reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.07 - General Rules

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Each insurer
			 shall maintain, at its home office or principal office, a complete file
			 containing one copy of each document authorized and used by the insurer
			 pursuant to this chapter. The file shall contain one copy of each authorized
			 form for a period of three (3) years following the date of its last authorized
			 use unless otherwise provided by this chapter.
(2) An agent shall inform the prospective
			 purchaser, prior to commencing a life insurance sales presentation, that he or
			 she is acting as a life insurance agent and inform the prospective purchaser of
			 the full name of the insurance company which the agent is representing to the
			 buyer. In sales situations in which an agent is not involved, the insurer shall
			 identify its full name.
(3) An
			 insurance producer shall not use terms such as "financial planner," "investment
			 advisor," "financial consultant," or "financial counseling" in such a way as to
			 imply that he or she is primarily engaged in an advisory business in which
			 compensation is unrelated to sales unless that is actually the case. This
			 provision is not intended to preclude persons who hold some form of formal
			 recognized financial planning or consultant designation from using this
			 designation even when they are only selling insurance. This provision also is
			 not intended to preclude persons who are members of a recognized trade or
			 professional association having such terms as part of its name from citing
			 membership, providing that a person citing membership, if authorized only to
			 sell insurance products, shall disclose that fact. This provision does not
			 permit persons to charge an additional fee for services that are customarily
			 associated with the solicitation, negotiation or servicing of
			 policies.
(4) Any reference to
			 nonguaranteed elements shall include a statement that the item is not
			 guaranteed and is based on the company's current scale of nonguaranteed
			 elements (use appropriate special term such as "current dividend" or "current
			 rate" scale.) If a nonguaranteed element would be reduced by the existence of a
			 policy loan, a statement to that effect shall be included in any reference to
			 nonguaranteed elements. A presentation or depiction of a policy issued after
			 the effective date of January 1, 1998, the effective date of Chapter 482-1-114
			 that includes nonguaranteed elements over a period of years shall be governed
			 by that chapter.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.08 - Failure To Comply

Current through Register Vol. 42, No. 9, June 28, 2024
Failure of an insurer to provide or deliver a Buyer's Guide, an
				in force illustration, a policy summary or policy data as provided in Rule
				482-1-131-.05 shall constitute an
				omission that misrepresents the benefits, advantages, conditions or terms of an
				insurance policy.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.09 - Separability

Current through Register Vol. 42, No. 9, June 28, 2024
If any provisions of this chapter be held invalid, the
				remainder shall not be affected.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION › Section 482-1-131-.10 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This rule shall become effective January 1, 2005, 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,
				  27-12-1,
et
seq
.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.01 - Statutory Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is adopted and promulgated by the Commissioner of
				Insurance pursuant to the authority set forth in Section
				27-2-17,
Code of Ala.
				1975
. This chapter will rescind and supersede Departmental
				Regulation No. 69 dated August 15, 1992.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.02 - Purpose

Current through Register Vol. 42, No. 9, June 28, 2024
The purpose of this chapter is to set forth minimum standards
				and guidelines to assure a full and truthful disclosure to the public of all
				material and relevant information in the advertising of life insurance policies
				and annuity contracts.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.03 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
For the purpose of this chapter:
(a)
1.
			 Advertisement. Material designed to create public interest in life insurance or
			 annuities or in an insurer, or in an insurance producer; or to induce the
			 public to purchase, increase, modify, reinstate, borrow on, surrender, replace
			 or retain a policy including:
(i) Printed and
			 published material, audiovisual material and descriptive literature of an
			 insurer or insurance producer used in direct mail, newspapers, magazines, radio
			 and television scripts, telemarketing scripts, billboards and similar displays,
			 and the Internet or any other mass communication media.
(ii) Descriptive literature and printed or
			 pre-recorded sales aids of all kinds, authored by the insurer, its insurance
			 producers, or third parties, issued, distributed or used by the insurer or
			 insurance producer; including but not limited to circulars, leaflets, booklets,
			 web pages, depictions, illustrations and form letters;
(iii) Printed or pre-recorded material used
			 for the recruitment, training and education of an insurer's insurance producers
			 which is designed to be used or is used to induce the public to purchase,
			 increase, modify, reinstate, borrow on, surrender, replace or retain a
			 policy;
(iv) Printed or
			 pre-recorded sales talks, presentations and materials for use by insurance
			 producers.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.04 - Applicability

