Alaska Administrative Code

(a) A viatical settlement provider shall provide to the director with a license application a plan of operation that details the manner in which the viatical settlement provider proposes to operate in the state and a description of the life insurance policies or contracts the via…

(a) A viatical settlement broker may not be an agent for, or employee of, a viatical settlement provider. (b) A viatical settlement broker who offers or attempts to negotiate a viatical settlement contract shall act according to the viator's instructions and in the best interest …

(a) A viatical settlement provider who appoints a viatical settlement broker in this state or relative to a subject resident, located, or to be performed in this state shall execute a written contract that specifically sets out the duties, functions, powers, authority, and compen…

A person may not be promised payment or paid, directly or indirectly, compensation when transacting a viatical settlement under AS 21.96.110 unless the person is licensed as required under 3 AAC 31.300 - 3 AAC 31.449 as a viatical settlement provider, viatical settlement broker, …

(a) Except as provided in 3 AAC 31.300 - 3 AAC 31.449, the director will renew a viatical settlement provider, viatical settlement broker, or viatical settlement representative license biennially on a date consistent with 3 AAC 23.860, if the licensee continues to be qualified un…

(a) The director may deny issuance of, deny renewal of, suspend, or revoke the license of a viatical settlement representative, viatical settlement broker, or viatical settlement provider if the viatical settlement provider, viatical settlement broker, viatical settlement represe…

(a) After a hearing under AS 21.06.170-21.06.240, if the director decides to suspend or revoke a person's license for a violation under 3 AAC 31.345, the director will issue an order effective 10 days after the issue date of the order that the license is suspended or revoked. (b)…

A person licensed under 3 AAC 31.300 - 3 AAC 31.449 shall comply with all the requirements of AS 21.27.460 regarding surrendering a license. Notes 3 AAC 31.355 Eff. 8/25/2002, Register 163 In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.89.110 …

On or before March 1 of each calendar year, the compliance officer of a viatical settlement firm licensed in this state or an individual viatical settlement provider not in a firm licensed in this state shall make a report of all viatical settlement transactions and shall disting…

(a) A viatical settlement provider may not enter into or effectuate a viatical settlement contract that provides payment to the viator that is unreasonable or unjust. For life expectancies up to 24 months, the following discount rates as applied to the face value of a life insura…

(a) A person may not use a viatical settlement contract or provide to a viator a disclosure form in this state unless the contract or form is filed with and approved by the director for compliance with this section. (b) A viatical settlement contract or a disclosure form must be …

(a) A person may not use an advertisement related to a viatical settlement transaction unless the advertisement is filed with and approved by the director for compliance with this section. The director will not approve an advertisement related to a viatical settlement transaction…

(a) Before an application for a viatical settlement contract is signed, a viatical settlement provider, viatical settlement broker, or viatical settlement representative shall provide disclosure statements in a conspicuous manner to a viator in a separate document. The document c…

(a) Except as otherwise allowed or required by law, medical, financial, and personal information about a viator and insured, including the viator's or insured's identity or the identity of a family member or spousal equivalent, may not be disclosed to another person unless the di…

(a) A viatical settlement provider, viatical settlement broker, or viatical settlement representative may not pay or offer to pay a finder's fee, commission, or other compensation to (1) an insured's physician; (2) an attorney, accountant, or other person providing medical, legal…

(a) A viatical settlement provider may not also act as a viatical settlement broker, whether entitled to collect a fee directly or indirectly, in the same viatical settlement transaction. (b) A person may not knowingly engage in a viatical settlement transaction in which the pers…

(a) A life insurance company authorized to do business in this state shall respond to a request for verification of coverage from a viatical settlement provider or a viatical settlement broker within 30 days after the date the request is received, if the following are submitted w…

(a) A person may not commit or participate directly or indirectly in an unfair trade practice involving a viatical settlement transaction. (b) The director may investigate a suspected unfair trade practice involving a viatical settlement transaction or a person engaged in a viati…

(a) The director may examine the affairs, transactions, accounts, records, and assets of a licensed or formerly licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative. (b) In the place of an examination by the director, the direct…

(a) The director may conduct an examination under 3 AAC 31.410 at the business office of the viatical settlement provider, viatical settlement broker, or viatical settlement representative. (b) Each person being examined or from whom information is sought, and that person's offic…

(a) A report of an examination by the director under 3 AAC 31.410 and 3 AAC 31.415 will be issued in conformance with the requirements of AS 21.06.150. (b) Expenses incurred in an examination by the director under 3 AAC 31.410 and 3 AAC 31.415 will be administered in conformance …

(a) For at least five years after the death of the insured, a viatical settlement provider, a viatical settlement broker, or a viatical settlement representative shall maintain all records of a viatical settlement transaction, including (1) accounting and financial records; (2) p…

In 3 AAC 31.300 - 3 AAC 31.449, unless the context requires otherwise, (1) "chronically ill" means (A) being unable to perform at least two activities of daily living; in this subparagraph, "activities of daily living" means (i) eating; (ii) toileting; (iii) transferring; (iv) ba…

(a) The purpose of 3 AAC 31.500 - 3 AAC 31.549 is to (1) implement a reinsurance program for high risk residents in the individual health care insurance market in order to stabilize health care insurance premiums; (2) encourage participation in this state's individual health care…

