reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-117 - CREDIT LIFE AND DISABILITY INSURANCE › Section 482-1-117-.18 - Use Of Rates

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Use of
			 Maximum Rates. An insurer that files rates or has rates on file that are
			 equivalent to the maximum rates promulgated by the Superintendent may use those
			 rates without further proof of their reasonableness.
(2) Use of Rates Higher Than Maximum Rates.
			 In accordance with the rules adopted by the Superintendent, an insurer may file
			 for approval of and use rates for credit disability insurance that are higher
			 than the maximum rates promulgated by the Superintendent, as long as the
			 benefits provided by the policy is reasonable in relation to the rate
			 requested. This requirement is satisfied if the premium rate charged develops
			 or may reasonably be expected to develop a loss ratio that affords a reasonable
			 allowance for actual and expected loss experience, general and administrative
			 expenses, reasonable creditor compensation, investment income, the manner in
			 which premiums are charged and other acquisition costs, reserves, taxes,
			 regulatory license fees and fund assessments, reasonable insurer profit and
			 other relevant actuarial data.
(3)
			 A filing for approval of rates higher than the maximum rate promulgated by the
			 Superintendent shall specify the account or accounts to which the rates apply.
			 The rates may be applied in any one of the following ways:
(a) Uniformly to all accounts of the
			 insurer.
(b) On an equitable basis
			 approved by the Commissioner to only one or more accounts of the insurer for
			 which the experience has been less favorable than expected.
(c) According to a case-rating procedure on
			 file with the Commissioner.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-117 - CREDIT LIFE AND DISABILITY INSURANCE › Section 482-1-117-.19 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or the application thereof to
				any person or circumstances is for any reason held to be invalid, the remainder
				of the chapter and the application of its provisions to other persons or
				circumstances shall not be affected thereby.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-117 - CREDIT LIFE AND DISABILITY INSURANCE › Section 482-1-117-.20 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective on November 1, 1999, upon its
				approval by the Commissioner of Insurance, and upon its having been on file as
				a public document in the office of the Secretary of State for ten days;
				provided, however, that, to the extent not otherwise addressed in this chapter,
				insurers and creditors offering consumer credit insurance on the effective date
				of this chapter shall be granted a period of ninety (90) days following the
				effective date of this chapter to comply with its terms.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.01 - Authority And Short Title

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Sections
				27-2-17,
				27-2-20,
				27-2-21, and
				27-21A-19,
Code of
				Ala. 1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to describe the requirements for
				record-keeping for insurance companies and related entities doing business in
				this state and responses to inquiries from examiners.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.03 - Records Required For Purposes Of Financial Examinations

Current through Register Vol. 42, No. 9, June 28, 2024
Every insurer, which term shall include every domestic insurer,
				foreign insurer, health care services corporation, health maintenance
				organization, prepaid dental plan, managing general agent or any other legal
				entity regulated by the Insurance Code and licensed to do business in this
				state shall maintain its books, records, documents and other business records
				in order that the insurer's financial condition may be readily ascertained by
				the Department of Insurance, taking into consideration other record retention
				requirements. All records must be maintained for not less than five (5)
				years.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.04 - Form Of Record

Current through Register Vol. 42, No. 9, June 28, 2024
Photographs, microfilms or other image-processing reproductions
				of records shall be equivalent to the originals and may be certified as same in
				actions or proceedings before the Department of Insurance unless inconsistent
				with Chapter 482-1-065. However, the maintenance or records in a computer-based
				format shall be archival in nature only, so as to preclude the possibility of
				alteration of the contents of the record by computer after the initial transfer
				of the record to this format. In addition, all records must be capable of
				duplication to hard copy upon the request of an examiner.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.05 - Location Of Files

Current through Register Vol. 42, No. 9, June 28, 2024
All financial books, records and accounts necessary for the
				annual statement of an Alabama domestic insurer must be kept in a central
				location in Alabama in accordance with Section
				27-27-29, Code of Alabama
				1975.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.06 - Time Limits