Current through Register Vol. 42, No. 9, June 28, 2024
(1) This chapter
			 shall apply to any life insurance or annuity advertisement intended for
			 dissemination in this state. In variable contracts where disclosure
			 requirements are established pursuant to federal regulation, this chapter shall
			 be interpreted so as to eliminate conflict with federal regulation.
(2) All advertisements, regardless of by whom
			 written, created, designed or presented, shall be the responsibility of the
			 insurer, as well as the producer who created or presented the advertisement.
			 Insurers shall establish and at all times maintain a system of control over the
			 content, form and method of dissemination of all advertisements of its
			 policies. A system of control shall include regular and routine notification,
			 at least once a year, to agents, brokers and others authorized by the insurer
			 to disseminate advertisements of the requirement and procedures for company
			 approval prior to the use of any advertisements that is not furnished by the
			 insurer and that clearly sets forth within the notice the most serious
			 consequence of not obtaining the required prior approval.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.05 - Form And Content Of Advertisements

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Advertisements shall be truthful and not
			 misleading in fact or by implication. The form and content of an advertisement
			 of a policy shall be sufficiently complete and clear so as to avoid deception.
			 It shall not have the capacity or tendency to mislead or deceive. Whether an
			 advertisement has the capacity or tendency to mislead or deceive shall be
			 determined by the Commissioner of Insurance from the overall impression that
			 the advertisement may be reasonably expected to create upon a person of average
			 education or intelligence within the segment of the public to which it is
			 directed.
(2) No advertisement
			 shall use the terms "investment," "investment plan," "founder's plan," "charter
			 plan," "deposit," "expansion plan," "profit," "profits," "profit sharing,"
			 "interest plan," "savings," "savings plan," "private pension plan," "retirement
			 plan" or other similar terms in connection with a policy in a context or under
			 such circumstances or conditions as to have the capacity or tendency to mislead
			 a purchaser or prospective purchaser of such policy to believe that he will
			 receive, or that it is possible that he will receive, something other than a
			 policy or some benefit not available to other persons of the same class and
			 equal expectation of life.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.07 - Identity Of Insurer

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The
			 name of the insurer shall be clearly identified in all advertisements about the
			 insurer or its products, and if any specific individual policy is advertised it
			 shall be identified either by form number or other appropriate description. If
			 an application is a part of the advertisement, the name of the insurer shall be
			 shown on the application. However, if an advertisement contains a listing of
			 rates or features that is a composite of several different policies or
			 contracts of different insurers, the advertisement shall so state, shall
			 indicate, if applicable, that not all policies or contracts on which the
			 composite is based may be available in all states, and shall provide a rating
			 of the lowest rated insurer and reference the rating agency, but need not
			 identify each insurer. If an advertisement identifies the issuing insurers,
			 insurance issuer ratings need not be stated.
(2) An advertisement shall not use a trade
			 name, an insurance group designation, name of the parent company of the
			 insurer, name of a particular division of the insurer, a reinsurer of the
			 insurer, service mark, slogan, symbol or other device or reference without
			 disclosing the name of the insurer, if the advertisement would have the
			 capacity or tendency to mislead or deceive as to the true identity of the
			 insurer or create the impression that a company other than the insurer would
			 have any responsibility for the financial obligation under a policy.
(3) An advertisement shall not use any
			 combination of words, symbols or physical materials that by their content,
			 phraseology, shape, color or other characteristics are so similar to a
			 combination of words, symbols or physical materials used by a governmental
			 program or agency or otherwise appear to be of such a nature that they tend to
			 mislead prospective insureds into believing that the solicitation is in some
			 manner connected with a governmental program or agency.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.08 - Jurisdictional Licensing And Status Of Insurer

Current through Register Vol. 42, No. 9, June 28, 2024
(1) An advertisement that is intended to be
			 seen or heard beyond the limits of the jurisdiction in which the insurer is
			 licensed shall not imply licensing beyond those limits.
(2) An advertisement may state that an
			 insurer or insurance producer is licensed in a particular state or states
			 provided it does not exaggerate that fact or suggest or imply that competing
			 insurers or insurance producers may not be so licensed.
(3) An advertisement shall not create the
			 impression that the insurer, its financial condition or status, the payment of
			 its claims or the merits, desirability, or advisability of its policy forms or
			 kinds of plans of insurance are recommended or endorsed by any governmental
			 entity. However, where a governmental entity has recommended or endorsed a
			 policy form or plan, that fact may be stated if the entity authorizes its
			 recommendation or endorsement to be used in an advertisement.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.09 - Statements About The Insurer

