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 26.790 - Applicability

Current through May 31, 2024
(a) The provisions of
				  3 AAC 26.790 -
				  3 AAC 26.819 apply to all life insurance policies and
				  annuity contract transactions except for the following, unless a provision of
				  3 AAC 26.790 -
				  3 AAC 26.819 specifically includes the otherwise
				  exempted transaction:
(1) credit life
				  insurance;
(2) a group life
				  insurance policy or group annuity contract transaction in which the direct
				  solicitation of individuals by an insurance producer does not take place; for
				  purposes of this paragraph, the following group meetings held by an insurance
				  producer are not considered direct solicitations of individuals:
(A) a group meeting held solely for the
				  purpose of educating or enrolling individuals;
(B) a group meeting that an individual member
				  of the group requests for assistance with the selection of investment options
				  offered by a single insurer in connection with enrolling the
				  individual;
(3) a group
				  life insurance policy or group annuity contract used to fund prepaid funeral
				  contracts;
(4) an application to
				  the insurer that issued the existing life insurance policy or annuity contract
				  to exercise a contractual change, a conversion privilege, or a term conversion
				  exercised among corporate affiliates;
(5) an existing life insurance policy or
				  annuity contract that is replaced under a program of replacement of existing
				  life insurance policies or annuity contracts that is filed with and approved by
				  the director;
(6) a proposed life
				  insurance policy to replace life insurance under a binding or conditional
				  receipt issued by the same company;
(7) a life insurance policy or annuity
				  contract that is not subject to (b) of this section and is used to fund
(A) an employee pension or welfare benefit
				  plan that is covered under 29 U.S.C. 1001 -
				  1461 (Employee Retirement Income
				  Security Act of 1974);
(B) a plan
				  described in 26 U.S.C.
				  401(a) or (k) or
				  26 U.S.C.
				  403(b) (Internal Revenue
				  Code), if the plan is established or maintained by an employer;
(C) a governmental or church plan defined in
				  26 U.S.C.
				  414 (Internal Revenue Code), including a
				  governmental or church welfare benefit plan;
(D) a deferred compensation plan of a state
				  or local government or tax-exempt organization under
				  26 U.S.C.
				  457 (Internal Revenue Code); or
(E) a nonqualified deferred compensation
				  arrangement under 26 U.S.C.
				  409 A (Internal Revenue Code) established or
				  maintained by an employer or plan sponsor;
(8) when new coverage is provided under a
				  life insurance policy and the cost of the policy is paid solely by the
				  insured's employer or by an association of which the insured is a
				  member;
(9) an existing life
				  insurance policy that is a non-convertible term life insurance policy with a
				  term of five years or less that cannot be renewed;
(10) an immediate annuity that is purchased
				  with proceeds from an existing annuity contract;
(11) a structured settlement.