reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 30 - Workers' Compensation › Article 4 - Workers' Compensation Loss Reimbursement Requirements › 3 AAC 30.349 - Definitions

Current through May 31, 2024
In 3 AAC 30.300 - 3 AAC 30.349,
(1) "deductible" means a provision in an
				  insurance policy where the policyholder must absorb or pay part of the insured
				  loss before qualifying for recovery from the insurer under the
				  policy;
(2) "excess workers'
				  compensation policy" means a policy
(A)
				  issued by an insurer to an employer certified as a self-insurer under
				  AS
				  23.30.090; and
(B) that reimburses the self-insured employer
				  for amounts
(i) accepted by, imposed upon, or
				  assumed by the employer under AS 23.30 for death, disablement, or injury to the
				  employer's employees; and
(ii) that
				  are above either a specific or an aggregate attachment point or self-insured
				  retention, but that do not by themselves satisfy the requirements under
				  AS
				  23.30.025 or
				  23.30.075;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.010 - General requirements

Current through May 31, 2024
(a) The applicable nonrefundable fee for each
				  type of license or service, established by the division of insurance under
				  3 AAC 31.020 -
				  3 AAC 31.090, must be paid to the director in advance of
				  the action requested.
(b) The
				  director will promptly remit to the commissioner of revenue, for deposit in the
				  general fund, all fees received under this section.
Authority:
AS
						21.06.090
AS
						21.06.250
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.020 - Insurance producer, managing general agent, reinsurance intermediary manager, reinsurance intermediary broker, controlling insurance producer, third-party administrator, and independent adjuster fees

Current through May 31, 2024
(a) The following
				  fees are established for resident and nonresident licenses, for insurance
				  producers, managing general agents, reinsurance intermediary managers,
				  reinsurance intermediary brokers, controlling insurance producers, third-party
				  administrators, and independent adjusters:
(1) initial application or biennial renewal
				  for an insurance producer, managing general agent license, reinsurance
				  intermediary manager, reinsurance intermediary broker, controlling insurance
				  producer, independent adjuster, or independent adjuster trainee license,
				  including issuance of the license, if issued, for
(A) all lines:
(i) for a resident or nonresident individual,
				  $75;
(ii) for a resident or
				  nonresident firm, $75;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.025 - Viatical settlement provider, viatical settlement broker, and viatical settlement representative fees

Current through May 31, 2024
(a) The following fees are established for
				  resident and nonresident licenses for viatical settlement providers, viatical
				  settlement brokers, and viatical settlement representatives:
(1) initial application or biennial renewal
				  for a resident or nonresident viatical settlement provider, for an individual
				  or firm, including issuance of the license, if issued, $300;
(2) initial application or biennial renewal
				  for a resident or nonresident viatical settlement broker or viatical settlement
				  representative, including issuance of the license, if issued, $100.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.040 - Surplus lines broker fees

Current through May 31, 2024
(a) The following
				  fee is established for a resident or nonresident initial application or
				  biennial renewal of a surplus lines broker license for an individual or firm,
				  including issuance of the license, if issued, $300.
(b) If the division issues an initial
				  biennial license within 90 days before the date by which it must be renewed,
				  the applicant shall pay the entire license fee and the license will be issued
				  to cover up to a 27-month period.
Authority:
AS
						21.06.090
AS 21.06.250
AS 21.27.380
AS
						21.27.790
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.050 - Insurer fees