Current through Register Vol. 42, No. 9, June 28, 2024
An advertisement shall not contain statements, pictures or
				illustrations that are false or misleading, in fact or by implication, with
				respect to the assets, liabilities, insurance in force, corporate structure,
				financial condition, age or relative position of the insurer in the insurance
				business. An advertisement shall not contain a recommendation by any commercial
				rating system unless it clearly defines the scope and extent of the
				recommendation including, but not limited to, the placement of insurer's rating
				in the hierarchy of the rating system cited.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.10 - Enforcement Procedures

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Each
			 insurer shall maintain at its home or principal office a complete file
			 containing a specimen copy of every printed, published or prepared
			 advertisement of its individual policies and specimen copies of typical
			 printed, published or prepared advertisements of its blanket, franchise and
			 group policies, hereafter disseminated in this state, with a notation
			 indicating the manner and extent of distribution and the form number of any
			 policy advertised. The file shall be subject to inspection by the department.
			 All advertisements shall be maintained in the file for a period of five (5)
			 years after discontinuance of its use or publication.
(2) If the commissioner determines that an
			 advertisement has the capacity or tendency to mislead or deceive the public,
			 the commissioner may require an insurer or insurance producer to submit all or
			 any part of the advertising material for review or approval prior to
			 use.
(3) Each insurer subject to
			 the provisions of this chapter shall file with the commissioner with its annual
			 statement a certificate of compliance executed by an authorized officer of the
			 insurer stating that to the best of his or her knowledge, information and
			 belief the advertisements that were disseminated by or on behalf of the insurer
			 in this state during the preceding statement year, or during the portion of the
			 year when these rules were in effect, complied or were made to comply in all
			 respects with the provisions of these rules and the insurance laws of this
			 state as implemented and interpreted by 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 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.11 - Penalties

Current through Register Vol. 42, No. 9, June 28, 2024
An insurer or its officer, directors, producers or employees
				that violate any of the provisions of this chapter, or knowingly participate in
				or abet such violation, shall be subject to a fine up to $1000 for each
				violation and suspension or revocation of its certificate of authority or
				license.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.12 - Conflict With Other Laws Or Regulations

Current through Register Vol. 42, No. 9, June 28, 2024
It is not intended that this chapter conflict with or supersede
				any regulations currently in force or subsequently adopted in this state
				governing specific aspects of the sale or replacement of life insurance
				including, but not limited to, laws or regulations dealing with life insurance
				cost comparison indices, deceptive practices in the sale of life insurance,
				replacement of life insurance policies, illustration of life insurance
				policies, and annuity disclosure. Consequently, no disclosure pursuant to or
				required under those regulations shall be deemed to be an advertisement within
				the meaning 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 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.13 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any section, term or provision of this chapter shall be
				judged invalid for any reason, that judgment shall not affect, impair or
				invalidate any other section, term or provision of this chapter, and the
				remaining sections, terms and provisions shall be and remain in full force and
				effect.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-132 - ADVERTISEMENTS OF LIFE INSURANCE AND ANNUITIES REGULATION › Section 482-1-132-.14 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter shall become effective on January 1, 2005, 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.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.01 - Authority

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter is made and promulgated by the Commissioner of
				Insurance pursuant to the authority set forth in Section
				27-2-17,
Code of Ala.
				1975
. This chapter will rescind and supersede Departmental
				Regulation No. 70 dated April 1, 1981.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.05 - Duties Of Insurers That Use Producers