Current through Register Vol. 42, No. 9, June 28, 2024
The insurer shall provide, within ten (10) working days, any
				record or response requested in writing by any duly appointed deputy,
				assistant, employee or examiner of the commissioner. When the requested record
				or response is not produced or cannot be produced by the insurer within ten
				working days, the nonproduction shall be deemed a violation of this rule,
				unless the Commissioner or duly appointed person making the request grants an
				extension in writing or the insurer can demonstrate to the satisfaction of the
				Commissioner that there is a reasonable justification for the delay.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.07 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or the application thereof to
				any person or circumstances is for any reason held to be invalid, the remainder
				of the chapter and the application of its provisions to other persons or
				circumstances shall not be affected thereby.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-118 - RECORD RETENTION FOR FINANCIAL AUDITS AND TIME LIMITS FOR RESPONSE TO INQUIRIES FROM EXAMINERS › Section 482-1-118-.08 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective on October 1, 1999, upon its
				approval by the Commissioner of Insurance, and upon its having been on file as
				a public document in the office of the Secretary of State for ten days.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-2-20,
				  27-2-21,
				  27-21A-19.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.01 - Authority And Short Title

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Sections
				27-2-17 and
				27-12-21,
Code of Ala.
				1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to place certain restrictions on
				loans obtained by insurance producers from their clients.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.03 - Restrictions On Loans Obtained By Insurance Producers From Their Clients

Current through Register Vol. 42, No. 9, June 28, 2024
No licensed insurance producer or broker may solicit, obtain or
				accept a loan from a person who is an existing or former client, except in the
				case of one of the following:
(a) The
			 person is acting in the capacity as an employee of a lending institution
			 authorized by state or federal law.
(b) The person is individually licensed as a
			 lender according to state or federal law.
(c) There is a written contract establishing
			 the terms for repayment of the loan and the contract is filed with the Legal
			 Division of the Department of Insurance within thirty (30) days of its
			 effective date.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.04 - Definition Of Client

Current through Register Vol. 42, No. 9, June 28, 2024
CLIENT. For the purposes of this chapter, "client" means any
				person who has purchased insurance from the producer or broker or who has been
				solicited for the purchase of insurance from the producer or broker, but does
				not include the relatives of the producer or broker, by blood or marriage, to
				the third degree of kinship.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.05 - Violations

Current through Register Vol. 42, No. 9, June 28, 2024
A violation of this chapter shall be considered by the
				Commissioner to be a deceptive practice and the Commissioner may commence a
				proceeding pursuant to Section
				27-12-21,
Code of Ala.
				1975
. A violation of this chapter may also support an action for
				the suspension or revocation of the license of producer or broker in accordance
				with Section
				27-7-19,
Code of Ala.
				1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.06 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or the application thereof to
				any person or circumstance is for any reason held to be invalid, the remainder
				of the chapter and the application of its provisions to other persons or
				circumstances shall not be affected thereby.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-119 - RESTRICTIONS ON LOANS OBTAINED BY INSURANCE PRODUCERS FROM THEIR CLIENTS › Section 482-1-119-.07 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective upon its approval by the
				Commissioner of Insurance, and upon its having been on file as a public
				document in the office of the Secretary of State for ten (10) days.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-21
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.01 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The purpose of
			 this chapter is to provide all of the following:
(a) Tables of select mortality factors and
			 rules for their use.
(b) Rules
			 concerning a minimum standard for the valuation of plans with nonlevel premiums
			 or benefits.
(c) Rules concerning a
			 minimum standard for the valuation of plans with secondary
			 guarantees.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.02 - Authority And Short Title

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Section
				27-2-17,
Code of Ala.
				1975
. This chapter shall be known and may be cited as the Alabama
				Valuation of Life Insurance Policies Regulation.
Author:
Reyn Norman, Associate Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.03 - Applicability