(a) There is established within the Comprehensive Health Insurance Association a program to reinsure high risk residents of this state diagnosed with one or more of the covered conditions under 3 AAC 31.540. The program will be referred to as the Alaska Reinsurance Program. (b) T…

(a) The association shall establish a plan of operation for the administration and operation of the Alaska Reinsurance Program under which a health care insurer shall cede the risk of a high risk resident to the program. The plan of operation must include (1) a description of the…

(a) A health care insurer is eligible for reinsurance payments to reimburse the insurer for the claims of a high risk resident for a benefit year if the health care insurer (1) provides evidence to the association that the health care insurer has paid a claim of a high risk resid…

(a) A health care insurer shall comply with the requirements established by the association in order to cede a risk to the association. (b) A health care insurer shall continue to administer and manage the policy for risk ceded to the association in accordance with the terms of t…

(a) A health care insurer shall forward all premiums to the association for each risk ceded to the program and may not retain any portion of the premium. (b) A health care insurer shall report to the association amounts collected by a health care insurer for (1) third party liabi…

(a) A health care insurer that cedes a risk to the program shall submit to the program all data and information when required by the association and in the manner and format required by the association. The data and information must include (1) eligibility information; (2) claims…

(a) The association shall establish a true-up process with respect to a calendar year to reflect adjustments made in establishing the final accounting for that calendar year, including crediting of premiums received with respect to risk ceded after the end of the calendar year an…

A resident of this state diagnosed with one or more of the following covered conditions under this section is a high risk resident under 3 AAC 31.500 - 3 AAC 31.549: (1) human immunodeficiency virus or acquired immune deficiency syndrome (HIV/AIDS); (2) septicemia sepsis, systemi…

In 3 AAC 31 .500 - 3 AAC 31.549, (1) "association" means the Comprehensive Health Insurance Association established under AS 21.55.010-21.55.060; (2) "Comprehensive Health Insurance Association" means the nonprofit incorporated legal entity established under AS 21 55.010 - 21 55.…

(a) An initial provider biennial registration period ends on June 30 of the renewal year assigned by the division at the time the director approves the initial provider registration. Except as provided in (b) of this section, the initial provider biennial registration period cons…

(a) A person may not sell, solicit, or negotiate a membership agreement in this state unless registered as a provider under this section. Initial provider registration applications may be filed at any time. Renewal provider registration applications shall be filed on or before Ju…

(a) A registration will not be issued by the director unless the provider posts with the director a bond in the amount of $100,000, issued by a corporate surety authorized under AS 21 to act as surety and conditioned upon the provider's faithful fulfillment of its membership agre…

(a) If a producer fails to file its provider renewal biennial registration application for the next biennial renewal period by July 30 in the year the provider's biennial registration period ends, the provider may not solicit or write a new membership agreement in this state unti…

(a) If the benefits under a membership agreement are in whole or in part contingent upon a medical necessity determination by the provider, (1) medical necessity must be determined by a qualified medical professional; and (2) what constitutes medical necessity must be clearly def…

(a) A membership agreement may not be issued or renewed in this state unless (1) filed with and approved by the director under AS 21.42.120; and (2) in compliance with 3 AAC 31.205, 3 AAC 31.215(c)-3 AAC 31.215(h), and 3 AAC 31.250. (b) A provider may deliver a membership agreeme…

(a) A provider shall establish and maintain on an annual basis complete and accurate records and accounts of the provider's transactions and operations in this state. (b) A provider shall reply in writing not later than 10 working days to a records inquiry of the director. The di…

(1) "membership agreement" means an air ambulance membership agreement as defined under AS 21.61.110(2); (2) "provider" means an air ambulance service provider as defined under AS 21.61.110(3). Notes 3 AAC 31.690 Eff. 11/26/2015, Register 216, January 2016 Authority:AS 21.06.090 …

Unless exempted under AS 21.59.120, the provisions of 3 AAC 31.700-3 AAC 31.729 apply to a (1) motor vehicle service contract marketed, offered for sale, sold, administered, or issued to, or made with, a consumer in this state; (2) motor vehicle service contract provider marketin…

(a) Except as provided in (b) of this section, (1) the term of an initial biennial motor vehicle service contract provider firm license begins on the date the director issues the license and ends two years later; and (2) the date the term of an initial biennial motor vehicle serv…

(a) An applicant for a motor vehicle service contract provider license shall (1) file an application on a form prescribed by the director; and (2) pay the fee required under 3 AAC 31.060(a). (b) An applicant for a motor vehicle service contract provider firm license shall submit …

(a) A motor vehicle service contract provider may not market, offer for sale, sell, issue, or make a motor vehicle service contract in this state unless the provider meets the qualifications under AS 21.59 .110 - 21.59 .290 and this section. (b) A motor vehicle service contract p…

(a) An applicant for a motor vehicle service contract administrator registration shall (1) file an application on a form prescribed by the director; and (2) pay the fee required under 3 AAC 31.060(a). (b) An applicant for a motor vehicle service contract administrator registratio…

In 3 AAC 31.700-3 AAC 31.729, unless the context requires otherwise, (1) "consumer" means a natural person who (A) buys a motor vehicle other than for purposes of resale; and (B) primarily uses the motor vehicle for personal, family, or household purposes; (2) "firm" has the mean…