such fact shall be clearly and prominently disclosed in the advertisement. If a person receives any benefit directly or indirectly other than required union scale wages, such fact shall be clearly and prominently disclosed in the advertisement by language identical to, or substantially similar to, the following: "THIS IS A PAID ENDORSEMENT."

An advertisement shall not state or imply that an insurer or a policy has been approved or endorsed by a group of individuals, society, association, or other organization unless such is the fact and unless any proprietary relationship between an organization and the insurer is disclosed. If the entity making the endorsement or testimonial is owned, controlled, or managed by the insurer, or receives any payment or other consideration from the insurer for making such endorsement or testimonial, such fact shall be clearly and prominently disclosed in the advertisement.

(d)	No testimonial or endorsement shall be made in any form which constitutes a solicitation for the purchase of life insurance and annuities in this State, unless such endorser is currently licensed in Georgia as an agent to solicit insurance.

(12)	No advertisement shall contain statistical information relating to any insurer or any policy unless it accurately reflects recent and relevant facts. The source of any such statistics used in any advertisement shall be identified therein.

(13)

The following requirements shall apply to introductory, initial or special offer policies and to policies with enrollment periods:

An advertisement of an individual policy or combination of such policies shall not state or imply that such policy or combination of such policies is an introductory, initial, or special offer, or that applicants will receive substantial advantages not available at a later date, or that the offer is available only to a specified group of individuals, unless such is the fact. An advertisement shall not describe an enrollment period as "special" or "limited" or use similar words or phrases in describing it when the insurer uses successive enrollment periods as its usual method of marketing its policies.

(b)	An advertisement shall not state or imply that only a specific number of policies will be sold, or that a time is fixed for the discontinuance of the sale of the particular policy advertised because of special advantages available in the policy.

An advertisement shall not offer a policy which utilizes a reduced initial premium rate in a manner which overemphasizes the availability and the amount of the reduced initial premium. When an insurer charges an initial premium that differs in amount from the amount of the renewal premium payable on the same mode, all references to the reduced initial premium shall be followed by an asterisk or other appropriate symbol which refers the reader to that specific portion of the advertisement which contains the full rate schedule for the policy being advertised.

(d)

An enrollment period during which a particular insurance policy may be purchased on an individual basis shall not be offered within this State unless there has been a lapse of not less than six (6) months between the close of the immediately preceding enrollment period for the same or similar policy and the opening of a new enrollment period. The advertisement shall specify the date by which the applicant must mail the application, which shall be not less than ten (10) days and not more than forty (40) days from the date on which such enrollment period is advertised for its first time. This rule applies to all advertising media - i.e. mail, newspapers, radio, television, magazines, and periodicals - by any one insurer. The phrase "any one insurer" includes all the affiliated companies of a group of insurance companies under common management or control. This rule does not apply to the use of a termination or cutoff date beyond which an individual application for a guaranteed issue policy will not be accepted by an insurer in those instances where the application has been sent to the applicant in response to his request. It is also inapplicable to solicitations of employees or members of a particular group or association which otherwise would be eligible under specific provisions of the Georgia Insurance Code for group, blanket, or franchise insurance. In cases where an insurance product is marketed on a direct mail basis to prospective insureds by reason of some common relationship with a sponsoring organization, this rule shall be applied separately to each sponsoring organization.

(14)	An advertisement of a particular policy shall not state nor imply that prospective insureds shall be or become members of a special class, group, or quasi-group and as such enjoy special rates, dividends, or underwriting privileges, unless such is the fact.

(15)	An advertisement shall not make unfair, inaccurate nor incomplete comparisons of policies, benefits, dividends, or rates of other insurers. An advertisement shall not falsely nor unfairly describe other insurers, their policies, services, or methods of marketing.

(16)

For individual deferred annuity products or deposit funds which are paid to an insurer and which are ancillary to the basic individual policy benefits and are established for the payment of future premiums or for the purchase of annuity benefits at a future date, the following requirements shall apply:

Any illustrations or statements containing or based upon interest rates higher than the guaranteed accumulation interest rates shall likewise set forth with equal prominence comparable illustrations or statements containing or based upon the guaranteed accumulation interest rates. Such higher interest rates shall not be greater than those currently being credited by the company unless such higher rates have been publicly declared by the company with an effective date for new issues not more than three (3) months subsequent to the date of declaration. Non-guaranteed interest rates must be clearly and prominently labeled as such.