Current through Register Vol. 42, No. 9, June 28, 2024
Each insurer shall:
(a) Maintain a system of supervision and
			 control to insure compliance with the requirements of this chapter that shall
			 include at least the following:
1. Inform its
			 producers of the requirements of this chapter and incorporate the requirements
			 of this chapter into all relevant producer training manuals prepared by the
			 insurer;
2. Provide to each
			 producer a written statement of the company's position with respect to the
			 acceptability of replacements providing guidance to its producer as to the
			 appropriateness of these transactions;
3. A system to review the appropriateness of
			 each replacement transaction that the producer does not indicate is in accord
			 with Rule
			 482-1-133-.05(a)2
			 above;
4. Procedures to confirm
			 that the requirements of this chapter have been met; and
5. Procedures to detect transactions that are
			 replacements of existing policies or contracts by the existing insurer, but
			 that have not been reported as such by the applicant or producer. Compliance
			 with this chapter may include, but shall not be limited to, systematic customer
			 surveys, interviews, confirmation letters, or programs of internal
			 monitoring;
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.06 - Duties Of Replacing Insurers That Use Producers

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Where a replacement is involved in the
			 transaction, the replacing insurer shall:
(a)
			 Verify that the required forms are received and are in compliance with this
			 chapter;
(b) Notify any other
			 existing insurer that may be affected by the proposed replacement within five
			 (5) business days of receipt of a completed application indicating replacement
			 or when the replacement is identified if not indicated on the application, and
			 mail a copy of the available illustration or policy summary for the proposed
			 policy or available disclosure document for the proposed contract within five
			 (5) business days of a request from an existing insurer;
(c) Be able to produce copies of the
			 notification regarding replacement required in Rule
			 482-1-133-.04(2),
			 indexed by producer, for at least five (5) years or until the next regular
			 examination by the insurance department of a company's state of domicile,
			 whichever is later; and
(d) Provide
			 to the policy or contract owner notice of the right to return the policy or
			 contract within thirty (30) days of the delivery of the contract and receive an
			 unconditional full refund of all premiums or considerations paid on it,
			 including any policy fees or charges or, in the case of a variable or market
			 value adjustment policy or contract, a payment of the cash surrender value
			 provided under the policy or contract plus the fees and other charges deducted
			 from the gross premiums or considerations or imposed under such policy or
			 contract; such notice may be included in Appendix A or C.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.07 - Duties Of The Existing Insurer

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Where a replacement is involved in the
			 transaction, the existing insurer shall:
(a)
			 Retain and be able to produce all replacement notifications received, indexed
			 by replacing insurer, for at least five (5) years or until the conclusion of
			 the next regular examination conducted by the Insurance Department of its state
			 of domicile, whichever is later.
(b) Send a letter to the policy or contract
			 owner of the right to receive information regarding the existing policy or
			 contract values including, if available, an in force illustration or policy
			 summary if an in force illustration cannot be produced within five (5) business
			 days of receipt of a notice that an existing policy or contract is being
			 replaced. The information shall be provided within five (5) business days of
			 receipt of the request from the policy or contract owner.
(c) Upon receipt of a request to borrow,
			 surrender or withdraw any policy values, send a notice, advising the policy
			 owner that the release of policy values may affect the guaranteed elements,
			 non-guaranteed elements, face amount or surrender value of the policy from
			 which the values are released. The notice shall be sent separate from the check
			 if the check is sent to anyone other than the policy owner. In the case of
			 consecutive automatic premium loans, the insurer is only required to send the
			 notice at the time of the first loan.
Author:
Commissioner of Insurance
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.08 - Duties Of Insurers With Respect To Direct Response Solicitations

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In the case of
			 an application that is initiated as a result of a direct response solicitation,
			 the insurer shall require, with or as part of each completed application for a
			 policy or contract, a statement asking whether the applicant, by applying for
			 the proposed policy or contract, intends to replace, discontinue or change an
			 existing, in-force policy or contract covering the same insured or annuitant.
			 If the applicant indicates a replacement or change is not intended or if the
			 applicant fails to respond to the statement, the insurer shall send the
			 applicant, with the policy or contract, a notice regarding replacement in
			 Appendix B, or other substantially similar form approved by the
			 commissioner.
(2) If the insurer
			 has proposed the replacement or if the applicant indicates a replacement is
			 intended and the insurer continues with the replacement, the insurer shall:
(a) Provide to applicants or prospective
			 applicants with the policy or contract a notice, as described in Appendix C, or
			 other substantially similar form approved by the commissioner. In these
			 instances the insurer may delete the references to the producer, including the
			 producer's signature, and references not applicable to the product being sold
			 or replaced, without having to obtain approval of the form from the
			 commissioner. The insurer's obligation to obtain the applicant's signature
			 shall be satisfied if it can demonstrate that it has made a diligent effort to
			 secure a signed copy of the notice referred to in this paragraph. The
			 requirement to make a diligent effort shall be deemed satisfied if the insurer
			 includes in the mailing a self-addressed postage prepaid envelope with
			 instructions for the return of the signed notice referred to in this rule;
			 and
(b) Comply with the
			 requirements of Rule
			 482-1-133-.06(1)(b),
			 if the applicant furnishes the names of the existing insurers, and the
			 requirements of Rules
			 482-1-133-.06(1)(c),
			 482-1-133-.06(1)(d)
			 and 482-1-133-.06(2).
Author:
Commissioner of Insurance
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.09 - Violations And Penalties

