reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 7 - Suitability in Annuity Contract Transactions › 3 AAC 26.789 - Definitions

Current through May 31, 2024
In 3 AAC 27.770 - 3 AAC 26.789,
(1) "annuity" has the meaning given in
				  AS
				  21.12.055 with respect to an insurance
				  product that is individually solicited, whether the product is classified as an
				  individual or group annuity;
(2)
				  "cash compensation" means any discount, concession, fee, service fee,
				  commission, sales charge, loan, override, or cash benefit received by a
				  producer in connection with the recommendation or sale of an annuity from an
				  insurer, intermediary, or directly from the consumer;
(3) "consumer profile information" means
				  information that is reasonably appropriate to determine whether a
				  recommendation addresses the consumer's financial situation, insurance needs,
				  and financial objectives, including at a minimum the following:
(A) age;
(B) annual income;
(C) financial situation and needs, including debts and other
				  obligations;
(D) financial
				  experience;
(E) financial
				  objectives;
(F) intended use of
				  the annuity;
(G) financial time
				  horizon;
(H) existing assets or
				  financial products, including investment, annuity, and insurance
				  holdings;
(I) liquidity
				  needs;
(J) liquid net
				  worth;
(K) risk tolerance,
				  including willingness to accept non-guaranteed elements in the
				  annuity;
(L) tax status;
(M) financial resources used to fund the
				  annuity; and
(N) insurance
				  needs;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 8 - Life Insurance Policy and Annuity Contract Replacements › 3 AAC 26.795 - Duties of an insurance producer

Current through May 31, 2024
(a) An insurance
				  producer who initiates a new application shall submit to the insurer, with or
				  as part of the application, a statement as to whether the applicant has an
				  existing life insurance policy or annuity contract. The statement must be
				  signed by both the applicant and the insurance producer.
(b) If an applicant has an existing life
				  insurance policy or annuity contract, before or at the time of taking an
				  application, the insurance producer shall provide to the applicant a copy of
				  the notice regarding replacements that
(1)
				  conforms with Appendix A of this section;
(2) conforms with Appendix A of this section,
				  but is amended to delete references that are not applicable to the product
				  being sold or replaced; or
(3) is
				  substantially similar to Appendix A of this section and has been approved by
				  the director.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 8 - Life Insurance Policy and Annuity Contract Replacements › 3 AAC 26.800 - Duties of an insurer that uses an insurance producer

Current through May 31, 2024
An insurer shall
(1) maintain a system of supervision and
				  control designed to ensure compliance with the requirements of
				  3 AAC 26.790 -
				  3 AAC 26.819 that at a minimum includes
(A) informing the insurer's insurance
				  producers of the requirements of
				  3 AAC 26.790 -
				  3 AAC 26.819 and incorporating the requirements of
				  3 AAC 26.790 -
				  3 AAC 26.819 into all relevant insurance producer
				  training manuals prepared by the insurer;
(B) providing each of the insurer's insurance
				  producers with a written statement of the insurer's position with respect to
				  the acceptability of replacements and providing guidance to its insurance
				  producers relative to the appropriateness of replacements;
(C) implementing a system to review the
				  appropriateness of each replacement that the insurance producer does not
				  indicate is in accordance with the insurer's position in (B) of this
				  paragraph;
(D) implementing
				  procedures to confirm that the requirements of
				  3 AAC 26.790 -
				  3 AAC 26.819 are met;
(E) implementing procedures to detect
				  transactions that are replacements but are not reported as replacements by the
				  applicant or insurance producer; those procedures may include
(i) systematic customer surveys;
(ii) interviews;
(iii) confirmation letters; and
(iv) programs of internal
				  monitoring;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 8 - Life Insurance Policy and Annuity Contract Replacements › 3 AAC 26.805 - Duties of a replacing insurer that uses an insurance producer

Current through May 31, 2024
(a) In connection
				  with a replacement, a replacing insurer shall
(1) verify that
(A) the replacing insurer has received the
				  forms required under
				  3 AAC 26.795(e) and (f); and
(B) the forms received are in compliance with
				  3 AAC 26.795(e) and (f);
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 8 - Life Insurance Policy and Annuity Contract Replacements › 3 AAC 26.810 - Duties of an existing insurer

