reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-126 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 482-1-126-.11 - Determined Violation

Current through Register Vol. 42, No. 9, June 28, 2024
A licensee violating this chapter may be subject to the
				suspension or revocation of his, her or its license or certificate of authority
				in accordance with Subsection (e) of Section
				27-2-17,
Code of
				Ala.1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-44;
				  15 U.S.C.
				  §§6801 -
				  6827.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-126 - STANDARDS FOR SAFEGUARDING CUSTOMER INFORMATION › Section 482-1-126-.12 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become 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 days. Each
				licensee shall establish and implement an information security program,
				including appropriate policies and systems pursuant to this chapter by December
				1, 2003.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-44;
				  15 U.S.C.
				  §§6801 -
				  6827.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.01 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to set forth restrictions and
				procedural requirements for personal lines insurers licensed in Alabama
				regarding the use of applicants' credit history for calculating rates and
				determining eligibility for coverage or tier placement.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.02 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to the authority set forth in Section
				27-2-17,
Code of Ala.
				1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.03 - Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall apply to all personal lines insurers doing
				business in the State of Alabama.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.04 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The following definitions shall apply for purposes of this
				chapter:
(a) Adverse Action. As
			 described in Section 1681a (k) of the federal Fair Credit Reporting
			 Act.
(b) Affiliate. Any company
			 that controls, is controlled by, or is under common control with another
			 company.
(c) Applicant. An
			 individual who seeks to obtain, obtains, or has obtained an insurance product
			 or service from an insurer.
(d)
			 Company. A corporation, limited liability company, business trust, general or
			 limited partnership, association, sole proprietorship, or similar
			 organization.
(e) Consumer
			 Reporting Agency. As described in Section 1681a (f) of the federal Fair Credit
			 Reporting Act.
(f) Credit History.
			 A written, oral, or other communication of any information by a consumer
			 reporting agency bearing on an applicant's creditworthiness, credit standing,
			 credit capacity, or financial responsibility that is used or expected to be
			 used, or collected in whole or in part, for the purpose of serving as a factor
			 in determining personal insurance premiums, eligibility for coverage, or tier
			 placement.
(g) Denial. The act of
			 refusing to offer personal insurance coverage to an applicant. An offer of
			 placement with an affiliate insurer does not constitute denial, cancellation or
			 nonrenewal of coverage.
(h)
			 Insurance Score. A number or rating that is derived from an algorithm, computer
			 application, model, or other process that is based in whole or in part on
			 credit history for the purposes of predicting the future loss exposure of an
			 applicant.
(i) Insurer. Any company
			 providing personal lines or personal insurance in Alabama.
(j) Personal Lines or Personal Insurance. Any
			 one of the following:
1. Private Passenger
			 Automobile coverage.
2. Homeowner's
			 coverage, including Renter's coverage.
3. Mobile or Manufactured Homeowner's
			 coverage.
4. Condominium Owner's
			 coverage.
5. Non-commercial
			 Dwelling Fire or Dwelling Property coverage.
6. Earthquake coverage for a residence or
			 personal property.
7. Comprehensive
			 Personal Liability.
8. Personal
			 Inland Marine coverage.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.05 - Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Insurers must
			 maintain and make available upon request by the Department specific written
			 procedures detailing their practices regarding credit history and insurance
			 scores, including the following information:
(a) When credit history will be ordered and
			 when insurance scores will be ordered or calculated, e.g. at initial
			 underwriting, upon applicant's request, etc.
(b) About whom such information will be
			 ordered or calculated, e.g. the named applicant, all known household members,
			 etc.
(c) How such information will
			 be used, e.g. to calculate rates, to determine eligibility for coverage,
			 etc.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.06 - Prohibited Procedures

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Insurers shall not deny personal insurance coverage, calculate an insurance
			 score, determine personal insurance premiums or rates, or place an applicant in
			 a tier based in whole or in part on the following types of credit history:
(a) An applicant's number of credit inquiries
			 unless said insurer files and the Department concurs with actuarial
			 documentation which supports other practices.
(b) The type of credit card, charge card, or
			 debit card used by an applicant.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.07 - Protection Of Fair Credit Reporting Act