(b)	If an advertisement states the net premium accumulation interest rate, whether guaranteed or not, it shall also disclose in close proximity thereto and with equal prominence, the actual relationship between the gross and net premiums.

(c)	If any contract does not provide a cash surrender benefit prior to commencement of payment of any annuity benefits, any illustrations or statements concerning such contract shall prominently state that cash surrender benefits are not provided.

(d)	An advertisement shall not state or imply that individual annuity policies or deposit funds are accorded preferential tax treatment unless the advertisement fully, clearly and accurately describes the tax deferred nature of the contract, including the tax consequences on surrender.

(17)

The following additional disclosure requirements shall apply to the advertising and sale of life insurance to students:

The envelope in which insurance solicitation material is contained may be addressed to parents, i.e. "To The Parents of Joan Smith," or "Mr. and Mrs. Smith." The address may not include any combination of words which indicate that the correspondence is coming from the school itself rather than the insurer, agent or counselor, nor may it imply that the school has endorsed the material and supplied the insurer with information about the student unless such is a correct and truthful statement.

(b)	The return address on the envelope may not in any way imply that the soliciting insurer, agent or counselor is affiliated with a university, college or school.

(c)	If the term "student insurance forms enclosed" is used on the envelope it must appear in one continuous line. For example, it is not permissible to divide the wording so that "student insurance" appears on one line and "forms enclosed" on another.

(d)	If the name of the agent, counselor or company official appears on the envelope, it is to be identified as such, with a complete mailing address following the listing of the name.

(e)	Any slogan affixed by an insurer, agent or counselor which appears on an envelope to the left of the postal meter stamp may not focus on education. Neutral slogans, such as "Buy Government Bonds" or "Support Your Local United Fund," are acceptable.

(f)

No insurance solicitation materials may contain any of the statements or implications described and prohibited from appearing on the envelope. All letters, circulars and informational flyers used in the solicitation of insurance must be clearly identified as coming from an agent, counselor or insurer, if such is the case, and these entities must be clearly identified as such.

(g)

No advertisement may state or imply that because such insurance is offered to a selective group that there will be cost savings to prospective purchasers unless such is the fact. No such cost savings may be stated or implied in any advertisement without justification found to be satisfactory to the Commissioner prior to its use.

Rule 120-2-11-.07 Identity of Insurer

The name of the insurer shall be clearly identified and prominently displayed, and if any specific individual policy is advertised it shall be identified either by form number or other appropriate description. An advertisement shall not use a trade name, an insurance group designation, name of the parent company of the insurer, name of a particular division of the insurer, service mark, slogan, symbol, or other device or reference without disclosing the name of the insurer, if the advertisement would have the capacity or tendency to mislead or deceive as to the true identity of the insurer, or create the impression that a company other than the insurer would have any responsibility for the financial obligation under a policy.

No advertisement shall use any combination of words, symbols, or physical materials which by their content, phraseology, shape, color, or other characteristics are so similar to a combination of words, symbols, or physical materials used by a governmental program or agency or otherwise appear to be of such a nature that they tend to mislead prospective insureds into believing that the solicitation is in some manner connected with such governmental program or agency.

(3)

No advertisement shall use any combination of words, symbols, or physical materials which by their content, phraseology, shape, color, or other characteristics are so similar to a combination of words, symbols, or physical materials used by a non-insurance company with which the individual has a financial relationship or otherwise appear to be of such a nature that it tends to mislead or deceive prospective insureds into believing that the purchase of insurance is required by such company.

(4)

An advertisement for any specific policy shall clearly inform the prospective purchaser of the full name of the insurance company which will issue the policy. An advertisement for the sale of life insurance by any agent shall clearly inform the prospective purchaser of the full name of all insurance companies which said agent is authorized to represent.

Rule 120-2-11-.08 Jurisdictional Licensing and Status of Insurer

(1)	An advertisement which is intended or not intended to be seen or heard beyond the limits of the jurisdiction in which the insurer is licensed shall not imply licensing beyond such limits.

(2)	An advertisement may state that an insurer is licensed in the state which the advertisement appears, provided it does not exaggerate such fact or suggest or imply that competing insurers may not be so licensed.

