Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 9 - Life Insurance Policy Illustrations › 3 AAC 28.830 - Delivery of illustration and record retention

Current through May 31, 2024
(a) If a basic
				  illustration is used in the solicitation of a life insurance policy that is
				  applied for as illustrated, the person soliciting the policy must provide a
				  copy of that illustration, signed as required under
				  3 AAC 28.820, to the applicant at the time of
				  application and to the insurer. If the policy issued differs from the policy
				  applied for, or if premiums, benefits, or values differ from the signed basic
				  illustration, a revised basic illustration conforming to the policy as issued
				  must be sent to the applicant with the policy. The revised illustration must
				  conform to the requirements of
				  3 AAC 28.800 -
				  3 AAC 28.849, and must be labeled "revised
				  illustration." The person soliciting the policy shall sign and date the revised
				  illustration and obtain the signature of the applicant or policy owner on the
				  revised illustration no later than the time the policy is delivered. A signed
				  copy of the revised illustration must be provided to the insurer and the policy
				  owner.
(b) If an illustration is
				  not used in the solicitation of a life insurance policy that the insurer
				  indicated under
				  3 AAC 28.810 would be marketed with an illustration, or
				  if the policy applied for differs from the illustration, the person soliciting
				  the policy shall certify these facts in writing on a form provided by the
				  insurer. On the same form, the person soliciting the policy shall obtain the
				  applicant's acknowledgment that an illustration conforming to the policy
				  applied for was not provided and that the applicant understands that an
				  illustration conforming to the policy as issued will be provided no later than
				  the time the policy is delivered. This form must be submitted to the insurer at
				  the time of policy application. When the policy is issued, a basic illustration
				  conforming to the policy as issued must be sent to the applicant with the
				  policy. The person soliciting the policy shall sign and date the illustration
				  and obtain the signature of the applicant or policy owner on the illustration
				  no later than the time the policy is delivered. A signed copy of the
				  illustration must be provided to the insurer and the policy owner.
(c) If the basic or revised illustration is
				  mailed directly to an applicant or policy owner from an insurer, the
				  illustration must include instructions for the applicant or policy owner to
				  sign a duplicate copy of the numeric summary page of the illustration for the
				  policy issued and to return the signed copy to the insurer. An insurer's
				  obligation under this subsection is satisfied if the insurer can document that
				  it has made a diligent effort to secure a signed copy of the numeric summary
				  page. An insurer may satisfy the obligation if the insurer documents that it
				  included in the mailing a self-addressed, postage paid envelope, and
				  instructions for the return of the signed numeric summary page.
(d) If a policy is issued, an insurer shall,
				  for five years after the policy is no longer in force, retain a copy of the
				  basic illustration and a revised basic illustration, if any, signed as
				  applicable, along with any certification that either an illustration was not
				  used or that the policy was applied for other than as illustrated.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.36.150 as
						AS
						21.36.900. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.830, so that the citation to former
						AS
						21.36.150 now refers to the renumbered
						statute, AS
						21.36.900.
Authority:
AS
						21.06.090
AS 21.36.020
AS 21.36.030
AS 21.36.900
AS 21.42.120
AS
						21.42.130