Current through Register Vol. 42, No. 9, June 28, 2024
Nothing in this chapter shall be construed to modify, limit, or
				supersede the operation of the federal Fair Credit Reporting Act (15 U.S.C. §§
									1681,
et seq
.).
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.08 - Notice Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any
			 rejection, refusal to quote or application for insurance extended over the
			 Internet, by telephone, or in person shall comply with the notice requirements
			 of 15 U.S.C. §
									1681.
(2) For purposes of the notices required by
			 the Fair Credit Reporting Act,
			 15 U.S.C. §
									1681, an adverse action includes any act
			 detrimental to the applicant based upon the information contained in or derived
			 from an applicant's credit history and may include by way of illustration any
			 of the following actions:
(a) Refusing to
			 write an insurance policy for an applicant.
(b) Refusing to quote a premium.
(c) Any increase in an existing
			 premium.
(d) Any premium for an
			 initial policy or application for insurance that is higher than the premium
			 that otherwise would have been paid if not for the information in or derived
			 from an applicant's credit history.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.09 - Revocation Of Certificate Of Authority

Current through Register Vol. 42, No. 9, June 28, 2024
Failure to comply with a material provision of this or any
				regulation is considered a violation of Section
				27-2-17,
Code of Ala.
				1975
. Pursuant to Section
				27-3-21, violation of said statute
				may subject the insurer to the suspension or revocation of the insurer's
				Certificate of Authority.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.10 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any section or portion of a section of this chapter or its
				applicability to any person or circumstance is held invalid by a court, the
				remainder of the chapter or the applicability of the provision to other persons
				or circumstances shall not be affected.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-127 - USE OF CREDIT INFORMATION FOR DETERMINING RATES AND ELIGIBILITY FOR PERSONAL INSURANCE › Section 482-1-127-.11 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is prospective and 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 days. In order
				to provide sufficient time for licensees to establish policies and systems to
				comply with the requirements of this chapter, the time for compliance with this
				chapter is extended until September 1, 2003.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted and promulgated by the Commissioner of
				Insurance pursuant to Section
				27-2-17,
Code of Ala.
				1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to:
(a) Establish a uniform order of benefit
			 determination under which plans pay claims.
(b) Reduce duplication of benefits by
			 permitting a reduction of the benefits to be paid by plans that, pursuant to
			 rules established by this chapter, do not have to pay their benefits
			 first.
(c) Provide greater
			 efficiency in the processing of claims when a person is covered under more than
			 one plan.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.04 - Applicability And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter applies to all plans that are issued or renewed on
				or after the effective date of this chapter, which is May 1,
				2007.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.05 - Model COB Contract Provisions

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Appendix A contains a model COB provision
			 for use in contracts. The use of this model COB provision is subject to the
			 provisions of Paragraphs (2), (3), and (4) of this rule and to the provisions
			 of Rule 482-1-128-.06.
(2) Appendix B is a plain language
			 description of the COB process that explains to the covered person how health
			 plans will implement coordination of benefits. It is not intended to replace or
			 change the provisions that are set forth in the contract. Its purpose is to
			 explain the process by which the two (2) or more plans will pay for or provide
			 benefits.
(3) The COB provision
			 contained in Appendix A and the plain language explanation in Appendix B do not
			 have to use the specific words and format shown in Appendix A or Appendix B.
			 Changes may be made to fit the language and style of the rest of the contract
			 or to reflect differences among plans that provide services, that pay benefits
			 for expenses incurred and that indemnify. No substantive changes are
			 permitted.
(4) A COB provision may
			 not be used that permits a plan to reduce its benefits on the basis that:
1. Another plan exists and the covered person
			 did not enroll in that plan.
2. A
			 person is or could have been covered under another plan, except with respect to
			 Part B of Medicare.
3. A person has
			 elected an option under another plan providing a lower level of benefits than
			 another option that could have been elected.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.06 - Rules For Coordination Of Benefits

