Alaska Administrative Code

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…

Notes 3 AAC 28.451 Eff. 8/8/90, Register 115; am 7/1/92, Register 122; am 7/12/96, Register 139; repealed 9/4/2005, Register 175 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior …

(a) A person who transacts the business of insurance and who provides medicare supplement policies shall comply with all provisions of 42 U.S.C. 1395 ss, as amended by the Omnibus Budget Reconciliation Act of 1990. (b) Certification of compliance with the requirements of (a) of t…

Notes 3 AAC 28.453 Eff. 7/1/92, Register 122; am 7/12/96, Register 139; am 7/12/2000, Register 155; 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…

(a) A medicare supplement policy or certificate issued with an effective date of coverage on or after June 1, 2010 may not be advertised, solicited, or issued for delivery in this state unless it meets the requirements in this section and all other applicable requirements of 3 AA…

Notes 3 AAC 28.455 Eff. 7/1/92, Register 122; am 7/12/96, Register 139; am 4/21/99, Register 150; 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 21.96.060. As of Register 196 (…

(a) A medicare supplement policy or certificate delivered or issued for delivery with an effective date of coverage on or after June 1, 2010 may not be advertised, solicited, delivered, or issued for delivery in this state as a medicare supplement policy or certificate unless it …

(a) An issuer may not deny or condition the issuance or effectiveness of a medicare supplement policy or certificate available for sale in this state or discriminate in the pricing of a policy or certificate because of the health status, claims experience, receipt of health care,…

Notes 3 AAC 28.458 Eff. 7/1/92, Register 122; repealed 4/21/99, Register 150 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 …

(a) A Medicare supplement policy or certificate issued with an effective date of coverage on or after January 1, 2020 may not be advertised, solicited, or issued for delivery in this state, unless it meets the requirements in this section and all other applicable requirements of …

Notes 3 AAC 28.460 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; repealed 4/21/99, Register 150 State regulations are updated quarterly; we currently have two versions available. Below is a comparis…

(a) A Medicare supplement policy or certificate delivered or issued for delivery with an effective date of coverage on or after January 1, 2020 may not be advertised, solicited, delivered, or issued for delivery in this state as a Medicare supplement policy or certificate unless …

(a) Except as provided in (h) of this section, an eligible person is an individual described in (c) of this section who seeks to enroll under the policy during the period specified in (d) of this section, and who submits evidence of the date of the termination, date of withdrawal…

(a) An issuer shall comply with 42 U.S.C. 1395 ss(c) (sec. 1882(c)(3) of the Social Security Act, as enacted by sec. 4081(b)(2)(C) of the Ominbus Budget Reconciliation Act of 1987 (OBRA) 1987, Pub. L. No. 100-203), by (1) accepting a notice from a medicare carrier on dually assig…

(a) A medicare supplement policy form or certificate form may not be delivered or issued for delivery in this state unless the policy or certificate form can be expected, as estimated for the entire period for which rates are computed to provide coverage, to return to policyholde…

(a) An issuer of medicare supplement policies and certificates shall file annually its forms, rates, rating schedule, and supporting documentation, including ratios of incurred losses to earned premiums by policy duration, for approval by the director. Supporting documentation mu…

Notes 3 AAC 28.471 Repealed 7/1/92. 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 compare…

(a) An issuer may not deliver or issue for delivery a policy or certificate to a resident of this state unless the policy or certificate form has been filed with and approved by the director. (b) An issuer may not use or change premium rates for a medicare supplement policy or ce…

(a) A rate credit or dividend paid may be used only in the loss ratio determinations if it directly inures to the benefit of the person who actually pays the premium for the coverage provided. (b) A rate credit reserve on dividend liability may be used only in the loss ratio dete…

(a) Medicare supplement policies and certificates must include a renewal or continuation provision The language or specifications of the provisions must be consistent with the type of contract issued The provisions must be appropriately captioned, must appear on the first page of…

Notes 3 AAC 28.491 Repealed 7/1/92. 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 compare…

(a) Application forms must include the following statements and questions designed to obtain information as to whether, as of the date of the application, the applicant currently has a medicare supplement policy, medicare advantage plan, medicaid coverage, or another health insur…

(a) An issuer or other entity may provide a commission or other compensation to an agent or other representative for the sale of a medicare supplement policy or certificate only if the first-year commission or other first-year compensation is no more than 200 percent of the commi…

(a) A health insurance policy or certificate, other than a medicare supplement policy; a policy issued under a contract under 42 U.S.C. 1395- 1395 ccc (sec. 1876 of the Social Security Act); or a disability income policy or certificate delivered or issued for delivery in this sta…

An issuer shall provide a copy of any medicare supplement advertisement intended for use in this state, whether through written, radio, or television medium, for review and approval by the director. Notes 3 AAC 28.503 Eff. 8/8/90, Register 115; am 7/1/92, Register 122 In 2010 the…

(a) An issuer directly or through its producers, shall (1) establish marketing procedures to ensure that any comparison of policies by its agents or other producers will be fair and accurate; (2) establish marketing procedures to ensure excessive insurance is not sold or issued; …