(3)

An advertisement shall not create the impression that the insurer, its financial condition or status, the payment of its claims, or the merits, desirability, or advisability of its policy forms or kinds of plans of insurance are recommended or endorsed by any governmental entity. However, where a governmental entity has recommended or endorsed a policy form or plan, such fact may be stated if the entity authorizes its recommendation or endorsement to be used in such an advertisement.

Rule 120-2-11-.09 Statements About the Insurer

An advertisement shall not contain statements, pictures, comparative financial ratios, or illustrations which are false or misleading, in fact or by implication, with respect to the assets, liabilities, insurance in force, corporate structure, financial condition, age or relative position of the insurer in the insurance business. An advertisement shall not contain a recommendation by any commercial rating system unless it clearly defines the scope and extent of such recommendation.

Rule 120-2-11-.10 Misleading Statements, Representations and Illustrations Prohibited

No insurer, agent or counselor shall in connection with the consultation, service or advertisement of a policy:

(a)	State, represent or imply that a prospective policyholder or certificateholder will receive the right to benefits which are not a part of the policy itself, or made an effective part of the policy by rider or other instrument approved by and on file with the Georgia Insurance Department;

(b)	Represent or imply that any financial ratio, illustrative material or advertisement, including pictures, diagrams, charts, projections, or other material, has been approved or sanctioned by the Georgia Insurance Department;

Make or issue any statement or representation that premiums paid are ever withdrawable without reference to the cash surrender value or loan provisions of the policy, or in any manner other than that expressly contained in the policy form, except that premiums paid in advance of the current due date may be withdrawn under the conditions of the prepayment agreement;

(d)	State, represent or imply that profits are derived from lapses and surrenders;

(e)	Represent that the mere size of a life insurance company or its total insurance in force necessarily affects either the solvency or the reliability of life insurance or annuity policies issued by such insurer;

(f)	Make or issue any statement which would lead a prospective buyer or policyholder of life insurance or annuity to believe that he is purchasing stock in an insurance company by acquiring such life insurance or annuity;

(g)

Make or issue any statement which will tend to lead a prospective buyer or policyholder to believe that, by purchasing a policy, he will acquire a position similar to that of a stockholder of the company, or make or issue any statement which permits the inference that policyholders are entitled to benefits or profits on the same basis as stockholders;

(h)	State or represent that a prospective policyholder will receive dividends, or special or favored treatment in the allowance or payment of dividends, or other monetary benefits not expressly provided in the policy;

(i)

Make or issue statements or illustrations of projected future dividends unless the dividend formula or dividend scale upon which such statements or illustrations were made complies with the applicable provisions of the Georgia Insurance Code and the Rules and Regulations of the Georgia Insurance Department;

(j)	Make or issue statements indicating that because a prospect has agreed to furnish leads, he is entitled to any specific benefits not available to all policyholders generally;

(k)

Represent as a return of premium or as a return of cash surrender value an increasing term insurance provision in any insurance policy, such as an amount of insurance equal to the sum of premiums paid to a certain date, or as an amount of insurance equal to the cash surrender value, as anything other than a guaranteed insurance benefit, a charge for which is included in the premium;

(l)	Use a dollar amount or any other figure in printed material to be shown to prospective policyholders unless accompanied by language in such material indicating the nature and source of the figure;

(m)	State or imply that a policy contains features or benefits which are not found in other life insurance policies, unless that be true;

(n)	Make any reference or statement implying that a policy is sold or issued or is serviced by the investment department of an insurer; and

(o)

Use terms such as financial planner, investment advisor, financial consultant, or financial counseling in such a way as to imply that the person who is engaged in the business of insurance is generally engaged in an advisory business in which compensation is unrelated to sales unless such is actually the case. During the solicitation of, negotiation for, or procurement or making of a contract of life insurance or annuity contract, no person may engage, advertise, or render opinions as to the benefits promised under any contract of insurance or offered by any insurer, or as to the terms, value, effect, advantages or disadvantages thereof unless such person is properly licensed in accordance with Chapters 33-23-1 to 33-23-22 of the Georgia Insurance Code. Further, no person engaged in the business of insurance may hold himself out, directly or indirectly, to the public as a financial planner, investment advisor, financial consultant, or financial counselor or as any other specialist engaged in the business of giving complete financial planning advice relating to investments, insurance, real estate, tax matters and trust and estate matters unless such person in fact is generally engaged in such business and does, in fact, render such services. Not included in "such services" is the presentations of computer printouts that fall into the category of advanced programming for the purpose of selling a policy and are routinely provided by insurers or other organizations. Terms such as financial planner, investment advisor, financial consultant, or financial counselor may not be used by a person engaged in the business of insurance where such person provides advice relating to investments, real estate, tax matters and trust and estate matters, which is merely incidental to the conduct of his insurance business.