Current through May 31, 2024
(a) The following fees are established for
				  insurers:
(1) application for a certificate
				  of authority, including a solicitation permit and issuance of the certificate,
				  if issued, a one-time fee of $2,250;
(2) annual continuation of a certificate of
				  authority, $2,250;
(3) amendment to
				  a certificate of authority, $100;
(4) amendment to the articles of
				  incorporation, $100;
(5) revised
				  bylaws or amendments to bylaws, $100;
(6) filing an annual statement,
				  $100;
(7) solicitation permit for
				  subsequent financing, for domestic insurers, $100;
(8) reinstatement of a certificate of
				  authority, $500;
(9) registration
				  as an accredited reinsurance company, $500;
(10) filing a holding company Form A
				  Statement Regarding the Acquisition of Control of or Merger with a Domestic
				  Insurer, $2,000;
(11) review of an
				  assuming reinsurance company for compliance with
				  AS
				  21.12.020(a)(3) and (4), as
				  requested by the company, $100;
(12) for a multiple employer welfare
				  arrangement:
(A) initial application for a
				  certificate of authority, including issuance of the certificate, if issued,
				  $2,000;
(B) annual continuation of
				  a certificate of authority, $2,000;
(13) replacement of a lost certificate of
				  authority, $25.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.060 - Miscellaneous fees

Current through May 31, 2024
(a) The following fees are established:
(1) with respect to a license for which the
				  licensee failed to notify the director of the information required under
				  AS
				  21.27.025 and within the time period required
				  by
				  AS
				  21.27.025, if notification is received
(A) one - 60 days late, $50;
(B) 61 - 120 days late, $100; or
(C) more than 120 days late, $200;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 1 - Fees › 3 AAC 31.090 - Definitions (Repealed)

Current through May 31, 2024
After Register 132 (January 1995), the substance of
						3 AAC 31.090 appears in
						3 AAC 31.900.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.200 - Applicability and scope

Current through May 31, 2024
3 AAC 31.200 -
					 3 AAC 31.299 apply to
					 all persons who are required to file forms, rates, manuals, rating plans,
					 rules, policies, certificates, or other documents under
					 AS
					 21.39.040.
					 21.39.041,
					 21.39.043,
					 21.39.210,
					 21.39.220:
					 AS
					 21.42.120,
					 21.42.123,
					 21.42.125:
					 AS
					 21.51.405;
					 AS
					 21.54.015;
					 AS
					 21.57.080;
					 AS
					 21.66.370,
					 21.66.450;
					 AS
					 21.84.255;
					 AS
					 21.86.070;
					 AS
					 21.87.180, or
					 21.87.190.
Authority:
AS
						21.06.090
AS
						21.39.040
AS
						21.39.041
AS
						21.39.043
AS
						21.39.210
AS
						21.39.220
AS
						21.42.120
AS
						21.42.123
AS
						21.42.125
AS
						21.51.405
AS
						21.54.015
AS
						21.57.080
AS
						21.66.370
AS
						21.66.450
AS
						21.84.255
AS
						21.86.070
AS
						21.87.180
AS
						21.87.190
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.205 - Methods and receipt dates of filings

Current through May 31, 2024
(a) A person shall
				  submit a filing electronically by
(1) using
				  an electronic filing system approved by the director under
				  AS
				  21.96.080; or
(2) electronic mail, if approved by the
				  director.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.210 - Filing

Current through May 31, 2024
(a) Each filing submitted to the director by
				  electronic mail must include the appropriate transmittal document as described
				  in
				  3 AAC 31.221 or
				  3 AAC 31.225. The transmittal document is considered
				  part of the filing. Each filing submitted using an electronic filing system
				  approved under
				  AS
				  21.96.080 by the director must include the
				  information specified in the transmittal document as described in
				  3 AAC 31.221 or
				  3 AAC 31.225 in the appropriate fields.
(b) Except as provided in (d)(1) and (e) of
				  this section, a separate filing must be made for each type of
				  insurance.
(c) Forms must be
				  submitted separately from rates and rules.
(d) For property and casualty types of
				  insurance,
(1) new rates, rules, or forms
				  that apply to different or multiple types of insurance but have the same
				  purpose and effect, or revisions or replacements to existing rates, rules, or
				  forms that apply to different or multiple types of insurance where the proposed
				  revisions have the same purpose and effect, may be submitted in a single
				  filing;
(2) rates and rules may be
				  submitted in a single filing when filed under
				  AS
				  21.39.041 or
				  21.39.220;
(3) rates filed under
				  AS
				  21.39.210 may only contain rules that are
				  revised to update the corresponding rate changes; and
(4) if rate, rule, and form filings for a
				  single program are submitted at the same time, the transmittal document for
				  each filing must cross-reference the other filings submitted for the
				  program.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.215 - Filings submitted by electronic mail

