reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-110 - RENEWAL OF LICENSE AND CONTINUING EDUCATION FOR PRODUCERS AND SERVICE REPRESENTATIVES › Section 482-1-110-.05 - Educational Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
(a) Licensees Born in Odd-numbered Years,
			 Renewal in 2009 and thereafter. Along with the renewal of license due to be
			 completed in accordance with Paragraph (2) of Rule
			 482-1-110-.04 in the year 2009
			 and in every other year thereafter, every insurance representative born in an
			 odd-numbered year and licensed in this state as a producer or service
			 representative for the lines of insurance listed in Paragraph (2) of Rule
			 482-1-110-.03, and not exempt
			 under Paragraph (3) of Rule
			 482-1-110-.03, shall
			 satisfactorily complete such courses or programs of instruction as may be
			 approved in accordance with this chapter in the minimum number of 24 classroom
			 hours, 3 hours of which shall be on the topic of insurance producer
			 ethics.
(b) Licensees Born in
			 Even-numbered Years, Renewal in 2010 and thereafter. Along with the renewal of
			 license due to be completed in accordance with Paragraph (2) of Rule
			 482-1-110-.04 in the year 2010
			 and in every other year thereafter, every insurance representative born in an
			 even-numbered year and licensed in this state as a producer or service
			 representative for the lines of insurance listed in Paragraph (2) of Rule
			 482-1-110-.03, and not exempt
			 under Paragraph (3) of Rule
			 482-1-110-.03, shall
			 satisfactorily complete such courses or programs of instruction as may be
			 approved in accordance with this chapter in the minimum number of 24 classroom
			 hours, 3 hours of which shall be on the topic of insurance producer
			 ethics.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-110 - RENEWAL OF LICENSE AND CONTINUING EDUCATION FOR PRODUCERS AND SERVICE REPRESENTATIVES › Section 482-1-110-.06 - Education Provider Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The Commissioner shall, with the advice
			 of the Continuing Education Advisory Committee, approve and authorize providers
			 of continuing education courses and programs, and will designate any such
			 course as being acceptable for the purposes of this chapter. Each such
			 authority holder must apply annually for the continued authority to offer
			 continuing education courses in this state.
(2) The courses or programs of instruction
			 successfully completed which shall be deemed to meet the Commissioner's
			 standards for continuing educational requirements and the number of classroom
			 hours for which they are equivalent are:
(a)
			 Any course or program of instruction or seminar developed and/or sponsored by
			 any school, college, university, bona fide educational school, authorized
			 insurer, recognized state insurance producers association, or insurance trade
			 association shall, subject to the approval of the Commissioner, qualify for the
			 equivalency of the number of classroom hours assigned thereto by the
			 Commissioner.
(b) Any
			 correspondence or internet course approved by the Commissioner shall qualify
			 for the equivalency of the number of classroom hours assigned thereto by the
			 Commissioner, provided said course has been authorized, developed, or
			 sanctioned by a school, college, university, bona fide educational school,
			 authorized insurer, recognized state insurance producers association or
			 insurance trade association. To be approved, a correspondence or internet
			 course must include an appropriate testing instrument requiring a grade of 70
			 percent to successfully complete the course. The examination must be
			 administered by a proctor, who must sign an affidavit attesting to the fact
			 that the student received no outside assistance in the completion of the final
			 examination. The proctor must be a disinterested third party, with a minimum
			 age of 18 years, who can be any person except for family members or individuals
			 who have a financial interest in the success of the student taking the
			 examination. Co-worker proctors must not be above or below in the student's
			 line of supervision.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-110 - RENEWAL OF LICENSE AND CONTINUING EDUCATION FOR PRODUCERS AND SERVICE REPRESENTATIVES › Section 482-1-110-.07 - Compliance

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
(a) Every producer and service representative
			 subject to this chapter shall complete an application for license renewal in
			 accordance with Rule
			 482-1-110-.04.
(b) The license of any individual or business
			 entity failing to complete the application for license renewal within the time
			 specified in Paragraph (2) of Rule
			 482-1-110-.04 will expire but
			 there is a 30-day grace period following the expiration during which time the
			 licensee can renew with payment of the late fee plus the renewal fee. If the
			 licensee shall complete the application for license renewal prior to the end of
			 said 30-day grace period, along with the payment of the applicable fees, the
			 license will not expire.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-110 - RENEWAL OF LICENSE AND CONTINUING EDUCATION FOR PRODUCERS AND SERVICE REPRESENTATIVES › Section 482-1-110-.08 - Severability Clause