Current through May 31, 2024
In connection with a replacement, an existing insurer
					 shall
(1) retain the notifications
				  required from replacing insurers under
				  3 AAC 26.805(a) (2) indexed by
				  replacing insurer for at least five years and, upon request, provide copies of
				  the notifications to the director;
(2) provide notification to the life
				  insurance policy or annuity contract owner of the right to receive information
				  regarding the existing life insurance policy or annuity contract values,
				  including, if available, an in force illustration or policy summary;
(3) provide the life insurance policy or
				  annuity contract owner the information requested under (2) of this section
				  within five working days after receipt of the request;
(4) upon receipt of a request by the life
				  insurance policy owner to borrow, surrender, or withdraw any life insurance
				  policy values, send the life insurance policy owner a notice advising the life
				  insurance policy owner that borrowing, surrendering, or withdrawing insurance
				  policy values may affect the guaranteed elements, non-guaranteed elements, face
				  amount, or surrender value of the life insurance policy;
(5) send the notice required under (4) of
				  this section
(A) separate from the payment of
				  the life insurance policy values, if the payment is sent to a person other than
				  the life insurance policy owner; and
(B) only at the time of the first loan in the
				  case of consecutive automatic premium loans.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 8 - Life Insurance Policy and Annuity Contract Replacements › 3 AAC 26.815 - Duties of an insurer with respect to a direct-response solicitation

Current through May 31, 2024
(a) An insurer
				  shall require, with or attached to an application resulting from a
				  direct-response solicitation, a statement from the applicant regarding whether
				  the applicant intends to replace, discontinue, or change an existing life
				  insurance policy or annuity contract.
(b) If the statement by the applicant under
				  (a) of this section is that the applicant does not intend to replace,
				  discontinue, or change an existing life insurance policy or annuity contract,
				  or if the applicant fails to provide a statement, the insurer shall send the
				  applicant a notice regarding replacement that
(1) conforms with Appendix A of this section;
				  or
(2) is substantially similar to
				  Appendix A of this section and has been approved by the director.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 8 - Life Insurance Policy and Annuity Contract Replacements › 3 AAC 26.819 - Definitions

Current through May 31, 2024
In
					 3 AAC 26.790 -
					 3 AAC 26.819, unless the context requires
					 otherwise,
(1) "credit life insurance"
				  has the meaning given in
				  AS
				  21.57.160;
(2) "direct-response solicitation" means a
				  solicitation solely through mail, telephone, the Internet, or other mass
				  communication media;
(3) "existing
				  insurer" means the insurer whose life insurance policy or annuity contract is
				  or will be changed or affected by a replacement;
(4) "existing life insurance policy or
				  annuity contract" means an individual life insurance policy or annuity contract
				  in force; "existing life insurance policy or annuity contract" includes
(A) a life insurance policy under a binding
				  or conditional receipt; and
(B) a
				  life insurance policy or annuity contract that is within an unconditional
				  refund period;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 9 - Use of Senior-specific Certifications and Professional Designations › 3 AAC 26.820 - Applicability

Current through May 31, 2024
The provisions of
					 3 AAC 26.820 -
					 3 AAC 26.825 apply to a solicitation for, the sale or
					 purchase of, or advice made in connection with, a life insurance or annuity
					 product by an insurance producer.
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 26.820, 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 21.36.040
AS
						21.36.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 9 - Use of Senior-specific Certifications and Professional Designations › 3 AAC 26.825 - Prohibited uses of senior-specific certifications and professional designations

Current through May 31, 2024
(a) An insurance producer engages in an
				  unfair or deceptive act or practice if the insurance producer uses a
				  senior-specific certification or professional designation in a manner that
				  could mislead a purchaser or prospective purchaser to believe that the
				  insurance producer has special certification or training in advising or
				  servicing seniors in connection with the solicitation, sale, or purchase of a
				  life insurance or annuity product, or in the provision of advice as to the
				  value of or the advisability of purchasing or selling a life insurance or
				  annuity product, either directly or indirectly by
(1) publications or writings;
(2) oral statements or representation;
				  or
(3) issuing analyses or reports
				  related to a life insurance or annuity product.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 10 - Retained Asset Accounts › 3 AAC 26.850 - Applicability

Current through May 31, 2024
3 AAC 26.850 -
					 3 AAC 26.865 apply to a retained asset
					 account.
Authority:
AS
						21.06.090
AS
						21.96.030
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 10 - Retained Asset Accounts › 3 AAC 26.855 - Retained asset account defined