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any
			 failure to comply with this chapter shall be considered a violation of Section
			 27-12-1
et
seq
.,
Code of
			 Ala. 1975
. Examples of violations include:
(a) Any deceptive or misleading information
			 set forth in sales material;
(b)
			 Failing to ask the applicant in completing the application the pertinent
			 questions regarding the possibility of financing or replacement;
(c) The intentional incorrect recording of an
			 answer;
(d) Advising an applicant
			 to respond negatively to any question regarding replacement in order to prevent
			 notice to the existing insurer; or
(e) Advising a policy or contract owner to
			 write directly to the company in such a way as to attempt to obscure the
			 identity of the replacing producer or company.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.10 - Severability

Current through Register Vol. 42, No. 9, June 28, 2024
If any section or portion of a section of this chapter, or its
				applicability to any person or circumstances, is held invalid by a court, the
				remainder of this chapter, or the applicability of its provisions to other
				persons, shall not be affected
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Section 482-1-133-.11 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
The provisions of this chapter shall become effective January
				1, 2005, 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.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-133 - LIFE INSURANCE AND ANNUITIES REPLACEMENT REGULATION › Appendix B - Notice Regarding Replacements For Direct Response Insurers

Current through Register Vol. 42, No. 9, June 28, 2024
Are you thinking about buying a new life insurance policy or
				annuity and discontinuing or changing an existing one? If you are, your
				decision could be a good one-or a mistake. You will not know for sure unless
				you make a careful comparison of your existing benefits and the proposed policy
				or contract's benefits.
Make sure you understand the facts. You should ask the company
				or agent that sold you your existing policy or contract to give you information
				about it.
Hear both sides before you decide. This way you can be sure you
				are making a decision that is in your best interest.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Section 482-1-134-.01 - Introduction

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Purpose and
			 Scope.
(a) The purpose of this chapter is to
			 implement Chapter 36A of Title 27 of the Alabama Insurance Code, beginning with
			 Section 27-36A-1,
Code of Ala.
			 1975
.
(b) These
			 standards apply to all individual and group health (accident and sickness)
			 insurance coverages including single premium credit disability insurance. All
			 other credit insurance is not subject to this chapter.
(c) When an insurer determines that adequacy
			 of its health insurance reserves requires reserves in excess of the minimum
			 standards specified herein, such increased reserves shall be held and shall be
			 considered the minimum reserves for that insurer.
(d) With respect to any block of contracts,
			 or with respect to an insurer's health business as a whole, a prospective gross
			 premium valuation is the ultimate test of reserve adequacy as of a given
			 valuation date. Such a gross premium valuation will take into account, for
			 contracts in force, in a claims status, or in a continuation of benefits status
			 on the valuation date, the present value as of the valuation date of: all
			 expected benefits unpaid, all expected expenses unpaid, and all unearned or
			 expected premiums, adjusted for future premium increases reasonably expected to
			 be put into effect.
(e) Such a
			 gross premium valuation is to be performed whenever a significant doubt exists
			 as to reserve adequacy with respect to any major block of contracts, or with
			 respect to the insurer's health business as a whole. In the event inadequacy is
			 found to exist, immediate loss recognition shall be made and the reserves
			 restored to adequacy. Adequate reserves (inclusive of claim, premium and
			 contract reserves, if any) shall be held with respect to all contracts,
			 regardless of whether contract reserves are required for such contracts under
			 these standards.
(f) Whenever
			 minimum reserves, as defined in these standards, exceed reserve requirements as
			 determined by a prospective gross premium valuation, such minimum reserves
			 remain the minimum requirement under these standards.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Section 482-1-134-.02 - Claim Reserves