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter, or the application thereof to
				any person or circumstance, is held invalid, such determination shall not
				affect other provisions or applications of this chapter which can be given
				effect without the invalid provision or application, and to that end the
				provisions of this chapter are severable.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43,
				  27-8A-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-110 - RENEWAL OF LICENSE AND CONTINUING EDUCATION FOR PRODUCERS AND SERVICE REPRESENTATIVES › Section 482-1-110-.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.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43,
				  27-8A-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.01 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to set forth the rules and
				requirements which the Commissioner deems necessary to apply to producers
				marketing credit insurance coverage, as described in the Alabama Consumer
				Credit Act, Title 5, Chapter 19,
Code of Ala. 1975
,
				(commonly referred to as the "Mini-Code"); the Alabama Small Loan Act, Title 5,
				Chapter 18,
Code of Ala. 1975
; the Alabama Insurance
				Code, Title 27,
Code of Ala. 1975
; as well as rules
				and regulations promulgated pursuant to these statutes. This chapter is to
				clarify future licensing procedures concerning credit insurance and in no way
				reflects on previous practices. The information required by this chapter is
				hereby declared to be necessary and appropriate and in the public interest and
				for the protection of policyholders in this state. Additionally this chapter is
				to promote the public welfare by regulating credit insurance in this
				state.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.02 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Sections
				27-2-17 and
				27-7-43,
Code of Ala.
				1975
.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.04 - Payment Of Commission

Current through Register Vol. 42, No. 9, June 28, 2024
Commissions may be paid only to licensed insurance producers. A
				business entity must have at least one individual who is licensed as an
				insurance producer for a particular line of authority who has been designated
				responsible for the business entity's compliance with the insurance laws, rules
				and regulations of this state in order for the business entity to be licensed
				as an insurance producer for that particular line of authority. If this
				individual only holds a limited line credit insurance license, the business
				entity will only be qualified for a limited line credit insurance
				license.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.05 - Licensing Of Credit Insurance Producers

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In this state, no person shall be, act
			 as, or claim to be a limited line credit insurance producer unless licensed in
			 this state as an insurance producer under the provisions of Chapter 7 of Title
			 27,
Code of Ala. 1975
. A limited line credit insurance
			 producer may only market one or more forms of credit insurance to individuals
			 through a master, corporate, group, or individual policy.
(2) An individual or business entity licensed
			 under the provisions of Chapter 7 of Title 27,
Code of Ala.
			 1975
:
(a) As an insurance
			 producer for the life line of authority may market credit life
			 insurance.
(b) As an insurance
			 producer for the disability line of authority may market credit disability
			 insurance.
(c) As an insurance
			 producer for the property and casualty lines of authority may market credit
			 property and casualty insurance.
(d) As an insurance producer for the personal
			 lines line of authority may market credit property and casualty insurance in
			 transactions where the collateral is an automobile.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.06 - Licensing Procedures

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Business Entities. To be licensed as a producer, business entities shall comply
			 with the requirements set forth in Chapter 482-1-147. To renew a producer
			 license, business entities shall comply with the requirements set forth in
			 Chapter 482-1-110.
(2) Individuals.
			 To be licensed as a producer, individuals shall comply with the requirements
			 set forth in Chapter 482-1-147. To renew a producer license, individuals shall
			 comply with the requirements set forth in Chapter 482-1-110.
(3) In accordance with Subsection (d) of
			 Section 27-7-5,
Code of Ala.
			 1975
, each insurer must provide a program of instruction for each
			 limited line credit insurance producer acting on its behalf.
Author:
Reyn Norman, Associate Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.07 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provisions of this chapter, or the application thereof
				to any person or circumstance, is held invalid, such determination shall not
				affect other provisions or applications or sections of this chapter which can
				be given effect without the invalid provision or application, and to that end
				the provisions for this chapter are severable.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-111 - LICENSING OF LIMITED LINE CREDIT INSURANCE PRODUCERS › Section 482-1-111-.08 - 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.
Author:
Reyn Norman, Associate
				Counsel
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-7-43.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.01 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to prescribe:
(a) Requirements for statements of actuarial
			 opinion that are to be submitted in accordance with Section
			 27-36A-4,
Code of Ala.
			 1975
, and for memoranda in support thereof.
(b) Rules applicable to the appointment of an
			 appointed actuary.
(c) Guidance as
			 to the meaning of "adequacy of reserves."
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.02 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted pursuant to Sections
				27-2-17 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 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.03 - Scope