Current through May 31, 2024
(a) A filing
				  submitted by electronic mail must include
(1)
				  a copy of the appropriate transmittal document as described in
				  3 AAC 31.221 or
				  3 AAC 31.225; and
(2) a copy of the filing materials and
				  supporting documentation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.217 - Electronic filings

Current through May 31, 2024
(a) An insurer that submits a filing through
				  an electronic filing system approved under
				  AS
				  21.96.080 by the director shall submit the
				  filing in accordance with the requirements for that electronic filing
				  system.
(b) If the electronic
				  filing system becomes unavailable for use, the director may extend the review
				  timelines under
				  AS
				  21.39.040,
				  21.39.041,
				  21.39.043.
				  21.39.220;
				  AS
				  21.42.123,
				  21.42.125;
				  AS
				  21.51.405;
				  AS
				  21.54.015:
				  AS
				  21.57.080;
				  AS
				  21.66.370,
				  21.66.450;
				  AS
				  21.84.255;
				  AS
				  21.86.070; or
				  AS
				  21.87.180 by an additional working day for
				  each day the system is unavailable. For purposes of identifying the additional
				  working day under the extended timeline, the director will use the procedure
				  set out in
				  3 AAC 31.205(b).
(c) If the electronic filing system becomes
				  unavailable for use for an extended period of time, the director may authorize
				  communication by another available method in order to continue the review of
				  the filing. When the electronic filing system again becomes available for use,
				  the director and the filer will add their respective filing communications to
				  the electronic filing.
Authority:
AS
						21.06.090
AS
						21.39.040
AS
						21.39.041
AS
						21.39.043
AS
						21.39.210
AS
						21.39.220
AS
						21.42.120
AS
						21.42.123
AS
						21.42.125
AS
						21.51.405
AS
						21.54.015
AS
						21.57.080
AS
						21.66.370
AS
						21.66.450
AS
						21.84.255
AS
						21.86.070
AS
						21.87.180
AS
						21.87.190
AS
						21.96.080
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.221 - Life and health insurance transmittal document

Current through May 31, 2024
(a) The transmittal
				  document or transmittal document information in the case of filings submitted
				  using an electronic filing system approved by the director under
				  AS
				  21.96.080 required to be submitted with a
				  life insurance, health insurance, or annuity filing under
				  3 AAC 31.210 is the National Association of Insurance
				  Commissioners'
Life, Accident & Health, Annuity, Credit Transmittal
				  Document
(LHTD-1), with the appropriate attachment (LH FFA-1 or LH
				  RFA-1). For purposes of this section, the National Association of Insurance
				  Commissioners'
Life, Accident & Health, Annuity, Credit Transmittal
				  Document
(LHTD-1) effective as of July 1, 2009 and attachments (LH
				  FFA-1 and LH RFA-1), effective as of January 1, 2009, are adopted by
				  reference.
(b) An insurer shall
				  include all the following state-specific information in Item 15 of the
				  transmittal document specified in (a) of this section:
(1) a brief description of the purpose of the
				  filing and any changes that the filing will introduce;
(2) information required under
				  3 AAC 31.210(h) and (i);
(3) the requested effective date;
(4) a description of the group and method of
				  marketing for the type of group identified in Item 8 of the transmittal
				  document specified in (a) of this section;
(5) a statement indicating whether the filing
				  is submitted under
				  AS
				  21.42.123 or
				  AS
				  21.42.125;
(6) the company's name for the product, if
				  any;
(7) if the filing is a rate
				  filing, the overall effect of the rate level change requested in the
				  filing;
(8) if the filed form will
				  be used with a previously approved form, the form number and state filing
				  number of the previously approved form.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.225 - Property, casualty, surety, marine, mortgage guaranty, and title insurance transmittal document