Current through Register Vol. 42, No. 9, June 28, 2024
(1) General.
(a) Claim reserves are required for all
			 incurred but unpaid claims on all health insurance policies. For contracts with
			 an elimination period, the duration of disablement shall be measured as dating
			 from the time that benefits would have begun to accrue had there been no
			 elimination period.
(b) Appropriate
			 claim expense reserves are required with respect to the estimated expense of
			 settlement of all incurred but unpaid claims.
(c) All such reserves for prior valuation
			 years are to be tested for adequacy and reasonableness along the lines of claim
			 runoff schedules in accordance with the statutory financial statement including
			 consideration of any residual unpaid liability.
(d) For claim reserves on policies that
			 require contract reserves, the claim incurral date is to be considered the
			 "issue date" for determining the table and interest rate to be used for claim
			 reserves.
(e) The maximum interest
			 rate for claim reserves is specified in Appendix A.
(f) With respect to claim reserves for
			 policies issued before the operative date of the Valuation Manual, the
			 requirements for claim reserves on claims incurred after that date shall be as
			 described in the Valuation Manual based on the incurred date of the
			 claim.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Section 482-1-134-.03 - Premium Reserves

Current through Register Vol. 42, No. 9, June 28, 2024
(1) General.
(a) Except as noted in subparagraph (b),
			 unearned premium reserves are required for all contracts with respect to the
			 period of coverage for which premiums, other than premiums paid in advance,
			 have been paid beyond the date of valuation.
(b) Single premium credit disability
			 insurance, both individual and group, is excluded from unearned premium reserve
			 requirements of this rule.
(c) If
			 premiums due and unpaid are carried as an asset, the premiums must be treated
			 as premiums in force, subject to unearned premium reserve determination. The
			 value of unpaid commissions, premium taxes and the cost of collection
			 associated with due and unpaid premiums shall be carried as an offsetting
			 liability.
(d) The gross premiums
			 paid in advance for a period of coverage commencing after the next premium due
			 date which follows the date of valuation may be appropriately discounted to the
			 valuation date and shall be held either as a separate liability or as an
			 addition to the unearned premium reserve which would otherwise be required as a
			 minimum.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Section 482-1-134-.04 - Contract Reserves

Current through Register Vol. 42, No. 9, June 28, 2024
(1) General
(a) Contract reserves are required, unless
			 otherwise specified in Rule subparagraph (b) for either of the following:
1. All individual and group contracts with
			 which level premiums are used.
2.
			 All individual and group contracts with respect to which, due to the gross
			 premium pricing structure at issue, the value of the future benefits at any
			 time exceeds the value of any appropriate future valuation net premiums at that
			 time. This evaluation may be applied on a rating block basis if the total
			 premiums for the block were developed to support the total risk assumed and
			 expected expenses for the block each year, and a qualified actuary certifies
			 the premium development. The actuary should state in the certification that
			 premiums for the rating block were developed such that each year's premium was
			 intended to cover that year's costs without any prefunding. If the premium is
			 also intended to recover costs for any prior years, the actuary should also
			 disclose the reasons for and magnitude of such recovery. The values specified
			 in this subparagraph shall be determined on the basis specified in paragraph
			 (2).
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Section 482-1-134-.05 - Reinsurance

Current through Register Vol. 42, No. 9, June 28, 2024
Increases to, or credits against reserves carried, arising
				because of reinsurance assumed or reinsurance ceded, must be determined in a
				manner consistent with these minimum reserve standards and with all applicable
				provisions of the reinsurance contracts which affect the insurer's
				liabilities.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-36-7.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Section 482-1-134-.06 - Effective Date

Current through Register Vol. 42, No. 9, June 28, 2024
The provisions of 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,
				  27-36-7.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-134 - HEALTH INSURANCE RESERVES › Appendix C - Reserves For Waiver Of Premium

