Sec. 3. With respect to variable interest rate loans under section 2 of this chapter, the insurer shall: (1) notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan; (2) notify the policyholder as soon as is reasonably practical after a premium loan is made of the initial rate of interest on the loan, except that notice need not be given the policyholder when a further premium loan is added other than the notice required by subdivision (3) of this section; (3) send to the policyholder reasonable advance notice of any increase in the loan interest rate; and (4) include in the notices required by this section, whether the rate is fixed or variable and, if variable, the permitted frequency of change.
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