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This chapter
			 shall apply to all life insurance policies, with or without nonforfeiture
			 values, issued on or after the effective date of this chapter, subject to the
			 following exceptions and conditions.
(2) Exceptions:
(a) This chapter shall not apply to any
			 individual life insurance policy issued on or after the effective date of this
			 chapter if the policy is issued in accordance with and as a result of the
			 exercise of a reentry provision contained in the original life insurance policy
			 of the same or greater face amount, issued before the effective date of this
			 chapter, that guarantees the premium rates of the new policy. This chapter also
			 shall not apply to subsequent policies issued as a result of the exercise of
			 such a provision, or a derivation of the provision, in the new
			 policy.
(b) This chapter shall not
			 apply to any universal life policy that meets all the following requirements:
1. Secondary guarantee period, if any, is
			 five (5) years or less.
2.
			 Specified premium for the secondary guarantee period is not less than the net
			 level reserve premium for the secondary guarantee period based on the CSO
			 valuation tables as defined in Rule
			 482-1-120-.04 and the applicable
			 valuation interest rate.
3. The
			 initial surrender charge is not less than 100 percent of the first year
			 annualized specified premium for the secondary guarantee period.
(c) This chapter shall not apply
			 to any variable life insurance policy that provides for life insurance, the
			 amount or duration of which varies according to the investment experience of
			 any separate account or accounts.
(d) This chapter shall not apply to any
			 variable universal life insurance policy that provides for life insurance, the
			 amount or duration of which varies according to the investment experience of
			 any separate account or accounts.
(e) This chapter shall not apply to a group
			 life insurance certificate unless the certificate provides for a stated or
			 implied schedule of maximum gross premiums required in order to continue
			 coverage in force for a period in excess of one year.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.04 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The following definitions shall apply for purposes of this
				Chapter:
(a) Basic reserves. Reserves
			 calculated in accordance with Section
			 27-36A-8,
Code of Ala.
			 1975
.
(b) Contract
			 segmentation method. The method of dividing the period from issue to mandatory
			 expiration of a policy into successive segments, with the length of each
			 segment being defined as the period from the end of the prior segment (from
			 policy inception, for the first segment) to the end of the latest policy year
			 as determined below. All calculations are made using the 1980 CSO valuation
			 tables, as defined in Subparagraph (f) of this rule, (or any other valuation
			 mortality table adopted by the National Association of Insurance Commissioners
			 (NAIC) after the effective date of this chapter and promulgated by regulation
			 of the Commissioner for this purpose), and, if elected, the optional minimum
			 mortality standard for deficiency reserves stipulated in Paragraph (2) of Rule
			 482-1-120-.05.
The length of a particular contract segment shall be set equal
				to the minimum of the value t for which Gt is greater
				than Rt (if Gt never exceeds
				Rt the segment length is deemed to be the number of
				years from the beginning of the segment to the mandatory expiration date of the
				policy), where Gt and Rt are
				defined as follows:
Click to
				view image
where:
x = original issue age;
k = the number of years from the date of issue to the beginning
				of the segment;
t = 1, 2, ...; t is reset to 1 at the beginning of each
				segment;
GPx+k+t-1 = Guaranteed gross premium per
				thousand of face amount for year t of the segment, ignoring policy fees only if
				level for the premium paying period of the policy.
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				view image
, However, Rt may be increased or
				decreased by one percent in any policy year, at the company's option, but
				Rt shall not be less than one;
where:
x, k and t are as defined above, and
qx+k+t-1 = valuation mortality rate for
				deficiency reserves in policy year k+t but using the mortality of Subparagraph
				(b) of Paragraph (2) of Rule
				482-1-120-.05 if Subparagraph (c)
				of Paragraph (2) of Rule
				482-1-120-.05 is elected for
				deficiency reserves.
However, if GPx+k+t is greater than 0
				and GPx+k+t-1 is equal to 0, Gt
				shall be deemed to be 1000. If GPx+k+t and
				GPx+k+t-1 are both equal to 0, Gt
				shall be deemed to be 0.
(c) Deficiency reserves. The excess, if
			 greater than zero, of
1. Minimum reserves
			 calculated in accordance with Section
			 27-36A-12,
Code of
			 Ala. 1975
, over
2.
			 Basic reserves.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.05 - General Calculation Requirements For Basic Reserves And Premium Deficiency Reserves

