Alaska Administrative Code

In connection with a replacement, an existing insurer shall (1) retain the notifications required from replacing insurers under 3 AAC 26.805(a) (2) indexed by replacing insurer for at least five years and, upon request, provide copies of the notifications to the director; (2) pro…

(a) An insurer shall require, with or attached to an application resulting from a direct-response solicitation, a statement from the applicant regarding whether the applicant intends to replace, discontinue, or change an existing life insurance policy or annuity contract. (b) If …

In 3 AAC 26.790 - 3 AAC 26.819, unless the context requires otherwise, (1) "credit life insurance" has the meaning given in AS 21.57.160; (2) "direct-response solicitation" means a solicitation solely through mail, telephone, the Internet, or other mass communication media; (3) "…

The provisions of 3 AAC 26.820 - 3 AAC 26.825 apply to a solicitation for, the sale or purchase of, or advice made in connection with, a life insurance or annuity product by an insurance producer. Notes 3 AAC 26.820 Eff. 6/28/2009, Register 190 In 2010 the revisor of statutes, ac…

(a) An insurance producer engages in an unfair or deceptive act or practice if the insurance producer uses a senior-specific certification or professional designation in a manner that could mislead a purchaser or prospective purchaser to believe that the insurance producer has sp…

3 AAC 26.850 - 3 AAC 26.865 apply to a retained asset account. Notes 3 AAC 26.850 Eff. 12/7/2011, Register 200 Authority:AS 21.06.090 AS 21.96.030 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent vers…

For purposes of 3 AAC 26.850 - 3 AAC 26.865, a retained asset account is any mechanism in which proceeds of a life insurance policy are deposited into an account with beneficiary check-writing or draft-writing privileges, where the proceeds are retained by the insurer under a sup…

(a) An insurer shall provide to the beneficiary, at the time a claim is made, a written description of settlement options available under the policy and how to obtain specific details regarding the options. (b) The insurer shall provide the following written disclosures to the be…

If an insurer settles benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the contract. Notes 3 AAC 26.865 Eff. 12/7/2011, R…

The purpose of 3 AAC 26.875 - 3 AAC 26.899 is to preserve for consumers the benefits of being able to use alternative forms of payment for insurance transactions while preventing potential unfair practices. The provisions of 3 AAC 26.875 - 3 AAC 26.899 apply to all insurers autho…

An insurer may accept a credit, charge, or debit card for a premium payment transaction, either directly or through a third-party payment processor, subject to the following restrictions: (1) the credit, charge, or debit card option for payment of premiums must be made available …

(a) Fees associated with premium payment transactions, including late payment fees, insufficient funds fees, installment fees, and convenience fees, are allowable subject to the following requirements, regardless of whether the fees are associated with payments made under a payme…

(a) Except to the extent that an insurer's filed rating plans or policy forms dictate otherwise, nothing in 3 AAC 26.880 or 3 AAC 26.885 requires an insurer to (1) accept payment of premium by a particular method; (2) offer a premium payment plan; (3) charge a fee specifically in…

In 3 AAC 26.875 - 3 AAC 26.899, (1) "convenience fee" means a fee (A) charged by a third-party vendor or payment processor; and (B) associated with a premium payment transaction; (2) "payment plan" means an arrangement or plan by which an insurer offers its policyholders an alter…

3 AAC 27.301 - 3 AAC 27.399 apply to all persons transacting title insurance business in this state. Notes 3 AAC 27.301 Eff. 4/15/2000, Register 154 Authority:AS 21.06.090 AS 21.66.410 State regulations are updated quarterly; we currently have two versions available. Below is a c…

(a) When determining title insurance rates, a title insurance company shall base the rates on the following:(1) amounts paid to or retained by title insurance limited producers; (2) operating expenses; (3) payment of claims and claim related expenses; (4) investment income; (5) r…

(a) A title insurance company shall use at least five years of statistical and financial data to support a title insurance rate filing. All data must be shown separately for owner's policies and for loan policies for each year and for all years combined. (b) Statistical data for …

(a) No later than March 1, 2001, a title insurance company shall submit a report to the director that shows how the title insurance company intends to comply with 3 AAC 27.310 and 3 AAC 27.320. The initial report must include at least one year of data required by 3 AAC 27.320. Th…

A title insurance limited producer shall provide the title insurance company with all data necessary for the title insurance company to comply with the requirements under 3 AAC 27.320(c) (3). Notes 3 AAC 27.340 Eff. 4/15/2000, Register 154 Authority:AS 21.06.090 AS 21.66.410 AS 2…

A title insurance company may offer a short-term rate if a short-term rate schedule has been filed with the director under AS 21.66.370. The requirements of 3 AAC 27.360 do not apply to these short-term rate schedule filings. Notes 3 AAC 27.350 Eff. 4/15/2000, Register 154 Author…

A title insurance company wishing to offer a discount for a particular type of policy or to a particular type of insured shall file a rate discount schedule with the director in accordance with AS 21.66.370 and 21.66.380. The filing must include the (1) insurer's loss and expense…

(a) A title insurance company or title insurance limited producer shall charge for any class of service delivered or provided in this state that relies in whole or in part upon documents contained in the title plant or public record. This charge must be commensurate with the cost…

(a) If, at the time a preliminary commitment is issued, the liability or amount of coverage for a preliminary commitment is unknown, the issuing title insurance company or title insurance limited producer shall indicate that fact by the words "Not Disclosed" or "Not Known." (b) T…

A listing package or property profile must clearly disclose that it is not a representation of the condition of title to a property. Notes 3 AAC 27.390 Eff. 4/15/2000, Register 154 Authority:AS 21.06.090 State regulations are updated quarterly; we currently have two versions avai…

In 3 AAC 27.301 - 3 AAC 27.399, unless the context otherwise requires, (1) "class of service" means a type of service provided by a title insurance company or title insurance limited producer, apart from escrow services, that includes a title insurance policy, preliminary commitm…

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 …