3 AAC 28 — Life, Health, Variable, and Related Insurance (Article 1 to 13)

3 AAC 28.020 - 3 AAC 28.290 apply to insurance companies, including fraternal beneficiary associations, societies or companies which operate on a legal reserve basis, delivering or issuing for delivery in this state variable contracts as defined in 3 AAC 28.190. Notes 3 AAC 28.01…

(a) No company shall deliver or issue for delivery in this state, variable contracts, unless (1) it is authorized to do a life insurance or annuity business in this state; and (2) the director is satisfied that its condition or method of operation in connection with the issuance …

(a) If the company is a subsidiary of an authorized life insurance company, or affiliated with such company by common management or ownership, it may be deemed by the director to have satisfied the provision of 3 AAC 28.020(a) (2) if either it or such authorized life insurance co…

(a) Before any company shall deliver or issue for delivery variable contracts within this state, it shall submit a general description of the kinds of variable contracts it intends to issue to the director and comply with the filing procedure outlined in 3 AAC 28.200. (b) The dir…

(a) No company may be authorized to issue or deliver variable contracts unless its capital and surplus exceeds $5,000,000. (b) The director may waive any or all of the requirements set forth in (a) of this section if by reason of a company's capital structure, surplus, amount of …

(a) A domestic company issuing variable contracts shall establish one or more separate accounts subject to the provisions of (b) - (g) of this section. (b) Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in (c) of this section (1) …

(a) Unless otherwise approved by the director, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then as provided under the terms of the contract or the rules or other written agreeme…

If and to the extent so provided under the applicable contracts that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the…

(a) Notwithstanding any other provisions of law, a company may(1) with respect to any separate account registered with the Securities and Exchange Commission as a unit investment trust, exercise voting rights in connection with any securities of a regulated investment company reg…

No sale, exchange or other transfer of assets may be made by a company between any of its separate accounts or between any other investment account and one or more of its separate accounts unless, in case of a transfer into a separate account, such transfer is made solely to esta…

The company shall maintain in each such separate account assets with a value at least equal to the reserves and other contract liabilities with respect to such account, except as may otherwise be approved by the director. Notes 3 AAC 28.110 Eff. 11/8/73, Register 48 In 2010 the r…

Rules under any provision of the insurance law of this state or any regulation applicable to the officers and directors of insurance companies with respect to conflicts of interest shall also apply to members of any separate account's committee, board or other similar body. No of…

The filing requirements applicable to variable contracts shall be those filing requirements otherwise applicable under existing statutes and regulations of this state with respect to individual and group life insurance and annuity contract form filings, to the extent appropriate.…

(a) Any variable contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of such variable …

(a) Any company issuing individual variable contracts must mail the following statements to the contractholder at least once in each contract year after the first at the last address known to the company (1) a statement or statements reporting the investments held in the separate…

If the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholders and the public which is substantially equal to that provided by these regulations, the director, to the extent deemed appropriate by him, may consider compl…

(a) No agent shall be eligible to sell or offer for sale a variable contract unless prior to making any solicitation or sale of such a contract, he also be licensed as a variable contract agent. (b) Any agent who participates only in the sale or offering for sale of variable cont…

(a) The following information must be furnished to an applicant for a contract of variable life insurance before the application is completed: (1) a summary description of the insurance company and its principal activities; (2) a summary explanation in nontechnical terms of the p…

In 3 AAC 28.010 - 3 AAC 28.180 (1) "agent" means any person, corporation, partnership, or other legal entity which under the laws of this state is licensed as a life insurance agent, solicitor, general agent, broker, or life insurance broker; (2) "director" means the director of …

Notes 3 AAC 28.200 Eff. 11/8/73, Register 48; am 12/14/77, Register 64; am 3/26/82, Register 81; repealed 12/4/94, Register 132 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior q…

Notes 3 AAC 28.210 Repealed 12/14/77. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compa…

Notes 3 AAC 28.211 Eff. 12/14/77, Register 64; repealed 12/4/94, Register 132 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Notes 3 AAC 28.220 Eff. 11/8/73, Register 48; am 7/1/92, Register 122; am 4/20/97, Register 142; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior q…

Notes 3 AAC 28.230 Eff. 11/8/73, Register 48; repealed 12/4/94, Register 132 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

The purpose of 3 AAC 28.310 - 3 AAC 28.405 is to protect the public by providing rate, policy form, and operating standards for consumer credit insurance as defined in AS 21.57.160. Notes 3 AAC 28.310 Eff. 3/29/81, Register 77; am 7/2/2001, Register 158 Authority:AS 21.06.090 AS …

(a) A creditor that offers more than one plan of consumer credit insurance for the same type of loan transaction shall inform each debtor of all applicable plans. (b) A group consumer credit insurance policy under which an insured debtor pays a single premium to the insurer must …

An insurer must disclose the information required by AS 21.57.055 in clear and understandable language printed in a conspicuous place in at least 8-point bold face type if coverage is offered on a direct mail basis and at least 10-point bold face type if coverage is offered on an…

(a) For purposes of meeting the maximum amount of insurance requirements under AS 21.57.040 for consumer credit insurance on lease contracts, the maximum amount of insurance is the sum of the remaining lease payments including, if applicable, the payment of the fixed residual val…