Current through Register Vol. 42, No. 9, June 28, 2024
When a person is covered by two (2) or more plans, the rules
				for determining the order of benefit payments are as follows:
(a)
1. The
			 primary plan shall pay or provide its benefits as if the secondary plan or
			 plans did not exist.
2. If the
			 primary plan is a closed panel plan and the secondary plan is not a closed
			 panel plan, the secondary plan shall pay or provide benefits as if it were the
			 primary plan when a covered person uses a non-panel provider, except for
			 emergency services or authorized referrals that are paid or provided by the
			 primary plan.
3. When multiple
			 contracts providing coordinated coverage are treated as a single plan under
			 this chapter, this section applies only to the plan as a whole, and
			 coordination among the component contracts is governed by the terms of the
			 contracts. If more than one carrier pays or provides benefits under the plan,
			 the carrier designated as primary within the plan shall be responsible for the
			 plan's compliance with this chapter.
4. If a person is covered by more than one
			 secondary plan, the order of benefit determination rules of this chapter decide
			 the order in which secondary plans benefits are determined in relation to each
			 other. Each secondary plan shall take into consideration the benefits of the
			 primary plan or plans and the benefits of any other plan, which, under the
			 rules of this chapter, has its benefits determined before those of that
			 secondary plan.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.07 - Procedure To Be Followed By Secondary Plan To Calculate Benefits And Pay A Claim

Current through Register Vol. 42, No. 9, June 28, 2024
In determining the amount to be paid by the secondary plan on a
				claim, should the plan wish to coordinate benefits, the secondary plan shall
				calculate the benefits it would have paid on the claim in the absence of other
				health care coverage and apply that calculated amount to any allowable expense
				under its plan that is unpaid by the primary plan. The secondary plan may
				reduce its payment by the amount so that, when combined with the amount paid by
				the primary plan, the total benefits paid or provided by all plans for the
				claim do not exceed 100 percent of the total allowable expense for that claim.
				In addition, the secondary plan shall credit to its plan deductible any amounts
				it would have credited to its deductible in the absence of other health care
				coverage.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.08 - Notice To Covered Persons

Current through Register Vol. 42, No. 9, June 28, 2024
A plan shall, in its explanation of benefits provided to
				covered persons, include the following language: "If you are covered by more
				than one health benefit plan, you should file all your claims with each
				plan."
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.09 - Miscellaneous Provisions

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A
			 secondary plan that provides benefits in the form of services may recover the
			 reasonable cash value of the services from the primary plan, to the extent that
			 benefits for the services are covered by the primary plan and have not already
			 been paid or provided by the primary plan. Nothing in this provision shall be
			 interpreted to require a plan to reimburse a covered person in cash for the
			 value of services provided by a plan that provides benefits in the form of
			 services.
(2)
(a) A plan with order of benefit
			 determination rules that comply with this chapter (complying plan) may
			 coordinate its benefits with a plan that is "excess" or "always secondary" or
			 that uses order of benefit determination rules that are inconsistent with those
			 contained in this chapter (noncomplying plan) on the following basis:
1. If the complying plan is the primary plan,
			 it shall pay or provide its benefits first.
2. If the complying plan is the secondary
			 plan, it shall pay or provide its benefits first, but the amount of the
			 benefits payable shall be determined as if the complying plan were the
			 secondary plan. In such a situation, the payment shall be the limit of the
			 complying plan's liability.
3. If
			 the noncomplying plan does not provide the information needed by the complying
			 plan to determine its benefits within a reasonable time after it is requested
			 to do so, the complying plan shall assume that the benefits of the noncomplying
			 plan are identical to its own, and shall pay its benefits accordingly. If,
			 within two (2) years of payment, the complying plan receives information as to
			 the actual benefits of the noncomplying plan, it shall adjust payments
			 accordingly.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.10 - Effective Date For Existing Contracts

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A contract that provides health care
			 benefits and that was issued before the effective date of this chapter shall be
			 brought into compliance with this chapter by either of the following:
(a) The later of:
1. The next anniversary date or renewal date
			 of the contract.
2. Twelve (12)
			 months following [the date this chapter is adopted].
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-128 - GROUP COORDINATION OF BENEFITS (COB) › Section 482-1-128-.11 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This Chapter shall become effective on May 1, 2007 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
, §2 7-2-17
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is issued based upon the authority granted the
				commissioner under Sections
				27-2-17,
				27-15-1
et
seq
., and
				27-12-1
et
seq
.,
Code of Ala. 1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1,
et
seq
., 27-15-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to provide standards for the
				disclosure of certain minimum information about annuity contracts to protect
				consumers and foster consumer education. The chapter specifies the minimum
				information which must be disclosed and the method for disclosing it in
				connection with the sale of annuity contracts. The goal of this chapter is to
				ensure that purchasers of annuity contracts understand certain basic features
				of annuity contracts.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17,
				  27-12-1
et
seq
.,
				  27-15-1
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.03 - Applicability And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter applies to all group and individual annuity
				contracts and certificates except:
(1)
			 Registered or non-registered variable annuities or other registered
			 products;
(2) Immediate and
			 deferred annuities that contain no nonguaranteed elements;
(3)
(a)
			 Annuities used to fund:
1. An employee pension
			 plan which is covered by the Employee Retirement Income Security Act
			 (ERISA);
2. A plan described by
			 Sections 401(a), 401(k) or 403(b) of the Internal Revenue Code, where the plan,
			 for purposes of ERISA, is established or maintained by an employer,
3. A governmental or church plan defined in
			 Section 414 or a deferred compensation plan of a state or local government or a
			 tax exempt organization under Section 457 of the Internal Revenue Code;
			 or
4. A nonqualified deferred
			 compensation arrangement established or maintained by an employer or plan
			 sponsor.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.05 - Standards For The Disclosure Document And Buyer's Guide