Current through May 31, 2024
(a) The transmittal document required under
				  3 AAC 31.210(a) or transmittal document
				  information in the case of filings submitted using an electronic filing system
				  approved by the director under
				  AS
				  21.96.080 and required under
				  3 AAC 31.210(a) must include
(1) the name of the rating organization, if
				  the filing is made by a rating organization;
(2) the National Association of Insurance
				  Commissioners' group and company numbers and, if the filing is not made by a
				  rating organization, the names of the companies making the filing;
(3) the name of the person to contact
				  regarding the filing;
(4) a brief
				  description of the purpose of the fihng and any changes that the filing will
				  introduce;
(5) the date the filing
				  is made;
(6) whether the filing is
				  a rate, rule, or form filing;
(7)
				  the type of insurance to which the filing applies;
(8) the specific product to which the filing
				  applies;
(9) the insurer's
				  identification number for the filing, if any;
(10) identification of whether each form,
				  rule, or rate page is a replacement and, if so and if available, the division's
				  identification number for previous filing;
(11) the requested effective date;
(12) the insurer's identification number of
				  any corresponding filings or filings that are substantially similar, in whole
				  or in part, including filings described in
				  3 AAC 31.210(f)(2);
(13) if the filing references a rating
				  organization filing, the rating organization's name, the rating organization's
				  identification number, and the division's identification number of the
				  referenced filing;
(14) if the
				  filing is submitted for information purposes under
				  3 AAC 29.500-3 AAC 29.550, a statement to that effect; and
(15) if the filing is a resubmission of a
				  prior filing that was withdrawn or disapproved, the identification number
				  assigned to the withdrawn or disapproved filing.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.230 - Property, casualty, surety, marine, and mortgage guaranty rate filings

Current through May 31, 2024
In addition to the requirements under
					 3 AAC 31.200 -
					 3 AAC 31.217
					 and
					 3 AAC 31.225, a property, casualty, surety, marine, or
					 mortgage guaranty rate filing must include
(1) premium and loss experience, both
				  nationwide and specifically for this state, shown separately by each year in
				  the experience period used or with a full explanation if that information is
				  not available; in the case of a filing for more than one company, the premium
				  and loss experience of the different companies may be combined if an
				  explanation is provided;
(2)
				  expense information, both nationwide and specifically for this state, if
				  available; expense information must be broken out in detail at least as
				  specific as the expense groups shown on Part III of the insurance expense
				  exhibit of the annual statement required by
				  AS
				  21.09.200; if loss adjustment expenses are
				  included in the loss experience, that fact must be clearly explained;
(3) support showing how investment income was
				  incorporated into the proposed rate or loss cost adjustment;
(4) an explanation of the actuarial
				  methodology used in developing an indicated rate, rating component, or loss
				  cost adjustment, including a description of any trending or credibility
				  procedures used, as well as the role of judgment in the formulation of a final
				  rate proposal;
(5) support for any
				  deviation included in a filing, whether the deviation is between companies or
				  from a rating organization filing;
(6) any other information that the company
				  considers relevant, including reference to rating organization experience or
				  published industry statistics, if appropriate; and
(7) any other information requested by the
				  division in support of the filing.
(b) If the filing is submitted for
				  flex-rating under
				  AS
				  21.39.210, the filing must also include an
				  exhibit detailing the cumulative rate change of all the rate filings that
				  became effective or will become effective within the 12 months immediately
				  preceding the proposed effective date, including the effect of the rate change
				  of the subject filing. The exhibit must calculate the rate change separately
				  for each company to which the filing applies and must include the division's
				  identification numbers for each of the applicable historical rate
				  filings.
Authority:
AS
						21.06.090
AS
						21.09.200
AS
						21.39.040
AS
						21.39.041
AS
						21.39.043
AS
						21.39.060
AS
						21.39.070
AS
						21.39.130
AS
						21.39.210
AS
						21.39.220
AS
						21.66.370
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.235 - Health care insurance rate filings