Current through May 31, 2024
For purposes of
					 3 AAC 26.850 -
					 3 AAC 26.865, a retained asset account is any mechanism
					 in which proceeds of a life insurance policy are deposited into an account with
					 beneficiary check-writing or draft-writing privileges, where the proceeds are
					 retained by the insurer under a supplementary contract not involving insurance
					 benefits other than the life insurance proceeds to be deposited into the
					 account.
Authority:
AS
						21.06.090
AS
						21.96.030
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 10 - Retained Asset Accounts › 3 AAC 26.860 - Disclosure of settlement options

Current through May 31, 2024
(a) An insurer
				  shall provide to the beneficiary, at the time a claim is made, a written
				  description of settlement options available under the policy and how to obtain
				  specific details regarding the options.
(b) The insurer shall provide the following
				  written disclosures to the beneficiary about retained asset accounts before the
				  retained asset account option is selected:
(1) a statement that payment of the full
				  benefit amount is accomplished by delivery of a draft book or check
				  book;
(2) a statement that one
				  draft or check may be written to access the entire amount, including interest,
				  of the retained asset account at any time;
(3) whether other settlement options are
				  preserved until the entire balance is withdrawn or the balance drops below the
				  insurer's minimum balance requirements;
(4) a statement identifying the account as
				  either a checking or a draft account and an explanation of how the account
				  works;
(5) a description of the
				  account services provided and contact information where the beneficiary may
				  request and obtain more details about the account services;
(6) a description of any fees charged, if
				  applicable;
(7) the frequency of
				  statements showing
(A) the current retained
				  asset account balance;
(B) the
				  interest credited;
(C) withdrawals;
				  and
(D) any other account
				  activity;
(8) the
				  minimum interest rate credited to the retained asset account and how actual
				  interest is determined;
(9) a
				  statement that the interest earned on the account may be taxable;
(10) a statement that retained asset account
				  funds are not guaranteed by the Federal Deposit Insurance Corporation but are
				  guaranteed by the state guaranty association;
(11) a description of the insurer's policy
				  regarding retained asset accounts that become inactive.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 10 - Retained Asset Accounts › 3 AAC 26.865 - Supplemental contract required

Current through May 31, 2024
If an insurer settles benefits through a retained asset
					 account, the insurer shall provide the beneficiary with a supplemental contract
					 that clearly discloses the rights of the beneficiary and the obligations of the
					 insurer under the contract.
Authority:
AS
						21.06.090
AS
						21.96.030
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 11 - Consumer Payment Clauses › 3 AAC 26.875 - Purpose and applicability

Current through May 31, 2024
The purpose of 3 AAC 26.875 - 3 AAC 26.899 is to preserve
					 for consumers the benefits of being able to use alternative forms of payment
					 for insurance transactions while preventing potential unfair practices. The
					 provisions of 3 AAC 26.875 - 3 AAC 26.899 apply to all insurers authorized
					 under AS 21.09.
Authority:
AS
						21.06.090
AS
						21.36.090
AS
						21.36.120
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 11 - Consumer Payment Clauses › 3 AAC 26.880 - Credit, charge, or debit card payments

Current through May 31, 2024
An insurer may accept a credit, charge, or debit card for a
					 premium payment transaction, either directly or through a third-party payment
					 processor, subject to the following restrictions:
(1) the credit, charge, or debit card option
				  for payment of premiums must be made available to all insureds without
				  arbitrary or unfair discrimination;
(2) a fee associated with a policyholder's
				  payment of premium by credit, charge, or debit card is subject to the
				  requirements of 3 AAC 26.885;
(3) a
				  refund of unearned premium must be made directly to the credit, charge, or
				  debit card holder or as a credit to the insured's credit, charge, or debit card
				  account, unless the insurance producer has a lien against the unearned
				  premium;
(4) the insurance may be
				  canceled only by the named insured, policyholder, insurer, or in the case of
				  health insurance, the health care exchange; the insurance may not be canceled
				  by the credit, charge, or debit card company or a payment processor;
(5) failure of the insured to pay credit,
				  charge, or debit card charges may not cause coverage to be canceled by the
				  insurer unless the credit, charge, or debit card has been canceled or the
				  charge or credit limit has been exceeded;
(6) the election to pay by credit, charge, or
				  debit card at the time of application for insurance must be treated the same as
				  paying the premium in cash where immediate coverage is provided, unless the
				  credit, charge, or debit card has been canceled or the charge or credit limit
				  has been exceeded; and
(7) an
				  insurance producer who accepts a credit, charge, or debit card in payment of
				  insurance premium must deal with the funds when they are actually received in
				  accordance with the provisions of the statute addressing the fiduciary
				  responsibility of the insurance producer.
Authority:
AS
						21.06.090
AS
						21.36.090
AS
						21.36.120
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 11 - Consumer Payment Clauses › 3 AAC 26.885 - Payment plans and other fees