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This chapter
			 shall apply to all life insurance companies and fraternal benefit societies
			 doing business in this State and to all life insurance companies and fraternal
			 benefit societies that are authorized to reinsure life insurance, annuities, or
			 accident and health insurance business in this State. This chapter shall be
			 applied in a manner that allows the appointed actuary to utilize his or her
			 professional judgment in performing the asset analysis and developing the
			 actuarial opinion and supporting memoranda, consistent with relevant actuarial
			 standards of practice. However, the Commissioner shall have the authority to
			 specify specific methods of actuarial analysis and actuarial assumptions when,
			 in the Commissioner's judgment, these specifications are necessary for an
			 acceptable opinion to be rendered relative to the adequacy of reserves and
			 related items.
(2) This chapter
			 shall be applicable to all annual statements filed with the office of the
			 Commissioner after the effective date of this chapter. A statement of opinion
			 on the adequacy of the reserves and related actuarial items based on an asset
			 adequacy analysis in accordance with Rule
			 482-1-112-.06, and a memorandum
			 in support thereof in accordance with Rule
			 482-1-112-.07, shall be required
			 each year.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.04 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The following definitions shall apply for purposes of this
				chapter:
(a) ACTUARIAL OPINION. The
			 opinion of an Appointed Actuary regarding the adequacy of the reserves and
			 related actuarial items based on an asset adequacy analysis in accordance with
			 Rule 482-1-112-.06 and with applicable
			 Actuarial Standards of Practice.
(b) ACTUARIAL STANDARDS BOARD. The board
			 established by the American Academy of Actuaries to develop and promulgate
			 standards of actuarial practice.
(c) ANNUAL STATEMENT. The statement required
			 by Section
			 27-3-26,
Code of Ala.
			 1975
, to be filed by the company with the office of the
			 Commissioner annually.
(d)
			 APPOINTED ACTUARY. An individual who is appointed or retained in accordance
			 with the requirements set forth in paragraph (3) of Rule
			 482-1-112-.05 to provide the
			 actuarial opinion and supporting memorandum as required by Section
			 27-36A-4,
Code of Ala.
			 1975
.
(e) ASSET
			 ADEQUACY ANALYSIS. An analysis that meets the standards and other requirements
			 referred to in paragraph (4) of Rule
			 482-1-112-.05.
(f) COMMISSIONER. The Alabama Commissioner of
			 Insurance.
(g) COMPANY. A life
			 insurance company, fraternal benefit society, or reinsurer subject to the
			 provisions of this chapter.
(h)
			 QUALIFIED ACTUARY. An individual who meets the requirements set forth in
			 paragraph (2) of Rule
			 482-1-112-.05.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.05 - General Requirements

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Submission of Statement of Actuarial Opinion.
(a) There is to be included on or attached to
			 Page 1 of the annual statement for each year beginning with the year in which
			 this chapter becomes effective the statement of an appointed actuary, entitled
			 "Statement of Actuarial Opinion," setting forth an opinion relating to reserves
			 and related actuarial items held in support of policies and contracts, in
			 accordance with Rule
			 482-1-112-.06.
(b) Upon written request by the company, the
			 Commissioner may grant an extension of the date for submission of the statement
			 of actuarial opinion.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.06 - Statement Of Actuarial Opinion Based On An Asset Adequacy Analysis