Current through May 31, 2024
(a) Except as
				  provided in (b) of this section, an insurer may not use or change health care
				  insurance premium rates unless the rates and supporting documentation as
				  required by this section have been filed with and approved by the director.
				  Rates and supporting documentation requested under this section must be filed
				  with the director at least 45 days before the proposed effective date of the
				  new or modified premium rates. A rate filing must be filed annually at least 45
				  days before the end of the rating period, even if no rate change is
				  proposed.
(b) An insurer is not
				  required to file for approval with the director health care insurance premium
				  rates for a large employer health care insurance policy but must submit rates
				  and supporting documentation with the director not later than 30 days after use
				  for a large employer health insurance policy that is not fully
				  experience-rated. In this subsection, "large employer" means an employer that
				  employs an average of at least 51 employees on the business days during the
				  preceding calendar year and that employs at least two employees on the first
				  day of a health benefit plan year.
(c) Except as provided in (b) of this
				  section, an insurer shall submit separate filings for individual, small group,
				  and large group policy forms, riders, or endorsements through the National
				  Association of lnsurance Commissioners' System for Electronic Rate and Form
				  Filing (SERFF). All applicable filing and rate information fields in the System
				  for Electronic Rate and Form Filing must be completed.
(d) An insurer shall propose the date upon
				  which the proposed health care insurance rates will become effective and shall
				  specify the annual rating period for which the proposed rates will be
				  effective. The proposed effective date may be not later than six months after
				  the date the rate filing is submitted to the director except to the extent
				  necessary to meet any federal filing deadlines.
(e) To develop rates or rate revisions, the
				  insurer shall use the most current reliable data available and, to the extent
				  that the experience is credible, use experience specific to the insurer's
				  policyholders in this state and covered individuals in this state. If other
				  experience is used in developing rates or rate revisions, the rates or rate
				  revisions must be
(1) adjusted to be
				  appropriate for this state's benefit, utilization, and cost levels;
				  and
(2) described in the actuarial
				  memorandum under (g) of this section.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.240 - Loss cost adjustment filing

Current through May 31, 2024
In addition to the requirements under
					 3 AAC 31.200 -
					 3 AAC 31.217,
					 3 AAC 31.225, and
					 3 AAC 31.230, a filing by a participating insurer of a
					 rating organization that aims to modify the rating organization's filed and
					 approved loss'costs for a type of insurance by applying a loss cost adjustment
					 must include copies of the loss cost adjustment form provided by the director.
					 An explanation, including information upon which the insurer relies to support
					 the deviation, must be included regarding any deviation contained in the
					 filing.
Authority:
AS
						21.06.090
AS
						21.39.040
AS
						21.39.041
AS
						21.39.060
AS
						21.39.070
AS
						21.39.130
AS
						21.39.210
AS
						21.39.220
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.250 - Form filing

Current through May 31, 2024
(a) Repealed 12/20/2020.
(b) Text or numbers in a form that may vary
				  must be bracketed or otherwise clearly and consistently identified in the form
				  and a statement of variability must be submitted with the form that describes
				  the conditions under which each variable text or number may change and
				  describes any relationship between the variable text or numbers. All ranges or
				  options for text or numbers that are subject to a statutory mandate or that
				  define coverage must be identified in the statement of variability. Benefit
				  schedules may not be entirely variable or illustrative.
(c) A blank endorsement, rider, or form may
				  not be submitted in a filing unless included with the filing is the full range
				  of possible variable language options along with a description of when each
				  variable language option will be used.
(d) A life insurance or annuity contract
				  filing must include an actuarial memorandum certified and signed by an
				  individual who is a qualified actuary under
				  3 AAC 21.810.
				  The actuarial memorandum must demonstrate compliance with
(1)AS
				  21.45.300 (Standard Nonforfeiture Law for
				  Life Insurance) or
				  AS
				  21.45.305 (Standard Nonforfeiture Law for
				  Individual Deferred Annuities), as applicable; and
(2)AS
				  21.18.110 (Standard Valuation Law - Life
				  Insurance).
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.260 - Fees