Current through Register Vol. 42, No. 9, June 28, 2024
(1) At the
			 election of the company for any one or more specified plans of life insurance,
			 the minimum mortality standard for basic reserves may be calculated using the
			 1980 CSO valuation tables with select mortality factors (or any other valuation
			 mortality table adopted by the NAIC after the effective date of this chapter
			 and promulgated by regulation of the Commissioner for this purpose). If select
			 mortality factors are elected, they may be any of the following:
(a) The ten-year select mortality factors
			 incorporated into the 1980 amendments to the NAIC Standard Valuation
			 Law.
(b) The select mortality
			 factors in the Appendix.
(c) Any
			 other table of select mortality factors adopted by the NAIC after the effective
			 date of this chapter and promulgated by regulation of the Commissioner for the
			 purpose of calculating basic reserves.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.06 - Calculation Of Minimum Valuation Standard For Policies With Guaranteed Nonlevel Gross Premiums Or Guaranteed Nonlevel Benefits (Other Than Universal Life Policies)

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Basic
			 Reserves. Basic reserves shall be calculated as the greater of the segmented
			 reserves and the unitary reserves. Both the segmented reserves and the unitary
			 reserves for any policy shall use the same valuation mortality table and
			 selection factors. At the option of the insurer, in calculating segmented
			 reserves and net premiums, either of the adjustments described in Subparagraphs
			 (a) or (b) below may be made:
(a) Treat the
			 unitary reserve, if greater than zero, applicable at the end of each segment as
			 a pure endowment and subtract the unitary reserve, if greater than zero,
			 applicable at the beginning of each segment from the present value of
			 guaranteed life insurance and endowment benefits for each segment.
(b) Treat the guaranteed cash surrender
			 value, if greater than zero, applicable at the end of each segment as a pure
			 endowment; and subtract the guaranteed cash surrender value, if greater than
			 zero, applicable at the beginning of each segment from the present value of
			 guaranteed life insurance and endowment benefits for each segment.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.07 - Calculation Of Minimum Valuation Standard For Flexible Premium And Fixed Premium Universal Life Insurance Policies That Contain Provisions Resulting In The Ability Of A Policyowner To Keep A Policy In Force Over A Secondary Guarantee Period

Current through Register Vol. 42, No. 9, June 28, 2024
(1) General.
(a) Policies with a secondary guarantee
			 include any of the following:
1. A policy with
			 a guarantee that the policy will remain in force at the original schedule of
			 benefits, subject only to the payment of specified premiums.
2. A policy in which the minimum premium at
			 any duration is less than the corresponding one year valuation premium,
			 calculated using the maximum valuation interest rate and the 1980 CSO valuation
			 tables with or without ten-year select mortality factors, or any other table
			 adopted after the effective date of this chapter by the NAIC and promulgated by
			 regulation of the Commissioner for this purpose.
3. A policy with any combination of
			 Subparagraph 1. and 2. above.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.08 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or the application thereof to
				any person or circumstance is for any reason held to be invalid, the remainder
				of the chapter and the application of its provisions to other persons or
				circumstances shall not be affected thereby.
Author:
Reyn Norman, Associate Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Section 482-1-120-.09 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective on March 1, 2000, upon its
				approval by the Commissioner of Insurance, and upon its having been on file as
				a public document in the office of the Secretary of State for ten
				days.
Author:
Reyn Norman, Associate Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-120 - VALUATION OF LIFE INSURANCE POLICIES (INCLUDING THE INTRODUCTION AND USE OF NEW SELECT MORTALITY FACTORS) › Appendix A - Select Mortality Factors