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
(a)
			 Where the application for an annuity contract is taken in a face-to-face
			 meeting, the applicant shall at or before the time of application be given both
			 the disclosure document described in Subsection (2) and the Buyer's Guide
			 contained in the Appendix.
(b)
			 Where the application for an annuity contract is taken by means other than in a
			 face-to-face meeting, the applicant shall be sent both the disclosure document
			 and the Buyer's Guide no later than five (5) business days after the completed
			 application is received by the insurer.
1.
			 With respect to an application received as a result of a direct solicitation
			 through the mail:
(i) Providing a Buyer's
			 Guide in a mailing inviting prospective applicants to apply for an annuity
			 contract shall be deemed to satisfy the requirement that the Buyer's Guide be
			 provided no later than five (5) business days after receipt of the
			 application.
(ii) Providing a
			 disclosure document in a mailing inviting a prospective applicant to apply for
			 an annuity contract shall be deemed to satisfy the requirement that the
			 disclosure document be provided no later than five (5) business days after
			 receipt of the application.
2. With respect to an application received
			 via the Internet:
(i) Taking reasonable steps
			 to make the Buyer's Guide available for viewing and printing on the insurer's
			 website shall be deemed to satisfy the requirement that the Buyer's Guide be
			 provided no later than five (5) business day of receipt of the
			 application.
(ii) Taking reasonable
			 steps to make the disclosure document available for viewing and printing on the
			 insurer's website shall be deemed to satisfy the requirement that the
			 disclosure document be provided no later than five (5) business days after
			 receipt of the application.
3. A solicitation for an annuity contract
			 provided in other than a face-to-face meeting shall include a statement that
			 the proposed applicant may contact the insurance department of the state for a
			 free annuity Buyer's Guide. In lieu of the foregoing statement, an insurer may
			 include a statement that the prospective applicant may contact the insurer for
			 a free annuity Buyer's Guide.
(c) Where the Buyer's Guide and disclosure
			 document are not provided at or before the time of application, a free look
			 period of no less than fifteen (15) days shall be provided for the applicant to
			 return the annuity contract without penalty. This free look shall run
			 concurrently with any other free look provided under state law or
			 regulation.
(d) Where the annuity
			 contract for which application is made explicitly provides for a free look
			 period of no less than fifteen (15) days, the Buyer's Guide and disclosure
			 document may be delivered either with the contract of at any time prior to
			 delivery of the contract.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.06 - Standards For Annuity Illustrations

Current through Register Vol. 42, No. 9, June 28, 2024
(1) An insurer or producer may elect to
			 provide a consumer an illustration at any time, provided that the illustration
			 is in compliance with this rule and each of the following:
(a) Is clearly labeled as an
			 illustration.
(b) Includes a
			 statement referring consumers to the disclosure document and Buyer's Guide
			 provided to them at time of purchase for additional information about their
			 annuity.
(c) Is prepared by the
			 insurer or third party using software that is authorized by the insurer prior
			 to its use, provided that the insurer maintains a system of control over the
			 use of illustrations.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.07 - Penalties