Current through May 31, 2024
A licensee or its affiliate or subsidiary is not prohibited
					 from charging and collecting fees included in an insurer's rate filing that has
					 been properly filed.
Authority:
AS
						06.40.010
AS
						06.40.020
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 2 - Filing Procedure for Forms, Rates, Manuals, Rating Plans, and Rules › 3 AAC 31.299 - Definition

Current through May 31, 2024
In
					 3 AAC 31.200 - 3 AAC 31.299,
(1) "replaced" or "revised," with respect to
				  a form, rule, or rate page,
(A) means a form,
				  rule, or rate page with the same basic content or effect as a currently
				  authorized or approved form, rule, or rate page and that will be used in place
				  of the currently authorized or approved form, rule, or rate page regardless of
				  whether the name or other identifying information associated with the form,
				  rule, or rate is changing;
(B) does
				  not include a form, rule, or rate page
(i)
				  with changes limited to the insurer's logo, letterhead information, pagination,
				  or formatting that does not affect the text of the currently authorized or
				  approved form, rule, or rate page, and that is not subject to special
				  formatting requirements; or
(ii)
				  defined under
				  3 AAC 31.221(d)(2) or (3);
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.300 - Qualifications for license

Current through May 31, 2024
(a) The director
				  will issue or renew a license to a person, or to be exercised by a person, in
				  compliance with
				  AS
				  21.96.110 and
				  3 AAC 31.300 -
				  3 AAC 31.449, if the director finds that the person
(1) has complied with the application
				  requirements of
				  AS
				  21.27.040;
(2) has provided
(A) the person's social security number or
				  the person's federal employer identification number assigned by the United
				  States Internal Revenue Service; and
(B) any additional information the director
				  may request under
				  AS
				  21.27.040, including disclosure of the
				  identity of all stockholders, directors, partners, officers, members, and
				  employees;
(3) has
				  established to the satisfaction of the director that the person is in
				  compliance with and is qualified for a license under
				  AS
				  21.96.110 and
				  3 AAC 31.300 -
				  3 AAC 31.449;
(4) is licensed in this state for lines of
				  authority for life insurance coverage and variable coverage under AS 21.27 and
				  3 AAC 28.010 -
				  3 AAC 28.190;
(5) is trustworthy and competent;
(6) has not committed an act that is cause
				  for denial, nonrenewal, suspension, or revocation of a license in this state or
				  another jurisdiction;
(7) has
				  provided the plan of operation required under
				  3 AAC 31.320;
(8) has provided an anti-fraud plan that
				  meets the requirements in
				  3 AAC 31.405;
(9) for a resident license, is a bona fide
				  resident before issuance of the license and actually resides in the state;
				  and
(10) if a nonresident applicant
				  or licensee and the applicant or licensee's home state does not participate in
				  the producer database maintained by the National Association of Insurance
				  Commissioners, has submitted a certificate of good standing from an official or
				  agency with authority to regulate insurance in the applicant's or licensee's
				  home state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.305 - License exemptions

Current through May 31, 2024
A person is not required to be licensed under
					 3 AAC 31.300 -
					 3 AAC 31.449 if the person is employed on salary or
					 hourly wage
(1) and does not receive
				  commission, directly or indirectly, on a viatical settlement contract entered
				  into by a person licensed under
				  3 AAC 31.300 -
				  3 AAC 31.449, and the person's activities are solely for
				  the performance of executive, administrative, managerial, clerical, or similar
				  office duties that are only indirectly related to a viatical settlement
				  transaction; or
(2) by a licensed
				  viatical settlement provider, viatical settlement broker, or viatical
				  settlement representative at its place of business and
(A) does not receive commission, directly or
				  indirectly, on a viatical settlement contract entered into by a viatical
				  settlement provider;
(B) is
				  supervised by and reports directly to a licensed viatical settlement provider,
				  viatical settlement broker, or viatical settlement representative in the
				  firm;
(C) does not have direct
				  contact with a viator or insured; and
(D) does not individually engage in the sale,
				  solicitation, or negotiation of a viatical settlement contract with a viator or
				  insured.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.310 - Appointment of a viatical settlement representative