Current through Register Vol. 42, No. 9, June 28, 2024
This appendix contains tables of select mortality factors that
				are the bases to which the respective percentage of Subparagraphs (1)(a),
				(2)(b), and (2)(c) of Rule
				482-1-120-.05 are applied.
The six tables of select mortality factors contained herein
				include:
(1) male aggregate,
(2) male nonsmoker,
(3) male smoker,
(4) female aggregate,
(5) female nonsmoker, and
(6) female smoker.
These tables apply to both age last birthday and age nearest
				birthday mortality tables.
For sex-blended mortality tables, compute select mortality
				factors in the same proportion as the underlying mortality. For example, for
				the 1980 CSO-B Table, the calculated select mortality factors are eighty
				percent (80%) of the appropriate male table in this Appendix, plus twenty
				percent (20%) of the appropriate female table in this Appendix.
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Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17, and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article I - GENERAL PROVISIONS › Section 482-1-122-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This regulation is adopted pursuant to Section
				  27-2-17,
Code of Ala.
				  1975
, Section 21 of Alabama Act No. 2001-702 (Senate Bill 427,
				  2001 Regular Legislative Session) and Title V of the Gramm-Leach-Bliley Act
				  (15 U.S.C. §§
										6801 -
				  6827) (hereinafter "GLBA").
Author
: Reyn Norman, Associate Counsel
Statutory Authority
:
Code of Ala.
				  1975
, §
									27-2-17; §20, Act 2001-702;
				  15 U.S.C. §§
										6801 -
				  6827.
History
:
New Rule:
October 5, 2000;
				  effective October 15, 2000.
Amended:
June 20, 2001; effective July
				  1, 2001.
Amended:
September 12, 2001; effective October 1, 2001.
				  Filed with LRS September 14, 2001. Rule is not subject to the Alabama
				  Administrative Procedure Act.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article I - GENERAL PROVISIONS › Section 482-1-122-.02 - Purpose And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
A. Purpose.
				This regulation governs the treatment of nonpublic personal financial
				information about individuals by all licensees of the Alabama Department of
				Insurance. This regulation requires a licensee to provide notice to individuals
				about its privacy policies and practices; describes the conditions under which
				a licensee may disclose nonpublic personal financial information about
				individuals to affiliates and nonaffiliated third parties; and provides methods
				for individuals to prevent a licensee from disclosing that
				information.
B. Scope. This
				regulation applies to nonpublic personal financial information about
				individuals who obtain or seek to obtain products or services primarily for
				personal, family or household purposes from licensees. This regulation does not
				apply to information about companies or about individuals who obtain or seek to
				obtain products or services for business, commercial or agricultural purposes,
				nor does it apply to workers compensation claims, workers compensation
				insurance, workers compensation programs, or employee welfare benefits plans as
				defined in 29 U.S.C. §
										1002(1) or any third party
				administrator to the extent it provides services to a workers compensation
				program or employee welfare benefit plan.
Author
: Reyn Norman, Associate Counsel
Statutory Authority
:
Code of Ala.
				  1975
, §
										27-2-17; §20, Act 2001-702;
				  15 U.S.C. §§
											6801 -
				  6827
History
:
New Rule:
October 5, 2000;
				  effective October 15, 2000.
Amended:
June 20, 2001; effective July
				  1, 2001.
Amended:
September 12, 2001; effective October 1, 2001.
				  Filed with LRS September 14, 2001. Rule is not subject to the Alabama
				  Administrative Procedure Act.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article I - GENERAL PROVISIONS › Section 482-1-122-.03 - Applicability, Compliance, And Rule Of Construction