The following are applicable to the advertising of all policies:

The basic life policy death benefit must be shown as a single amount, not arbitrarily or deceptively split into two or more parts, implying that there is a relationship between some part of a premium and some part of the death benefit, unless such is the fact and provided the relationship is not for the purpose of nor may likely have the effect of misleading or deceiving an individual.

(b)	If nonforfeiture values are shown, they must be shown either for the entire amount of the basic life policy death benefit or for each $1,000 of initial death benefit.

No statement or representation may imply the existence of an actuarial relationship between a specific premium, or portion thereof, and a specific benefit, or portion thereof, provided under a policy where, in fact, none exists. No premiums, or a portion of a premium, may be presented as an "additional," "separate," or "special" premium unless there is an actuarial relationship between such premium, or portion thereof, and some specifically identifiable benefit or portion thereof.

(d)	No artificial relationships among interest rates, premiums and benefits or portions thereof, may be implied or created.

(e)

No person or advertisement shall state or imply that on the death of the insured, the beneficiary will receive, or should have received, the cash value of a policy in addition to the face amount. This rule is not intended to prohibit the advertising of an increasing term benefit equal to the cash value and for which a premium has been paid.

(f)	No person or advertisement shall state or imply in any way that interest charged on a policy loan or the reduction of death benefits by the amount of outstanding policy loans is unfair, inequitable, or in any manner an incorrect or improper practice.

(g)	No person or advertisement shall state or imply in a misleading manner that the policy cash value is the policyowner's "savings" or that the policyowner owns the cash value. The use of savings "passbooks" and such similar misleading techniques is prohibited.

(h)

Analogies between cash value and savings accounts and between premium payments and contributions to savings accounts are prohibited unless such analogy completely and clearly explains both the similarities and the difference between the items so compared and further, unless it is made clear that such representation is an analogy only and that, in fact, cash values and premium payments are not the same as a savings account and contributions thereto.

(i)	No advertising material or oral presentation may make incorrect, misleading or unfair statements about other life insurance products, agents, and insurers.

(j)	No advertising shall state or imply that a policy being offered for sale is pure term insurance unless the policy is in fact pure term insurance.

(k)	Life insurance policies shall not be compared to savings accounts, stocks, bonds, or any other financial instrument or investment in such a way as to mislead a person as to the true nature of life insurance or life insurance surrender values or other policy benefits.

(l)	Advertisements may not imply or state that all older policies are more costly than newer policies or that all newer policies are more costly than older policies unless such is a provable fact.

(m)	No advertisement shall imply or state that if a life insurance company becomes insolvent, other companies will always take over the liabilities of the insolvent company.

(n)	The use of words such as "deposit," "deposit premium," "investment," or other such misleading or confusing terminology to refer to an amount which is a premium as defined in Section 33-24-1 of the Georgia Insurance Code is prohibited.

(o)

A system or presentation which does not recognize the time value of money through the use of appropriate interest adjustments shall not be used for comparing the cost of two or more life insurance policies. Such a system may be used for the purpose of demonstrating the cash-flow pattern of a policy if such presentation is accompanied by a statement disclosing that the presentation does not recognize that, because of interest, a dollar in the future has less value than a dollar today.

(3)	The use of materials, statements or communications of any kind, which when used alone is not misleading, but becomes deceptive or misleading when combined, is prohibited.

Rule 120-2-11-.11 Enforcement Procedures

Each insurer shall maintain at its home or principal office a complete file containing a specimen copy of every printed, published, or prepared advertisement of its individual policies and specimen copies of typical printed, published, or prepared advertisements of its blanket, franchise, and group policies, hereafter disseminated in this State, with a notation indicating the manner and extent of distribution and the form number of any policy advertised. Such file shall be subject to inspection by the Georgia Insurance Department. All such advertisements shall be maintained in said file for a period of either four years or until the filing of the next regular report on the examination of the insurer, whichever is the longer period of time.