Current through May 31, 2024
(a) A licensed
				  viatical settlement provider or a viatical settlement broker shall appoint a
				  viatical settlement representative on forms prescribed by the director within
				  10 days after the viatical settlement representative first acts or aids in any
				  manner in a viatical settlement transaction.
(b) A viatical settlement representative that
				  is licensed and acts solely on behalf of a licensed viatical settlement
				  representative firm is not required also to have an appointment under (a) of
				  this section.
(c) If the director
				  approves an appointment, based on whether the viatical settlement
				  representative to be appointed has a license in good standing, the director
				  will provide acknowledgement of the appointment and the effective date of the
				  appointment to the person making the appointment and to the
				  appointee.
(d) Within 30 days after
				  receipt of the acknowledgment under (c) of this section, the person making the
				  appointment and the appointee shall notify the director of any error in the
				  acknowledgment.
(e) If either party
				  revokes or terminates an appointment, the appointing viatical settlement
				  provider or viatical settlement broker shall notify the director of the
				  revocation or termination within 30 days after the revocation or termination,
				  and shall provide a statement of the reasons for revocation or
				  termination.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.110 as
						AS
						21.96.110. 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 31.310, so that the citation to former AS
						21.89.110 now refers to the renumbered statute,
						AS
						21.96.110.
Authority:
AS
						21.06.090
AS
						21.96.110
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.315 - Surety bond requirement

Current through May 31, 2024
(a) In addition to
				  the other requirements under
				  3 AAC 31.300 -
				  3 AAC 31.449 and
				  AS
				  21.96.110 to qualify for issuance or for
				  renewal of a viatical settlement provider license, an applicant or licensee
				  shall have and maintain while licensed an unimpaired bond in a sum of not less
				  than $200,000 aggregate liability.
(b) A bond required under (a) of this section
				  must
(1) be continuous in form;
(2) remain in force until the director
				  releases the licensee from liability;
(3) be without prejudice to any liability
				  accrued before the effective cancellation; however, the bond may be cancelled
				  if the director receives at least 60 days notice before the date of the
				  effective cancellation; and
(4) be
				  in favor of insureds, viators, and the state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.320 - Plan of operation

Current through May 31, 2024
(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 viatical settlement provider intends to viaticate including a
				  designation by
(1) group or individual;
				  and
(2) term, whole, universal, or
				  variable.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.325 - Scope of license

Current through May 31, 2024
(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 of the viator or insured and
				  not the viatical settlement provider or any other person.
(c) Repealed 10/13/2011.
(d) A licensee may operate only within the
				  scope of the license the person applied for and received.
(e) A firm shall have a firm license of the
				  same scope as each individual employee of the firm.
(f) Except as provided in
				  3 AAC 31.305, each individual employee of a firm must be
				  licensed in this state.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.110 as
						AS
						21.96.110. 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 31.325, so that the citation to former AS
						21.89.110 now refers to the renumbered statute,
						AS
						21.96.110.
Authority:
AS
						21.06.090
AS
						21.96.110
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.330 - Viatical settlement broker contracts

Current through May 31, 2024
(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 compensation of the viatical settlement
				  broker.
(b) A viatical settlement
				  broker may only receive compensation if the compensation is a
(1) fee paid by a client;
(2) combination of a fee paid by a person and
				  a commission paid by a viatical settlement provider who enters into a viatical
				  settlement contact, if the amount of the commission is disclosed to the person;
				  or
(3) commission paid by a
				  viatical settlement provider who enters into the viatical settlement
				  contract.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.335 - Commission arrangements

Current through May 31, 2024
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, or viatical settlement representative.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.110 as
						AS
						21.96.110. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 31.335, so that the cross-reference to former AS
						21.89.110 now refers to the renumbered statute,
						AS
						21.96.110. In addition, the regulations
						attorney made a conforming technical revision to the authority citation that
						follows 3 AAC 31.335, so that the citation
						to former AS 21.89.110 now refers to the renumbered statute,
						AS
						21.96.110.
Authority:
AS
						21.06.090
AS
						21.96.110
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.345 - License disqualification