Current through Register Vol. 42, No. 9, June 28, 2024
A. Applicability. This regulation applies to
				all insurers, producers, agents, brokers, service representatives, and other
				persons licensed or required to be licensed, or authorized or required to be
				authorized, or registered or required to be registered, or domiciled pursuant
				to the Alabama Insurance Code, other than pursuant to Chapter 32 of Title 8
				(Service Contracts). This regulation also applies to unauthorized insurers who
				accept business placed through a licensed surplus line broker in this State,
				but only in regard to the surplus line placements placed pursuant to Chapter 10
				of the Alabama Insurance Code (beginning with Section
				27-10-1,
Code of Ala.
				1975
).
B. Compliance.
				A licensee domiciled in this state that is in compliance with this regulation
				in a state that has not enacted laws or regulations that meet the requirements
				of Title V of GLBA may nonetheless be deemed to be in compliance with Title V
				of GLBA.
C. Rule of Construction.
				The examples in this regulation and the sample clauses in Appendix A of this
				regulation are not exclusive. Compliance with an example or use of a sample
				clause, to the extent applicable, constitutes compliance with this regulation.
Author
: Reyn Norman, Associate Counsel
Statutory Authority
:
Code of Ala.
				  1975
, §
										27-2-17; §20, Act 2001-702;
				  15 U.S.C. §§
											6801 -
				  6827
History
:
New Rule:
October 5, 2000;
				  effective October 15, 2000.
Amended
: June 20, 2001; effective July
				  1, 2001.
Amended:
September 12, 2001; effective October 1, 2001.
				  Filed with LRS September 14, 2001. Rule is not subject to the Alabama
				  Administrative Procedure Act.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article I - GENERAL PROVISIONS › Section 482-1-122-.04 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The following definitions shall apply for purposes of this
				  regulation, unless the context requires otherwise:
A. Affiliate. Any company that controls, is
				controlled by or is under common control with another company.
B.
(1)
Clear and conspicuous
. A notice is reasonably
				understandable and designed to call attention to the nature and significance of
				the information in the notice.
(2)
				Examples.
(a) Reasonably understandable. A
				licensee makes its notice reasonably understandable if it does all of the
				following:
(i) Presents the information in the
				notice in clear, concise sentences, paragraphs, and sections.
(ii) Uses short explanatory sentences or
				bullet lists whenever possible.
(iii) Uses definite, concrete, everyday words
				and active voice whenever possible.
(iv) Avoids multiple negatives.
(v) Avoids legal and highly technical
				business terminology whenever possible.
(vi) Avoids explanations that are imprecise
				and readily subject to different interpretations.
(b) Designed to call attention. A licensee
				designs its notice to call attention to the nature and significance of the
				information in it if the licensee does all of the following:
(i) Uses a plain-language heading to call
				attention to the notice.
(ii) Uses
				a typeface and type size that are easy to read.
(iii) Provides wide margins and ample line
				spacing.
(iv) Uses boldface or
				italics for key words.
(v) In a
				form that combines the licensee's notice with other information, uses
				distinctive type size, style, and graphic devices, such as shading or
				sidebars.
(c) Notices on
				web sites. If a licensee provides a notice on a web page, the licensee designs
				its notice to call attention to the nature and significance of the information
				in it if the licensee uses text or visual cues to encourage scrolling down the
				page if necessary to view the entire notice and ensure that other elements on
				the web site (such as text, graphics, hyperlinks or sound) do not distract
				attention from the notice, and the licensee does either of the following:
(i) Places the notice on a screen that
				consumers frequently access, such as a page on which transactions are
				conducted.
(ii) Places a link on a
				screen that consumers frequently access, such as a page on which transactions
				are conducted, that connects directly to the notice and is labeled
				appropriately to convey the importance, nature and relevance of the
				notice.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article II - PRIVACY AND OPT OUT NOTICES › Section 482-1-122-.05 - Initial Privacy Notice To Consumers Required

Current through Register Vol. 42, No. 9, June 28, 2024
A. Initial notice requirement. A licensee
				shall provide a clear and conspicuous notice that accurately reflects its
				privacy policies and practices to both of the following:
(1) Customer. An individual who becomes the
				licensee's customer, not later than when the licensee establishes a customer
				relationship, except as provided in Subsection E of this section.
(2) Consumer. A consumer, before the licensee
				discloses any nonpublic personal financial information about the consumer to
				any nonaffiliated third party, if the licensee makes a disclosure other than as
				authorized by Sections 15 and 16.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article II - PRIVACY AND OPT OUT NOTICES › Section 482-1-122-.06 - Annual Privacy Notice To Customers Required