Current through Register Vol. 42, No. 9, June 28, 2024
(1) General
			 Description. The statement of actuarial opinion submitted in accordance with
			 this rule shall consist of all of the following:
(a) A paragraph identifying the appointed
			 actuary and his or her qualifications (see subparagraph (a) of paragraph (2)
			 this rule).
(b) A scope paragraph
			 identifying the subjects on which an opinion is to be expressed and describing
			 the scope of the appointed actuary's work, including a tabulation delineating
			 the reserves and related actuarial items which have been analyzed for asset
			 adequacy and the method of analysis (see subparagraph (b) of paragraph (2) of
			 this rule), and identifying the reserves and related actuarial items covered by
			 the opinion which have not been so analyzed.
(c) A reliance paragraph describing those
			 areas, if any, where the appointed actuary has deferred to other experts in
			 developing data, procedures or assumptions (e.g., anticipated cash flows from
			 currently owned assets, including variation in cash flows according to economic
			 scenarios (see subparagraph (c) of paragraph (2) of this rule)), supported by a
			 statement of each such expert in the form prescribed by paragraph (5) of this
			 rule.
(d) An opinion paragraph
			 expressing the appointed actuary's opinion with respect to the adequacy of the
			 supporting assets to mature the liabilities (see subparagraph (f) of paragraph
			 (2) of this rule).
(e) One or more
			 additional paragraphs will be needed in individual company cases as follows:
1. If the appointed actuary considers it
			 necessary to state a qualification of his or her opinion.
2. If the appointed actuary must disclose an
			 inconsistency in the method of analysis or basis of asset allocation used at
			 the prior opinion date with that used for this opinion.
3. If the appointed actuary must disclose
			 whether additional reserves as of the prior opinion date are released as of
			 this opinion date, and the extent of the release.
4. If the appointed actuary chooses to add a
			 paragraph briefly describing the assumptions that form the basis for the
			 actuarial opinion.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.08 - Severability Clause

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter, or the application thereof to
				any person or circumstance, is held invalid, such determination shall not
				affect other provisions or applications of this chapter which can be given
				effect without the invalid provision or application, and to that end the
				provisions of this chapter are severable.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-112 - ACTUARIAL OPINION AND MEMORANDUM › Section 482-1-112-.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 and shall
				apply to annual statements for the year 2004 and thereafter.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17 and
				  27-36A-1 to
				  27-36A-20.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.01 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to regulate accelerated benefit
				provisions of individual and group life insurance policies and to provide
				required standards of disclosure. This chapter shall apply to all accelerated
				benefits provisions of individual and group life insurance policies, except
				those subject to the Long-Term Care Insurance regulation, issued or delivered
				in this state, on or after the effective date of this chapter.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.02 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is promulgated by the Commissioner of Insurance
				pursuant to Section
				27-2-17, Code of Alabama
				1975.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.03 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
(1) ACCELERATED
			 BENEFITS. Benefits payable under a life insurance contract:
(a) To a policyowner or certificateholder,
			 during the lifetime of the insured, in anticipation of death or upon the
			 occurrence of specified life-threatening or catastrophic conditions as defined
			 by the policy or rider; and
(b)
			 Which reduce the death benefit otherwise payable under the life insurance
			 contract; and
(c) Which are payable
			 upon the occurrence of a single qualifying event which results in the payment
			 of a benefit amount fixed at the time of acceleration.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.04 - Type Of Product

Current through Register Vol. 42, No. 9, June 28, 2024
Accelerated benefit riders and life insurance policies with
				accelerated benefit provisions are primarily mortality risks rather than
				morbidity risks. They are life insurance benefits subject to Chapter 15 of the
				Insurance Code.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.05 - Assignee/Beneficiary

Current through Register Vol. 42, No. 9, June 28, 2024
Prior to the payment of the accelerated benefit, the insurer is
				required to obtain from any assignee or irrevocable beneficiary a signed
				acknowledgement of concurrence for payout. If the insurer making the
				accelerated benefit is itself the assignee under the policy, no such
				acknowledgement is required.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.06 - Criteria For Payment

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Lump
			 Sum Settlement Option Required. Contract payment options shall include the
			 option to take the benefit as a lump sum. The benefit shall not be made
			 available as an annuity contingent upon the life of the insured.
(2) Restrictions on Use of Proceeds. No
			 restrictions are permitted on the use of the proceeds.
(3) Accidental Death Benefit Provision. If
			 any death benefit remains after payment of an accelerated benefit, the
			 accidental death benefit provision, if any, in the policy or rider shall not be
			 affected by the payment of the accelerated benefit.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.07 - Disclosures