Current through May 31, 2024
(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 representative, or an officer, partner, or member,
				  or management personnel, of a viatical settlement provider, viatical settlement
				  broker, or viatical settlement representative firm
(1) makes a material misrepresentation in the
				  application for a license or renewal;
(2) engages in or is about to engage in a
				  fraudulent, dishonest, or unfair marketing practice or transaction;
(3) has received a suspension or revocation
				  of a viatical settlement license of any kind in another jurisdiction;
(4) exhibits conduct considered by the
				  director to reflect incompetence or untrustworthiness, or to be a source of
				  potential injury or loss to the public;
(5) is convicted of a felony;
(6) places or attempts to place a viatical
				  settlement contract with or through a person who is not licensed as required in
				  AS
				  21.96.110 or who does not have an appointment
				  as required in
				  3 AAC 31.310;
(7) violates or participates in a violation
				  of a provision of
				  AS
				  21.96.110 or
				  3 AAC 31.300 -
				  3 AAC 31.449;
(8) fails to honor a contractual obligation
				  of a viatical settlement contract;
(9) with intent to deceive, materially
				  misrepresents the terms or effect of a viatical settlement contract;
(10) if a viatical settlement provider,
				  assigns, transfers, or pledges a viaticated policy to a person other than a
				  viatical settlement provider licensed in this state;
(11) deals with, or attempts to deal with, or
				  to exercise a power relative to, a viatical settlement transaction outside the
				  scope of the license of the licensee or applicant;
(12) demonstrates a pattern of unreasonable
				  payments to viators; or
(13) no
				  longer meets the requirements for licensure.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.350 - Procedure for suspending, revoking, or conditioning a license

Current through May 31, 2024
(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) After a hearing under
				  AS
				  21.06.170-21.06.240, the director may place
				  conditions on a person's license, if the director determines that the
(1) person has violated a provision of
				  3 AAC 31.300 -
				  3 AAC 31.449; and
(2) conditions will protect the public from
				  injury or potential injury.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.355 - Surrender of license

Current through May 31, 2024
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.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.110 as
						AS
						21.96.110. 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 31.355, so that the citation to former AS
						21.89.110 now refers to the renumbered statute,
						AS
						21.96.110.
Authority:
AS
						21.06.090
AS 21.27.460
AS
						21.96.110
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.365 - Payments

Current through May 31, 2024
(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
				  insurance policy, less outstanding loans on the policy, will be presumed to be
				  reasonable and just payment to a viator:
(1)
				  if the life expectancy of the insured is less than six months, at least 80
				  percent;
(2) if the life expectancy
				  of the insured is at least six months but less than 12 months, at least 70
				  percent;
(3) if the life expectancy
				  of the insured is at least 12 months but less than 18 months, at least 65
				  percent;
(4) if the life expectancy
				  of the insured is at least 18 months but less than 24 months, at least 60
				  percent.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.375 - Approval of advertising material

Current through May 31, 2024
(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 if the advertising
(1) contains misleading, potentially
				  misleading, unfair, unclear, or deceptive information;
(2) is not conducive to accurate presentation
				  and description of viatical settlement transactions or contracts;
(3) is contrary to the public interest;
				  or
(4) is in violation of AS 21 or
				  3 AAC 31.300 -
				  3 AAC 31.449.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.385 - Privacy

Current through May 31, 2024
(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 disclosure is
(1) necessary to
				  effectuate a viatical settlement contract between a viator and a viatical
				  settlement provider and the viator and insured have provided prior written
				  consent to the disclosure; or
(2)
				  provided in response to an investigation or examination by the
				  director.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.390 - Fair marketing

Current through May 31, 2024
(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, or financial planning services to the viator;
				  or
(3) a person acting as an agent
				  of the viator with respect to the viatical settlement transaction.