Current through May 31, 2024
(a) Fees associated
				  with premium payment transactions, including late payment fees, insufficient
				  funds fees, installment fees, and convenience fees, are allowable subject to
				  the following requirements, regardless of whether the fees are associated with
				  payments made under a payment plan:
(1) fees
				  must be reasonably related to the cost of providing the service to the
				  applicable policyholders, may not be applied in a way that results in arbitrary
				  or unfair discrimination, and may not duplicate costs already reflected in
				  rates;
(2) for types of insurance
				  subject to
				  AS
				  21.39.040, fees may not be charged until they
				  have been filed in accordance with the rate filing requirements;
(3) rate fiHngs made in accordance with (2)
				  of this subsection must include documentation to demonstrate compliance with
				  (1) of this subsection;
(4) rate
				  filings not specifically related to the fees described in this subsection must
				  clearly account for fees that the insurer has collected within the experience
				  period covered by the expense information required to be included in support of
				  the rate by 3 A AC 31.230(2) or
				  3 AAC 31.235; and
(5) this subsection does not apply to
				  cancellation fees.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 11 - Consumer Payment Clauses › 3 AAC 26.890 - Insurer options for accepting premium payments

Current through May 31, 2024
(a) Except to the
				  extent that an insurer's filed rating plans or policy forms dictate otherwise,
				  nothing in 3 AAC 26.880 or 3 AAC 26.885 requires an insurer to
(1) accept payment of premium by a particular
				  method;
(2) offer a premium payment
				  plan;
(3) charge a fee specifically
				  in connection with
(A) a premium payment
				  plan;
(B) providing another
				  service; or
(C) accepting premium
				  payments by a particular method; or
(4) consider a policyholder's choice of
				  payment plan or payment method as a risk characteristic in rating.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 26 - Trade Practices › Article 11 - Consumer Payment Clauses › 3 AAC 26.899 - Definitions

Current through May 31, 2024
In 3 AAC 26.875 - 3 AAC 26.899,
(1) "convenience fee" means a fee
(A) charged by a third-party vendor or
				  payment processor; and
(B)
				  associated with a premium payment transaction;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.301 - Applicability

Current through May 31, 2024
3 AAC 27.301 -
					 3 AAC 27.399 apply to all persons transacting title
					 insurance business in this state.
Authority:
AS
						21.06.090
AS
						21.66.410
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.310 - General ratemaking components

Current through May 31, 2024
(a) When
				  determining title insurance rates, a title insurance company shall base the
				  rates on the following:
(1) amounts paid to or
				  retained by title insurance limited producers;
(2) operating expenses;
(3) payment of claims and claim related
				  expenses;
(4) investment
				  income;
(5) reasonable
				  profit;
(6) premium
				  taxes;
(7) any other relevant
				  factors.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.320 - Minimum ratemaking standards

Current through May 31, 2024
(a) A title
				  insurance company shall use at least five years of statistical and financial
				  data to support a title insurance rate filing. All data must be shown
				  separately for owner's policies and for loan policies for each year and for all
				  years combined.
(b) Statistical
				  data for title insurance rates must include the number of policies written,
				  policy amounts, written premium, frequency of claims, salvage and subrogation,
				  paid and reserved losses, and paid and reserved loss adjustment expenses. A
				  title insurance company shall
(1) group
				  statistical data by the size of the risk;
(2) include a title insurance limited
				  producer's deductible as part of a loss; and
(3) state in a rate filing whether the data
				  are compiled on a policy-year or a calendar-year basis.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.330 - Required reports and rate filing

