Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 9 - Life Insurance Policy Illustrations › 3 AAC 28.810 - Policies to be illustrated

Current through May 31, 2024
(a) When a policy
				  form subject to
				  3 AAC 28.800 -
				  3 AAC 28.849 is filed under
				  AS
				  21.42.120, the insurer marketing that policy
				  form shall notify the director in writing whether the policy form will be
				  marketed with or without an illustration. For a policy form subject to
				  3 AAC 28.800 -
				  3 AAC 28.849 that was actively marketed before September
				  1, 1998, the insurer shall notify the director in writing by November 1, 1998,
				  identifying the policy form and stating whether an illustration will be used
				  with it on or after September 1, 1998. An insurer may change its decision to
				  illustrate or not illustrate a policy form by giving a written notice to the
				  director before implementing the change.
(b) If an insurer identifies a policy form as
				  one to be marketed without an illustration, the insurer may not use an
				  illustration for a policy using that policy form before the policy's first
				  anniversary date.
(c) If an insurer
				  identifies a policy form as one to be marketed with an illustration, a basic
				  illustration prepared and delivered under
				  3 AAC 28.800 -
				  3 AAC 28.849 must be provided with the policy; however,
				  the insurer need not provide a basic illustration to individual members of a
				  group or to individuals insured under a multiple lives policy issued to a
				  single applicant, unless the policy is directly marketed to those
				  individuals.
(d) The illustration
				  furnished to an applicant for a group life insurance policy or to single
				  applicant under a multiple lives policy may be either an individual or
				  composite illustration representative of the coverage on the lives of all the
				  members of the group or all the individuals under a multiple lives
				  policy.
(e) An insurer shall
				  furnish a quotation with the enrollment materials to a potential enrollee in a
				  non-term group life insurance policy subject to
				  3 AAC 28.800 -
				  3 AAC 28.849. The quotation must show potential policy
				  values for sample ages and policy years on a guaranteed and non-guaranteed
				  basis that are appropriate to the nature of the group and the coverage. This
				  quotation is not considered an illustration for purposes of
				  3 AAC 28.800 -
				  3 AAC 28.849, but any information provided must be
				  consistent with the illustrated scale.
(f) An insurer shall provide a basic
				  illustration to an enrollee who enrolls for more than the minimum premium
				  necessary to provide pure death benefit protection at the time a certificate is
				  delivered to the enrollee for the non-term group life policy. Upon request, the
				  insurer also shall make a basic illustration available to any non-term group
				  life enrollee.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.36.150 as
						AS
						21.36.900. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.810, so that the citation to former
						AS
						21.36.150 now refers to the renumbered
						statute, AS
						21.36.900.
Authority:
AS
						21.06.090
AS 21.36.020
AS 21.36.030
AS 21.36.900
AS 21.42.120
AS
						21.42.130