Current through Register Vol. 42, No. 9, June 28, 2024
A.
(1)
				General rule. A licensee shall provide a clear and conspicuous notice to
				customers that accurately reflects its privacy policies and practices not less
				than annually during the continuation of the customer relationship. Annually
				means at least once in any period of twelve (12) consecutive months during
				which that relationship exists. A licensee may define the
				twelve-consecutive-month period, but the licensee shall apply it to the
				customer on a consistent basis.
(2)
				Example. A licensee provides a notice annually if it defines the
				twelve-consecutive-month period as a calendar year and provides the annual
				notice to the customer once in each calendar year following the calendar year
				in which the licensee provided the initial notice. For example, if a customer
				opens an account on any day of year 1, the licensee shall provide an annual
				notice to that customer by December 31 of year 2.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article II - PRIVACY AND OPT OUT NOTICES › Section 482-1-122-.07 - Information To Be Included In Privacy Notices

Current through Register Vol. 42, No. 9, June 28, 2024
A. General Rule. The initial, annual and
				revised privacy notices that a licensee provides under Sections 5, 6 and 9
				shall include each of the following items of information, in addition to any
				other information the licensee wishes to provide, that applies to the licensee
				and to the consumers to whom the licensee sends its privacy notice:
(1) The categories of nonpublic personal
				financial information that the licensee collects.
(2) The categories of nonpublic personal
				financial information that the licensee discloses.
(3) The categories of affiliates and
				nonaffiliated third parties to whom the licensee discloses nonpublic personal
				financial information, other than those parties to whom the licensee discloses
				information under Sections 15 and 16.
(4) The categories of nonpublic personal
				financial information about the licensee's former customers that the licensee
				discloses and the categories of affiliates and nonaffiliated third parties to
				whom the licensee discloses nonpublic personal financial information about the
				licensee's former customers, other than those parties to whom the licensee
				discloses information under Sections 15 and 16.
(5) If a licensee discloses nonpublic
				personal financial information to a nonaffiliated third party under Section 14
				(and no other exception in Sections 15 and 16 applies to that disclosure), a
				separate description of the categories of information the licensee discloses
				and the categories of third parties with whom the licensee has
				contracted.
(6) An explanation of
				the consumer's right under Section 11A to opt out of the disclosure of
				nonpublic personal financial information to nonaffiliated third parties,
				including the methods by which the consumer may exercise that right at that
				time.
(7) Any disclosures that the
				licensee makes under Section 603(d)(2)(A)(iii) of the federal Fair Credit
				Reporting Act (15 U.S.C.
				§
											1681a(d)(2)(A)(iii))
				(that is, notices regarding the ability to opt out of disclosures of
				information among affiliates).
(8)
				The licensee's policies and practices with respect to protecting the
				confidentiality and security of nonpublic personal information.
(9) Any disclosure that the licensee makes
				under Subsection B of this section.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article II - PRIVACY AND OPT OUT NOTICES › Section 482-1-122-.08 - Form Of Opt Out Notice To Consumers And Opt Out Methods

Current through Register Vol. 42, No. 9, June 28, 2024
A.
(1) Form of opt out notice. If a licensee is
				required to provide an opt out notice under Section 11A, it shall provide a
				clear and conspicuous notice to each of its consumers that accurately explains
				the right to opt out under that section. The notice shall state all of the
				following:
(a) That the licensee discloses or
				reserves the right to disclose nonpublic personal financial information about
				its consumer to a nonaffiliated third party.
(b) That the consumer has the right to opt
				out of that disclosure.
(c) A
				reasonable means by which the consumer may exercise the opt out
				right.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article II - PRIVACY AND OPT OUT NOTICES › Section 482-1-122-.09 - Revised Privacy Notices