Current through May 31, 2024
(a) No later than
				  March 1, 2001, a title insurance company shall submit a report to the director
				  that shows how the title insurance company intends to comply with
				  3 AAC 27.310 and
				  3 AAC 27.320. The initial report must include at least
				  one year of data required by
				  3 AAC 27.320. This report must be updated annually until
				  four years of data are submitted.
(b) A title insurance company shall make a
				  filing under
				  AS
				  21.66.370 that complies with
				  3 AAC 27.310 and
				  3 AAC 27.320 no later than March 1, 2005.
(c) Wilful failure to comply with (a) or (b)
				  of this section is a violation under
				  AS
				  21.66.420.
Authority:
AS
						21.06.090
AS 21.66.120
AS 21.66.370
AS 21.66.410
AS
						21.66.420
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.340 - Other requirements

Current through May 31, 2024
A title insurance limited producer shall provide the title
					 insurance company with all data necessary for the title insurance company to
					 comply with the requirements under
					 3 AAC 27.320(c) (3).
Authority:
AS
						21.06.090
AS 21.66.410
AS
						21.66.420
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.350 - Short-term rates

Current through May 31, 2024
A title insurance company may offer a short-term rate if a
					 short-term rate schedule has been filed with the director under
					 AS
					 21.66.370. The requirements of
					 3 AAC 27.360 do not apply to these short-term rate
					 schedule filings.
Authority:
AS
						21.06.090
AS 21.66.370
AS 21.66.390
AS
						21.66.410
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.360 - Discounts

Current through May 31, 2024
A title insurance company wishing to offer a discount for a
					 particular type of policy or to a particular type of insured shall file a rate
					 discount schedule with the director in accordance with
					 AS
					 21.66.370 and
					 21.66.380. The filing must include
					 the
(1) insurer's loss and expense
				  data that demonstrate how the expected losses differ for the particular type of
				  policy or insured from non-discounted policies or insureds; and
(2) data that show how the expenses of a
				  title insurance limited producer differ for the particular type of policy or
				  insured from non-discounted policies or insureds.
Authority:
AS
						21.06.090
AS 21.66.370
AS 21.66.380
AS 21.66.390
AS
						21.66.410
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.370 - Charges for services

Current through May 31, 2024
(a) A title insurance company or title
				  insurance limited producer shall charge for any class of service delivered or
				  provided in this state that relies in whole or in part upon documents contained
				  in the title plant or public record. This charge must be commensurate with the
				  cost of delivering or providing the class of service. The title insurance
				  company or title insurance limited producer shall bill for the class of service
				  when the service is provided and collect the amount due within 30 days of the
				  first billing. A payment for a class of service may be credited to the
				  subsequent issue of a title insurance policy in accordance with the insurer's
				  filed rate schedule, as provided in (e) of this section.
(b) When issuing a title insurance policy, a
				  title insurance company or title insurance limited producer shall clearly
				  reference within the examination file the rating schedule rule used for an
				  order and provide the calculation of the final rate applied.
(c) A title insurance company or title
				  insurance limited producer shall bill and collect an amount for their services
				  equal to the rates on file with the director for a preliminary commitment that
				  is issued, for the amount of insurance ordered on a policy that is issued, or
				  for a cancelled order.
(d) A title
				  insurance company or title insurance limited producer shall bill and collect an
				  amount equal to the cancellation charge on file with the director for an order
				  of title insurance that does not result in the issuance of a policy within 12
				  months, that is not replaced with a subsequent order, or that is
				  cancelled.
(e) In accordance with
				  an insurer's filed rate schedule, a title insurance company or title insurance
				  limited producer shall credit a cancellation charge collected under (d) of this
				  section to the charge for a title insurance policy it subsequently issues, in
				  the following amounts:
(1) the full amount of
				  the cancellation charge if, within 12 months of the date of a cancelled order,
				  a policy is issued or a cancelled order is replaced with another order for
				  title insurance on the same property;
(2) up to 50 percent of the cancellation
				  charge if, after 12 months but within 24 months of the date of a cancelled
				  order, a policy is issued or a cancelled order is replaced with another order
				  for title insurance on the same property;
(3) no portion of a cancellation charge may
				  be credited to a title insurance policy or subsequent order for title insurance
				  24 months after the date of the cancelled order.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.380 - Preliminary commitment