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Descriptive
			 Title. The terminology "accelerated benefit" shall be included in the
			 descriptive title. Products regulated under this chapter shall not be described
			 or marketed as long-term care insurance or as providing long-term care
			 benefits.
(2) Tax Consequences. A
			 disclosure statement is required at the time of application for the policy or
			 rider and at the time the accelerated benefit payment request is submitted that
			 receipt of these accelerated benefits may be taxable and that assistance should
			 be sought from a personal tax advisor. The disclosure statement shall be
			 prominently displayed on the first page of the policy or rider and any other
			 related documents.
(3)
			 Solicitations.
(a) A written disclosure
			 including, but not necessarily limited to, a brief description of the
			 accelerated benefit and definitions of the conditions or occurrences triggering
			 payment of the benefits shall be given to the applicant. The description shall
			 include an explanation of any effect of the payment of a benefit on the
			 policy's cash value, accumulation account, death benefit, premium, policy loans
			 and policy liens.
1. In the case of agent
			 solicited insurance, the agent shall provide the disclosure form to the
			 applicant prior to or concurrently with the application. Acknowledgment of the
			 disclosure shall be signed by the applicant and writing agent.
2. In the case of a solicitation by direct
			 response methods, the insurer shall provide the disclosure form to the
			 applicant at the time the policy is delivered, with a notice that a full
			 premium refund shall be received if the policy is returned to the company
			 within a 30-day "free look" period.
3. In the case of group insurance policies,
			 the disclosure form shall be contained as part of the certificate of coverage
			 or any related document furnished by the insurer for the
			 certificateholder.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.08 - Effective Date Of The Accelerated Benefits

Current through Register Vol. 42, No. 9, June 28, 2024
The accelerated benefit provision shall be effective for
				accidents on the effective date of the policy or rider. The accelerated benefit
				provision shall be effective for illness no more than thirty (30) days
				following the effective date of the policy or rider.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.09 - Waiver Of Premiums

Current through Register Vol. 42, No. 9, June 28, 2024
The insurer may offer a waiver of premium for the accelerated
				benefit provision in the absence of a regular waiver of premium provision being
				in effect. At the time the benefit is claimed, the insurer shall explain any
				continuing premium requirement to keep the policy in force.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.10 - Discrimination

Current through Register Vol. 42, No. 9, June 28, 2024
Insurers shall not unfairly discriminate among insureds with
				differing qualifying events covered under the policy or among insureds with
				similar qualifying events covered under the policy. Insurers shall not apply
				further conditions on the payment of the accelerated benefits other than those
				conditions specified in the policy or rider.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.11 - Actuarial Standards

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Financing
			 Options
(a) The insurer may require a premium
			 charge or cost of insurance charge for the accelerated benefit. These charges
			 shall be based on sound actuarial principles. In the case of group insurance,
			 the additional cost may also be reflected in the experience rating.
(b) The insurer may pay a present value of
			 the face amount. The calculation shall be based on any applicable actuarial
			 discount appropriate to the policy design. The interest rate or interest rate
			 methodology used in the calculation shall be based on sound actuarial
			 principles and disclosed in the contract or actuarial memorandum. The maximum
			 interest rate used shall be no greater than the greater of:
1. The current yield on 90 day treasury
			 bills; or
2. The current maximum
			 statutory adjustable policy loan interest rate.
(c) The insurer may accrue an interest charge
			 on the amount of the accelerated benefits. The interest rate or interest rate
			 methodology used in the calculation shall be based on sound actuarial
			 principles and disclosed in the contract or actuarial memorandum. The maximum
			 interest rate used shall be no greater than the greater of:
1. The current yield on 90 day treasury
			 bills; or
2. The current maximum
			 statutory adjustable policy loan interest rate.
The interest rate accrued on the portion of the lien which is
				equal in amount to the cash value of the contract at the time of the benefit
				acceleration shall be no more than the policy loan interest rate stated in the
				contract.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.12 - Actuarial Disclosure and Reserves

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Actuarial Memorandum. A qualified actuary
			 should describe the accelerated benefits, the risks, the expected costs and the
			 calculation of statutory reserves in an actuarial memorandum accompanying each
			 state filing. The insurer shall maintain in its files descriptions of the bases
			 and procedures used to calculate benefits payable under these provisions. These
			 descriptions shall be made available for examination by the commissioner upon
			 request.
(2) Reserves
(a) When benefits are provided through the
			 acceleration of benefits under group or individual life policies or riders to
			 such policies, policy reserves shall be determined in accordance with the
			 Standard Valuation Law. All valuation assumptions used in constructing the
			 reserves shall be determined as appropriate for statutory valuation purposes by
			 a Member in good standing of the American Academy of Actuaries. Mortality
			 tables and interest currently recognized for life insurance reserves by the
			 NAIC may be used as well as appropriate assumptions for the other provisions
			 incorporated in the policy form. The actuary must follow both actuarial
			 standards and certification for good and sufficient reserves. Reserves in the
			 aggregate should be sufficient to cover:
1.
			 Policies upon which no claim has yet arisen.
2. Policies upon which an accelerated claim
			 has arisen.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.13 - Filing Requirement