Current through Register Vol. 42, No. 9, June 28, 2024
In addition to any other penalties provided by the laws of this
				state, an insurer or producer that violates a requirement of this chapter shall
				be guilty of a violation of Section
				27-12-1
et
seq
.,
Code of
				Ala. 1975
.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17,
				  27-12-1
et
seq
.,
				  27-15-1
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.08 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or its application to any
				person or circumstance is for any reason held to be invalid by any court of
				law, the remainder of the chapter and its application to other persons or
				circumstances shall not be affected.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17,
				  27-12-1
et
seq
.,
				  27-15-1
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.09 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become 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 days and shall apply to
				contracts sold on or after the effective date.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17,
				  27-12-1
et
seq
.,
				  27-15-1
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-129 - ANNUITY DISCLOSURE › Section 482-1-129-.10 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become 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 days and shall apply to
				contracts sold on or after the effective date.
Rule .09 was renumbered .10 as per certification filed August
				  6, 2014; effective March 1, 2015.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17,
				  27-12-1 et seq., 27-15-1 et
				  seq.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Sections
				27-2-17,
				27-15-70 to
				27-15-83,
				27-15-28.1, and
				27-36A-1 to
				27-36A-20,
Code of
				Ala. 1975
.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1, and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to recognize, permit, and
				prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality
				Table in accordance with Sections
				27-15-70 to
				27-15-83,
				27-15-28.1, and
				27-36A-1 to
				27-36A-20,
Code of
				Ala. 1975
, and Chapter 482-1-120.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1, and
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.03 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
For purposes of this chapter, the following definitions
				apply:
(a) 2001 CSO MORTALITY TABLE.
			 The mortality table, consisting of separate rates of mortality for male and
			 female lives, developed by the American Academy of Actuaries CSO Task Force
			 from the Valuation Basic Mortality Table developed by the Society of Actuaries
			 Individual Life Insurance Valuation Mortality Task Force, and adopted by the
			 NAIC in December 2002. The 2001 CSO Mortality Table is included in the
			 Proceedings of the NAIC (2nd Quarter 2002). Unless the context indicates
			 otherwise, the "2001 CSO Mortality Table" includes both the ultimate form of
			 that table and the select and ultimate form of that table and includes both the
			 smoker and nonsmoker mortality tables and the composite mortality tables. It
			 also includes both the age-nearest birthday and age-last-birthday bases of the
			 mortality tables.
(b) 2001 CSO
			 MORTALITY TABLE (F). The mortality table consisting of the rates of mortality
			 for female lives from the 2001 CSO Mortality Table.
(c) 2001 CSO MORTALITY TABLE (M). The
			 mortality table consisting of the rates of mortality for male lives from the
			 2001 CSO Mortality Table.
(d)
			 COMPOSITE MORTALITY TABLES. The mortality tables with rates of mortality that
			 do not distinguish between smokers and nonsmokers.
(e) SMOKER AND NONSMOKER MORTALITY TABLES.
			 The mortality tables with separate rates of mortality for smokers and
			 nonsmokers.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1, and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.04 - 2001 CSO Mortality Table

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 insurance
			 and subject to the conditions stated in this chapter, the 2001 CSO Mortality
			 Table may be used as the minimum standard for policies issued on or after
			 January 1, 2004, and before the date specified in Paragraph (2) to which
			 Sections 27-15-70 to
			 27-15-83,
			 27-15-28.1 and
			 27-36A-1 to
			 27-36A-20,
Code of
			 Ala. 1975
, and Chapter 482-1-120 are applicable. If the company
			 elects to use the 2001 CSO Mortality Table, it shall do so for both valuation
			 and nonforfeiture purposes.
(2)
			 Subject to the conditions stated in this chapter, the 2001 CSO Mortality Table
			 shall be used in determining minimum standards for policies issued on and after
			 January 1, 2009, to which Sections
			 27-15-70, to
			 27-15-83,
			 27-15-28.1, and
			 27-36A-1 to
			 27-36A-20,
Code of
			 Ala. 1975
, and Chapter 482-1-120 are applicable.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.05 - Conditions

Current through Register Vol. 42, No. 9, June 28, 2024
(1) For each plan
			 of insurance with separate rates for smokers and nonsmokers an insurer may use
			 any of the following:
(a) Composite mortality
			 tables to determine minimum reserve liabilities and minimum cash surrender
			 values and amounts of paid-up nonforfeiture benefits.
(b) Smoker and nonsmoker mortality tables to
			 determine the valuation net premiums and additional minimum reserves, if any,
			 required by Sections
			 27-36A-1 to
			 27-36A-20,
Code of
			 Ala. 1975
, and use composite mortality tables to determine the
			 basic minimum reserves, minimum cash surrender values and amounts of paid-up
			 nonforfeiture benefits.
(c) Smoker
			 and nonsmoker mortality to determine minimum reserve liabilities and minimum
			 cash surrender values and amounts of paid-up nonforfeiture benefits.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.06 - Applicability Of The 2001 CSO Mortality Table To Chapter 482-1-120