Current through Register Vol. 42, No. 9, June 28, 2024
A.
				General rule. Except as otherwise authorized in this regulation, a licensee
				shall not, directly or through an affiliate, disclose any nonpublic personal
				financial information about a consumer to a nonaffiliated third party other
				than as described in the initial notice that the licensee provided to that
				consumer under Section 5, unless all of the following occur:
(1) The licensee has provided to the consumer
				a clear and conspicuous revised notice that accurately describes its policies
				and practices.
(2) The licensee has
				provided to the consumer a new opt out notice.
(3) The licensee has given the consumer a
				reasonable opportunity, before the licensee discloses the information to the
				nonaffiliated third party, to opt out of the disclosure.
(4) The consumer does not opt out.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article II - PRIVACY AND OPT OUT NOTICES › Section 482-1-122-.10 - Delivery

Current through Register Vol. 42, No. 9, June 28, 2024
A. How to provide
				notices. A licensee shall provide any notices that this regulation requires so
				that each consumer can reasonably be expected to receive actual notice in
				writing or, if the consumer agrees, electronically.
B.
(1)
				Examples of reasonable expectation of actual notice. A licensee may reasonably
				expect that a consumer will receive actual notice if the licensee does any of
				the following:
(a) Hand-delivers a printed
				copy of the notice to the consumer.
(b) Mails a printed copy of the notice to the
				last known address of the consumer separately, or in a policy, billing or other
				written communication, including publications sent to a limited group of people
				which includes all or substantially all of the licensee's customers. A mailing
				that uses an address label directed to "all policyholders" at a single address,
				or a mailing that uses an address label identifying by name more than one
				policyholder at an address, may be used.
(c) For a consumer who conducts transactions
				electronically, posts the notice on the electronic site and requires the
				consumer to acknowledge receipt of the notice as a necessary step to obtaining
				a particular insurance product or service.
(d) For an isolated transaction with a
				consumer, such as the licensee providing an insurance quote or selling the
				consumer travel insurance, posts the notice and requires the consumer to
				acknowledge receipt of the notice as a necessary step to obtaining the
				particular insurance product or service.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article III - LIMITS ON DISCLOSURES › Section 482-1-122-.11 - Limits On Disclosure Of Nonpublic Personal Financial Information To Nonaffiliated Third Parties

Current through Register Vol. 42, No. 9, June 28, 2024
A.
(1) Conditions for disclosure. Except as
				otherwise authorized in this regulation, a licensee may not, directly or
				through any affiliate, disclose any nonpublic personal financial information
				about a consumer to a nonaffiliated third party unless all of the following
				occur:
(a) The licensee has provided to the
				consumer an initial notice as required under Section 5.
(b) The licensee has provided to the consumer
				an opt out notice as required in Section 8.
(c) The licensee has given the consumer a
				reasonable opportunity, before it discloses the information to the
				nonaffiliated third party, to opt out of the disclosure.
(d) The consumer does not opt out.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-122 - PRIVACY OF NONPUBLIC PERSONAL FINANCIAL INFORMATION › Article III - LIMITS ON DISCLOSURES › Section 482-1-122-.12 - Limits On Redisclosure And Reuse Of Nonpublic Personal Financial Information

Current through Register Vol. 42, No. 9, June 28, 2024
A.
(1) Information the licensee receives under
				an exception. If a licensee receives nonpublic personal financial information
				from a nonaffiliated financial institution under an exception in Sections 15 or
				16 of this regulation, the licensee's disclosure and use of that information is
				limited as indicated in all of the following:
(a) The licensee may disclose the information
				to the affiliates of the financial institution from which the licensee received
				the information.
(b) The licensee
				may disclose the information to its affiliates, but the licensee's affiliates
				may, in turn, disclose and use the information only to the extent that the
				licensee may disclose and use the information.
(c) The licensee may disclose and use the
				information pursuant to an exception in Sections 15 or 16 of this regulation,
				in the ordinary course of business to carry out the activity covered by the
				exception under which the licensee received the information.