Current through Register Vol. 42, No. 9, June 28, 2024
The filing of forms containing an accelerated benefit is
				required.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.14 - Severability Clause

Current through Register Vol. 42, No. 9, June 28, 2024
If any provision of this chapter, or the application thereof to
				any person or circumstance, is held invalid, such determination shall not
				affect other provisions or applications of this chapter which can be given
				effect without the invalid provision or application, and to that end the
				provisions of this chapter are severable.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES › Section 482-1-113-.15 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall be effective on January 1, 1997.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.01 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to provide rules for life
				insurance policy illustrations that will protect consumers and foster consumer
				education. The chapter provides illustration formats, prescribes standards to
				be followed when illustrations are used, and specifies the disclosures that are
				required in connection with illustrations. The goals of this chapter are to
				ensure that illustrations do not mislead purchasers of life insurance and to
				make illustrations more understandable. Insurers will, as far as possible,
				eliminate the use of footnotes and caveats and define terms used in the
				illustration in language that would be understood by a typical person within
				the segment of the public to which the illustration is directed.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.02 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is 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 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.03 - Applicability And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter applies to all group and individual life insurance
				policies and certificates except:
A.
			 Variable life insurance;
B.
			 Individual and group annuity contracts;
C. Credit life insurance; or
D. Life insurance policies with no
			 illustrated death benefits on any individual exceeding $10,000.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.04 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
For the purposes of this chapter:
A. "Actuarial Standards Board" means the
			 board established by the American Academy of Actuaries to develop and
			 promulgate standards of actuarial practice.
B. "Contract premium" means the gross premium
			 that is required to be paid under a fixed premium policy, including the premium
			 for a rider for which benefits are shown in the illustration.
C. "Currently payable scale" means a scale of
			 non-guaranteed elements in effect for a policy form as of the preparation date
			 of the illustration or declared to become effective within the next ninety-five
			 (95) days.
D. "Disciplined current
			 scale" means a scale of non-guaranteed elements constituting a limit on
			 illustrations currently being illustrated by an insurer that is reasonably
			 based on actual recent historical experience, as certified annually by an
			 illustration actuary designated by the insurer. Further guidance in determining
			 the disciplined current scale as contained in standards established by the
			 Actuarial Standards Board may be relied upon if the standards:
(1) Are consistent with all provisions of
			 this chapter;
(2) Limit a
			 disciplined current scale to reflect only actions that have already been taken
			 or events that have already occurred;
(3) Do not permit a disciplined current scale
			 to include any projected trends of improvements in experience or any assumed
			 improvements in experience beyond the illustration date; and
(4) Do not permit assumed expenses to be less
			 than minimum assumed expenses.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.05 - Policies To Be Illustrated

Current through Register Vol. 42, No. 9, June 28, 2024
A.
			 Each insurer marketing policies to which this chapter is applicable shall
			 notify the commissioner whether a policy form is to be marketed with or without
			 an illustration. For all policy forms being actively marketed on the effective
			 date of this chapter, the insurer shall identify in writing those forms and
			 whether or not an illustration will be used with them. For policy forms filed
			 after the effective date of this chapter, the identification shall be made at
			 the time of filing. Any previous identification may be changed by notice to the
			 commissioner.
B. If the insurer
			 identifies a policy form as one to be marketed without an illustration, any use
			 of an illustration for any policy using that form prior to the first policy
			 anniversary is prohibited.
C. If a
			 policy form is identified by the insurer as one to be marketed with an
			 illustration, a basic illustration prepared and delivered in accordance with
			 this chapter is required, except that a basic illustration need not be provided
			 to individual members of a group or to individuals insured under multiple lives
			 coverage issued to a single applicant unless the coverage is marketed to these
			 individuals. The illustration furnished an applicant for a group life insurance
			 policy or policies issued to a single applicant on multiple lives may be either
			 an individual or composite illustration representative of the coverage on the
			 lives of members of the group or the multiple lives covered.
D. Potential enrollees of non-term group life
			 subject to this chapter shall be furnished a quotation with the enrollment
			 materials. The quotation shall show potential policy values for sample ages and
			 policy years on a guaranteed and non-guaranteed basis appropriate to the group
			 and the coverage. This quotation shall not be considered an illustration for
			 purposes of this chapter, but all information provided shall be consistent with
			 the illustrated scale. A basic illustration shall be provided at delivery of
			 the certificate to enrollees for non-term group life who enroll for more than
			 the minimum premium necessary to provide pure death benefit protection. In
			 addition, the insurer shall make a basic illustration available to any non-term
			 group life enrollee who requests it.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.06 - General Rules And Prohibitions