Current through May 31, 2024
(a) If, at the time a preliminary commitment
				  is issued, the liability or amount of coverage for a preliminary commitment is
				  unknown, the issuing title insurance company or title insurance limited
				  producer shall indicate that fact by the words "Not Disclosed" or "Not
				  Known."
(b) The premium listed on
				  the preliminary commitment must be stated as not less than the minimum charge
				  indicated in the insurer's schedule of rates that is filed with the director
				  under AS
				  21.66.370, followed by the words "Minimum
				  Charge."
(c) A preliminary
				  commitment for title insurance must include the following explanatory
				  statements. "This commitment is tentative until we are advised of the final
				  amount of insurance or the proposed insured. In the event of a cancellation,
				  our fee is the minimum charge shown above."
Authority:
AS
						21.06.090
AS 21.66.370
AS
						21.66.390
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.390 - Listing package or property profile

Current through May 31, 2024
A listing package or property profile must clearly disclose
					 that it is not a representation of the condition of title to a
					 property.
Authority:
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 27 - Title Insurance › Article 1 - Title Insurance › 3 AAC 27.399 - Definitions

Current through May 31, 2024
In
					 3 AAC 27.301 -
					 3 AAC 27.399, unless the context otherwise
					 requires,
(1) "class of service" means
				  a type of service provided by a title insurance company or title insurance
				  limited producer, apart from escrow services, that includes a title insurance
				  policy, preliminary commitment, listing package, or property profile that is
				  delivered or provided in this state by a title insurance company or title
				  insurance limited producer that relies in whole or in part upon documents
				  contained in a title plant or public records; a listing package on a single
				  property or a copy of an individual document or map is not considered a class
				  of service;
(2) "commission" means
				  all amounts paid to or retained by a title insurance limited producer from the
				  title insurance premium to cover the maintenance of title plants, the costs
				  necessary to search and examine the title of property, marketing expense, the
				  producers' share of losses, other operating expenses, and the profit of the
				  title insurance limited producer;
(3) "listing package" means one or more
				  public record, including the last deed of record, given to a real estate agent
				  or broker by a title insurance company or title insurance limited producer so
				  that the real estate agent or broker may determine the owner of record and the
				  correct property description for listing a property;
(4) "preliminary commitment" means
(A) a written report prepared in connection
				  with an application for title insurance for specific real or personal property
				  that offers to issue a title insurance policy subject to stated exceptions,
				  conditions, stipulations, or matters incorporated by reference in the report;
				  and
(B) a preliminary report of
				  title;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.010 - Variable contract applicability

Current through May 31, 2024
3 AAC 28.020 - 3 AAC 28.290 apply
					 to insurance companies, including fraternal beneficiary associations, societies
					 or companies which operate on a legal reserve basis, delivering or issuing for
					 delivery in this state variable contracts as defined in
					 3 AAC 28.190.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.010, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.020 - Qualification of insurance companies to issue variable contracts

Current through May 31, 2024
(a) No company
				  shall deliver or issue for delivery in this state, variable contracts, unless
(1) it is authorized to do a life insurance
				  or annuity business in this state; and
(2) the director is satisfied that its
				  condition or method of operation in connection with the issuance of such
				  contracts will not render its operation hazardous to the public or its
				  policyholders in this state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.030 - Qualification exceptions

Current through May 31, 2024
(a) If the company
				  is a subsidiary of an authorized life insurance company, or affiliated with
				  such company by common management or ownership, it may be deemed by the
				  director to have satisfied the provision of
				  3 AAC 28.020(a) (2) if either it or
				  such authorized life insurance company satisfies the provisions.
(b) Notwithstanding (a) of this section,
				  companies authorized and having a satisfactory record of doing business in this
				  state for a period of at least three years may be deemed to have satisfied
				  3 AAC 28.020(a) (2).
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.030, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.040 - Variable contract filing required

Current through May 31, 2024
(a) Before any
				  company shall deliver or issue for delivery variable contracts within this
				  state, it shall submit a general description of the kinds of variable contracts
				  it intends to issue to the director and comply with the filing procedure
				  outlined in
				  3 AAC 28.200.
(b) The director may request
(1) a copy of the statutes and regulations of
				  its state of domicile under which it is authorized to issue variable contracts;
				  and
(2) biographical data in the
				  NAIC uniform biographical data form with respect to officers and directors of
				  the company.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.050 - Capital surplus minimum

Current through May 31, 2024
(a) No company may
				  be authorized to issue or deliver variable contracts unless its capital and
				  surplus exceeds $5,000,000.
(b) The
				  director may waive any or all of the requirements set forth in (a) of this
				  section if by reason of a company's capital structure, surplus, amount of
				  business in force and plan of operations, it substantially conforms to such
				  requirements, or, in the opinion of the director, otherwise affords adequate
				  protection to contract holders.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.050, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.060 - Separate account or separate accounts