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The 2001 CSO
			 Mortality Table may be used in applying Chapter 482-1-120 in the following
			 manner, subject to the transition dates for use of the 2001 CSO Mortality Table
			 in Rule 482-1-130-. 04.
(a) Rule
			 482-1-120-.03(2)(b):
			 The net level reserve premium is based on the ultimate mortality rates in the
			 2001 CSO Mortality Table.
(b) Rule
			 482-1-120-.04(b):
			 All calculations are made using the 2001 CSO Mortality Rate, and, if elected,
			 the optional minimum mortality standard for deficiency reserves stipulated in
			 Subparagraph (d) of Paragraph (1) of Rule
			 482-1-130-.06. The value of
			 "qx+k+t-1" is the valuation mortality rate for deficiency reserves in policy
			 year k+t, but using the unmodified select mortality rates if modified select
			 mortality rates are used in the computation of deficiency reserves.
(c) Rule
			 482-1-120-.05(1):
			 The 2001 CSO Mortality Table is the minimum standard for basic
			 reserves.
(d) Rule
			 482-1-120-.05(2):
			 The 2001 CSO Mortality Table is the minimum standard for deficiency reserves.
			 If select mortality rates are used, they may be multiplied by X percent for
			 durations in the first segment, subject to the conditions specified in
			 Subparagraph (c) of Paragraph (2) of Rule
			 482-1-120-.05. In demonstrating
			 compliance with those conditions, the demonstrations may not combine the
			 results of tests that utilize the 1980 CSO Mortality Table with those tests
			 that utilize the 2001 CSO Mortality Table, unless the combination is explicitly
			 required by regulation or necessary to be in compliance with relevant Actuarial
			 Standards of Practice.
(e) Rule
			 482-1-120-.06(3):
			 The valuation mortality table used in determining the tabular cost of insurance
			 shall be the ultimate mortality rates in the 2001 CSO Mortality
			 Table.
(f) Rule
			 482-1-120-.06(5)(d):
			 The calculations specified in Paragraph (5) of Rule
			 482-1-120-.06 shall use the
			 ultimate mortality rates in the 2001 CSO Mortality Table.
(g) Rule
			 482-1-120-.06(6)(d):
			 The calculations specified in Paragraph (6) of Rule
			 482-1-120-.06 shall use the
			 ultimate mortality rates in the 2001 CSO Mortality Table.
(h) Rule
			 482-1-120-.06(7)(b):
			 The calculations specified in Paragraph (7) of Rule
			 482-1-120-.06 shall use the
			 ultimate mortality rates in the 2001 CSO Mortality Table.
(i) Rule
			 482-1-120-.07(1)(a)(2):
			 The one-year valuation premium shall be calculated using the ultimate mortality
			 rates in the 2001 CSO Mortality Table.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.07 - Gender-Blended Tables

Current through Register Vol. 42, No. 9, June 28, 2024
(1) For any
			 ordinary life insurance policy delivered or issued for delivery in this state
			 on and after January 1, 2004, that utilizes the same premium rates and charges
			 for male and female lives or is issued in circumstances where applicable law
			 does not permit distinctions on the basis of gender, a mortality table that is
			 a blend of the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table
			 (F) may, at the option of the company for each plan of insurance, be
			 substituted for the 2001 CSO Mortality Table for use in determining minimum
			 cash surrender values and amounts of paid-up nonforfeiture benefits. No change
			 in minimum valuation standards is implied by this paragraph.
(2) The company must choose from among the
			 blended tables developed by the American Academy of Actuaries CSO Task Force
			 and adopted by the NAIC in December 2002. These blended tables are available
			 from the Alabama Department of Insurance or the internet by accessing
			 www.ALDOI.gov.
(3) It shall not, in
			 and of itself, be a violation of Sections
			 27-12-1, et seq.,
Code
			 of Ala. 1975
, for an insurer to issue the same kind of policy of
			 life insurance on both a sex-distinct and sex-neutral basis.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1, and
				  27-36A-1 to
				  27-36A-20
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.08 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter or its application to any
				person or circumstance is for any reason held to be invalid, the remainder of
				the chapter and the application of the provision to other persons or
				circumstances shall not be affected.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1, and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-130 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 482-1-130-.09 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become effective January 1, 2004, 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,
				  27-15-70 to
				  27-15-83,
				  27-15-28.1, and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This rule is adopted and promulgated by the commissioner of
				insurance pursuant to Sections
				27-2-17 and
				27-12-1,
et
seq
.,
Code of
				Ala. 1975
. This chapter will rescind and supersede Departmental
				Regulation No. 64 dated April 1, 1981.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The purpose of
			 this chapter is to require insurers to deliver to purchasers of life insurance
			 information that will improve the buyer's ability to select the most
			 appropriate plan of life insurance for the buyer's needs and improve the
			 buyer's understanding of the basic features of the policy that has been
			 purchased or is under consideration.
(2) This chapter does not prohibit the use of
			 additional material that is not a violation of this chapter or any other
			 statute or chapter.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.03 - Scope