Current through Register Vol. 42, No. 9, June 28, 2024
A. An illustration used in the sale of a life
			 insurance policy shall satisfy the applicable requirements of this chapter, be
			 clearly labeled "life insurance illustration" and contain the following basic
			 information:
(1) Name of insurer;
(2) Name and business address of producer or
			 insurer's authorized representative, if any;
(3) Name, age and sex of proposed insured,
			 except where a composite illustration is permitted under this
			 chapter;
(4) Underwriting or rating
			 classification upon which the illustration is based;
(5) Generic name of policy, the company
			 product name, if different, and form number;
(6) Initial death benefit; and
(7) Dividend option election or application
			 of non-guaranteed elements, if applicable.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.08 - Standards For Supplemental Illustrations

Current through Register Vol. 42, No. 9, June 28, 2024
A. A supplemental illustration may be
			 provided so long as:
(1) It is appended to,
			 accompanied by or preceded by a basic illustration that complies with this
			 chapter;
(2) The non-guaranteed
			 elements shown are not more favorable to the policy owner than the
			 corresponding elements based on the scale used in the basic
			 illustration;
(3) It contains the
			 same statement required of a basic illustration that non-guaranteed elements
			 are not guaranteed; and
(4) For a
			 policy that has a contract premium, the contract premium underlying the
			 supplemental illustration is equal to the contract premium shown in the basic
			 illustration. For policies that do not require a contract premium, the premium
			 outlay underlying the supplemental illustration shall be equal to the premium
			 outlay shown in the basic illustration.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.09 - Delivery Of Illustration And Record Retention

Current through Register Vol. 42, No. 9, June 28, 2024
A.
(1) If a
			 basic illustration is used by an insurance producer or other authorized
			 representative of the insurer in the sale of a life insurance policy and the
			 policy is applied for as illustrated, a copy of that illustration, signed in
			 accordance with this chapter, shall be submitted to the insurer at the time of
			 policy application. A copy also shall be provided to the applicant.
(2) If the policy is issued other than as
			 applied for, a revised basic illustration conforming to the policy as issued
			 shall be sent with the policy. The revised illustration shall conform to the
			 requirements of this chapter, shall be labeled "Revised Illustration" and shall
			 be signed and dated by the applicant or policy owner and producer or other
			 authorized representative of the insurer no later than the time the policy is
			 delivered. A copy shall be provided to the insurer and the policy
			 owner.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS › Section 482-1-114-.10 - Annual Report; Notice To Policy Owners

Current through Register Vol. 42, No. 9, June 28, 2024
A. In the case of a policy designated as one
			 for which illustrations will be used, the insurer shall provide each policy
			 owner with an annual report on the status of the policy that shall contain at
			 least the following information:
(1) For
			 universal life policies, the report shall include the following:
(a) The beginning and end date of the current
			 report period;
(b) The policy value
			 at the end of the previous report period and at the end of the current report
			 period;
(c) The total amounts that
			 have been credited or debited to the policy value during the current report
			 period, identifying each by type (e.g., interest, mortality, expense and
			 riders);
(d) The current death
			 benefit at the end of the current report period on each life covered by the
			 policy;
(e) The net cash surrender
			 value of the policy as of the end of the current report period;
(f) The amount of outstanding loans, if any,
			 as of the end of the current report period; and
(g) For fixed premium policies:
If, assuming guaranteed interest, mortality and expense loads
				and continued scheduled premium payments, the policy's net cash surrender value
				is such that it would not maintain insurance in force until the end of the next
				reporting period, a notice to this effect shall be included in the report;
				or
(h) For flexible premium
			 policies:
If, assuming guaranteed interest, mortality and expense loads,
				the policy's net cash surrender value will not maintain insurance in force
				until the end of the next reporting period unless further premium payments are
				made, a notice to this effect shall be included in the report.