Current through May 31, 2024
(a) A domestic
				  company issuing variable contracts shall establish one or more separate
				  accounts subject to the provisions of (b) - (g) of this section.
(b) Except as may be provided with respect to
				  reserves for guaranteed benefits and funds referred to in (c) of this section
(1) amounts allocated to any separate account
				  and accumulations thereon may be invested and reinvested without regard to any
				  requirements or limitations prescribed by the laws of this state governing the
				  investments of life insurance companies; and
(2) the investments in such separate account
				  or accounts shall not be taken into account in applying the investment
				  limitations otherwise applicable to the investments of the company.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.070 - Valuation of assets in separate account

Current through May 31, 2024
(a) Unless
				  otherwise approved by the director, assets allocated to a separate account
				  shall be valued at their market value on the date of valuation, or if there is
				  no readily available market, then as provided under the terms of the contract
				  or the rules or other written agreement applicable to such separate
				  account.
(b) Notwithstanding (a) of
				  this section and unless otherwise approved by the director, the portion, if
				  any, of the assets of such separate account equal to the company's reserve
				  liability with regard to the benefits and funds referred to in
				  3 AAC 28.060(b) shall be valued in
				  accordance with the rules otherwise applicable to the company's
				  assets.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.070, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.080 - Insulation of assets in separate account

Current through May 31, 2024
If and to the extent so provided under the applicable
					 contracts that portion of the assets of any such separate account equal to the
					 reserves and other contract liabilities with respect to such account shall not
					 be chargeable with liabilities arising out of any other business the company
					 may conduct.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.080, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.090 - Voting rights and management of assets in separate account

Current through May 31, 2024
(a) Notwithstanding
				  any other provisions of law, a company may
(1)
				  with respect to any separate account registered with the Securities and
				  Exchange Commission as a unit investment trust, exercise voting rights in
				  connection with any securities of a regulated investment company registered
				  under the Investment Company Act of 1940 and held in such separate accounts in
				  accordance with instructions from persons having interests in such accounts
				  ratably determined by the company; or
(2) with respect to any separate account
				  registered with the Securities and Exchange Commission as a management
				  investment company, establish for such account a committee, board, or other
				  body, the members of which may or may not be otherwise affiliated with such
				  company and may be elected to such membership by the vote of persons having
				  interests in such account ratably as determined by the company. Such committee,
				  board or other body may have the power, exercisable alone or in conjunction
				  with others, to manage such separate account and the investment of its
				  assets.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.100 - Transfer of assets

Current through May 31, 2024
No sale, exchange or other transfer of assets may be made
					 by a company between any of its separate accounts or between any other
					 investment account and one or more of its separate accounts unless, in case of
					 a transfer into a separate account, such transfer is made solely to establish
					 the account or to support the operation of the contracts with respect to the
					 separate account to which the transfer is made, and unless such transfer,
					 whether into or from a separate account, is made by a transfer of cash, or by a
					 transfer of securities having a valuation which could be readily determined in
					 the marketplace, provided that such transfer of securities is approved by the
					 director. The director may authorize other transfers among such accounts if, in
					 his opinion, such transfers would not be inequitable.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.100, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.110 - Maintenance of value

Current through May 31, 2024
The company shall maintain in each such separate account
					 assets with a value at least equal to the reserves and other contract
					 liabilities with respect to such account, except as may otherwise be approved
					 by the director.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.110, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.120 - Rules applicable to persons managing separate account

Current through May 31, 2024
Rules under any provision of the insurance law of this
					 state or any regulation applicable to the officers and directors of insurance
					 companies with respect to conflicts of interest shall also apply to members of
					 any separate account's committee, board or other similar body. No officer or
					 director of such company nor any member of the committee, board or body of a
					 separate account shall receive directly or indirectly any commission or any
					 other compensation with respect to the purchase or sale of assets of such
					 separate account.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.120, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.130 - Filing of contracts

Current through May 31, 2024
The filing requirements applicable to variable contracts
					 shall be those filing requirements otherwise applicable under existing statutes
					 and regulations of this state with respect to individual and group life
					 insurance and annuity contract form filings, to the extent
					 appropriate.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. 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 28.130, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315