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Except for the
			 exemptions specified in Rule
			 482-1-131-.03(2),
			 this chapter shall apply to any solicitation, negotiation or procurement of
			 life insurance occurring within this state. Rule
			 482-1-131-.05(2)
			 shall apply only to an existing nonexempt policy held by a policyowner residing
			 in this state. This chapter shall apply to any issuer of life insurance
			 contracts including fraternal benefit societies.
(2) This chapter shall not apply to:
(a) Individual and group annuity
			 contracts;
(b) Credit life
			 insurance;
(c) Group life insurance
			 (except for disclosures relating to preneed funeral contracts or
			 prearrangements; these disclosure requirements shall extend to the issuance or
			 delivery of certificates as well as to the master policy);
(d) Life insurance policies issued in
			 connection with pension and welfare plans as defined by and which are subject
			 to the federal Employee Retirement Income Security Act of 1974 (ERISA),
			 29 U.S.C. Section
			 1001
et
seq
. as amended; or
(e) Variable life insurance under which the
			 amount or duration of the life insurance varies according to the investment
			 experience of a separate account.
Author:
Commissioner of Insurance
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.05 - Duties Of Insurers

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Requirements Applicable Generally
(a) The
			 insurer shall provide a Buyer's Guide to all prospective purchasers, prior to
			 accepting the applicant's initial premium or premium deposit. However, if the
			 policy for which application is made contains an unconditional refund provision
			 of at least ten (10) days, the Buyer's Guide may be delivered with the policy
			 or prior to delivery of the policy.
(b) The insurer shall provide a policy
			 summary to prospective purchasers where the insurer has identified the policy
			 form as one that will not be marketed with an illustration. The policy summary
			 shall show guarantees only. It shall consist of a separate document with all
			 required information set out in a manner that does not minimize or render any
			 portion of the summary obscure. Any amounts that remain level for two (2) or
			 more years of the policy may be represented by a single number if it is clearly
			 indicated what amounts are applicable for each policy year. Amounts in Rule
			 482-1-131-.04(e)
			 shall be listed in total, not on a per thousand or per unit basis. If more than
			 one insured is covered under one policy or rider, death benefits shall be
			 displayed separately for each insured or for each class of insureds if death
			 benefits do not differ within the class. Zero amounts shall be displayed as a
			 blank space. Delivery of the policy summary shall be consistent with the time
			 for delivery of the Buyer's Guide as specified in Rule
			 482-1-131-.05(1)(a).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.06 - Preneed Funeral Contracts Or Prearrangements

Current through Register Vol. 42, No. 9, June 28, 2024
The following information shall be adequately disclosed at the
				time an application is made, prior to accepting the applicant's initial premium
				or deposit; for a preneed funeral contract or prearrangement that is funded or
				to be funded by a life insurance policy:
(a) The fact that a life insurance policy is
			 involved or being used to fund a prearrangement;
(b) The nature of the relationship among the
			 soliciting agent or agents, the provider of the funeral or cemetery merchandise
			 or services, the administrator and any other person;
(c) The relationship of the life insurance
			 policy to the funding of the prearrangement and the nature and existence of any
			 guarantees relating to the prearrangement;
(d) The impact on the prearrangement:
1. Of any changes in the life insurance
			 policy including but not limited to, changes in the assignment, beneficiary
			 designation or use of the proceeds;
2. Of any penalties to be incurred by the
			 policyholder as a result of failure to make premium payments;
3. Of any penalties to be incurred or monies
			 to be received as a result of cancellation or surrender of the life insurance
			 policy;