If multiple consumer credit insurance benefits are issued only as a package and not separately, and if a benefit is exhausted, the insurer shall reduce the premium rate by removing any charges for the exhausted benefits. Notes 3 AAC 28.328 Eff. 7/2/2001, Register 158 Authority:AS…

(a) The benefits provided by a credit life or credit disability insurance policy must be reasonable in relation to the premium charged. The director will consider the rate charged reasonable(1) for a credit life or credit disability insurance policy with standard coverage as desc…

(a) Standard coverage for credit life insurance is coverage that an insurer offers to all eligible debtors, without requiring or requesting evidence of individual insurability on or within 30 days before or after the date the debtor becomes eligible, and that contains the followi…

An insurer shall file for approval by the director any form that will be used if the creditor or insurer requests or requires evidence of individual insurability. An insurer shall develop and maintain in its files underwriting standards that include the type of underwriting quest…

(a) The prima facie rates for credit life insurance with standard coverage written on the insured portion of a debt are as follows: (1) if the premium is payable on a monthly outstanding balance basis, $.67 per month per $1,000 of outstanding insured net debt on single life and $…

(a) The prima facie rates for credit disability insurance with standard coverage written on the insured portion of a debt that is repayable in equal monthly installments and decreases uniformly by the amount of the monthly installments paid, are as follows: (1) if premiums are pa…

(a) The benefits provided by a credit unemployment insurance policy must be reasonable in relation to the premium charged. (b) An insurer shall include in a credit unemployment insurance rate filing the appropriate formula and statistics upon which the rates are based. The statis…

(a) An insurer selling a credit life insurance policy that has been filed and approved at rates higher than the prima facie rates may not pay an insurance producer compensation in excess of 30 percent of the net written prima facie premium established in 3 AAC 28.340. Compensatio…

(a) An insurer may not charge a premium for consumer credit insurance for a loan month in which the policy is terminated within the first 15 days. An insurer may charge a full month's premium if a consumer credit insurance policy is terminated on or after the 16th day of the loan…

Notes 3 AAC 28.370 Eff. 3/29/81, Register 77; am 6/6/93, Register 126; am 7/2/2001, Register 158; am 4/4/2002, Register 162; repealed 8/20/2016, Register 219, October 2016 State regulations are updated quarterly; we currently have two versions available. Below is a comparison bet…

Notes 3 AAC 28.380 Eff. 3/29/81, Register 77; am 6/6/93, Register 126; repealed 7/2/2001, Register 158 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More co…

(a) An insurer transacting consumer credit insurance in this state shall conduct a thorough review of each creditor with which the insurer does business every 24 months beginning no later than 12 months after July 2, 2001 to ensure compliance with applicable state law. (b) An ins…

(a) A consumer credit insurer may not (1) offer or grant any special favor or advantage, or any valuable consideration or inducement not set out in the insurance contract other than the payment of producers' commissions; (2) offer to deposit or deposit with a bank or other financ…

Notes 3 AAC 28.395 Eff. 6/6/93, Register 126; repealed 7/2/2001, Register 158 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Unless otherwise specifically stated in a policy of insurance, the renewal date of a consumer credit insurance group policy is the policy anniversary date. A certificate of insurance issued under a group policy must have a renewal date consistent with the group policy. Notes 3 AA…

Unless otherwise provided by law, the compliance date of a change under an individual or group insurance policy or any related notice of proposed insurance, insurance disclosure notice, application for insurance, endorsement, rider, or premium rates as a result of a change to thi…

In 3 AAC 28.310 - 3 AAC 28.405, unless the context requires otherwise, (1) "evidence of individual insurability" means a statement furnished by a debtor, as a condition of consumer credit insurance becoming effective, that relates specifically to the debtor's (A) health status; (…

The purpose of 3 AAC 28.410 - 3 AAC 28.510 is to protect the public by (1) standardizing and simplifying the terms and benefits of medicare supplement policies; (2) eliminating policy or contract provisions that are misleading or confusing; (3) providing for full disclosure in th…

Notes 3 AAC 28.420 Eff. 3/26/82, Register 81; am 8/8/90, Register 115; am 7/1/92, Register 122; am 6/4/93, Register 126; am 7/12/96, Register 139; am 4/21/99, Register 150; am 7/12/2000, Register 155; repealed 9/19/2009, Register 191 State regulations are updated quarterly; we cu…

(a) A medicare supplement policy or certificate using the following terms or their equivalent must contain terms and definitions as follows: (1) "accident," "accidental injury," or "accidental means" must use "result" language and may not include words that establish an accidenta…

(a) Except for permitted preexisting condition clauses described in 3 AAC 28.450, 3 AAC 28.453, and 3 AAC 28.454, a policy or certificate may not be advertised, solicited, or issued for delivery in this state as a medicare supplement policy if that policy or certificate contains …

Notes 3 AAC 28.450 Eff. 3/26/82, Register 81; am 8/8/90, Register 115; am 7/1/92, Register 122; am 9/17/2003, Register 167; am 9/4/2005, Register 175; am 9/19/2009, Register 191 In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.89.060 as AS 21.96…