Current through Register Vol. 42, No. 9, June 28, 2024
(SUPPLEMENTARY EXPLANATORY MATERIAL)
Waiver of premium reserves involve several special
				considerations. First, the disability valuation tables promulgated by the NAIC
				are based on exposures that include contracts on premium waiver as in-force
				contracts. Hence, contract reserves based on these tables are NOT reserves on
				"active lives" but rather reserves on contracts "in force". This is true for
				the 1964 CDT and for both the "1985 CIDA and CIDB tables".
Accordingly, tabular reserves using any of these tables should
				value reserves on the following basis:
Claim reserves should include reserves for premiums expected to
				be waived, valuing as a minimum the valuation net premium being waived.
Premium reserves should include contracts on premium waiver as
				in-force contracts, valuing as a minimum the unearned modal valuation net
				premium being waived.
Contract reserves should include recognition of the waiver of
				premium benefit in addition to other contract benefits provided for, valuing as
				a minimum the valuation net premium to be waived.
If an insurer is, instead, valuing reserves on what is truly an
				active life table, or if a specific valuation table is not being used but the
				insurer's gross premiums are calculated on a basis that includes in the
				projected exposure only those contracts for which premiums are being paid, then
				it may not be necessary to provide specifically for waiver of premium reserves.
				Any insurer using such a true "active life" basis should carefully consider,
				however, whether or not additional liability should be recognized on account of
				premiums waived during periods of disability or during claim
				continuation.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §§
										27-2-17,
				  27-36-7.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.01 - 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 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.02 - Purpose And Scope

Current through Register Vol. 42, No. 9, June 28, 2024
This chapter implements a non- adversarial alternative dispute
				resolution procedure for a facilitated claim resolution conference prompted by
				the need for effective, fair, and timely handling of personal lines insurance
				claims arising out of damages to residential property caused by hurricanes,
				tropical storms, tornados, and other disasters. The Commissioner will issue a
				bulletin indicating when the provisions of this Chapter apply. Before resorting
				to these procedures, insureds and insurers are encouraged to resolve claims as
				quickly and fairly as possible. The procedure established by this chapter is
				available to all first party claimants prior to engaging counsel, or commencing
				either litigation or the appraisal process, who have residential property lines
				claims resulting from damage occurring in the State of Alabama. This chapter
				does not apply to commercial insurance, private passenger motor vehicle
				insurance or to liability coverage contained in insurance policies.
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.03 - Definitions

Current through Register Vol. 42, No. 9, June 28, 2024
The following definitions apply to the terms of this chapter as
				used herein:
(1) CLAIM. Any matter on
			 which there is a dispute or for which the insurer has denied payment due to
			 claim arising out of damages to residential property caused by hurricanes and
			 tropical storms, tornados, and other disasters. Unless the parties agree to
			 meditate a claim involving a lesser amount, a "claim" involves the insured
			 requesting $500 or more to settle the dispute or the difference between the
			 positions of the parties is $500 or more, in either case notwithstanding any
			 applicable deductible. "Claim" does not include a dispute with respect to which
			 the insurer has reported allegations of fraud, based on an investigation by the
			 insurer, to the Department.
(2)
			 DEPARTMENT. The Alabama Department of Insurance.
(3) INSURER. An insurer, as defined in
			 Section 27-1-2, authorized to provide
			 property insurance on risks located in the State of Alabama.
(4) MEDIATOR. An individual selected by the
			 Department and approved by the parties to meditate disputes pursuant to this
			 chapter. The mediators will be selected from a panel of mediators approved by
			 the Alabama Department of Insurance.
(5) PARTY OR PARTIES. The insured and his or
			 her insurer, including the Alabama Insurance Underwriting Association (Beach
			 Pool), the National Flood Insurance Program and insurers who write flood
			 insurance in conjunction with the National Flood Insurance Program, when
			 applicable.
Author:
Commissioner of Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.
Alabama Administrative Code › Title 482 - ALABAMA DEPARTMENT OF INSURANCE › Chapter 482-1-135 - MEDIATION ALTERNATIVE PROCEDURES FOR RESOLUTION OF DISPUTED PERSONAL LINES INSURANCE CLAIMS ARISING FROM HURRICANE, TROPICAL STORM, TORNADOS AND OTHER DISASTERS DAMAGE › Section 482-1-135-.04 - Notification Of Right To Mediate

Current through Register Vol. 42, No. 9, June 28, 2024
Within sixty (60) days of the time an insurer receives a
				first-party claim, and provided the claim has not been resolved, the insurer
				shall mail to the insured a mediation notice of the right to mediate disputed
				claims. Mediation notification shall be in writing and shall be legible,
				conspicuous, and printed in at least 12-point type. The notice shall contain
				the following statement: "The Commissioner of Insurance for the State of
				Alabama, has adopted regulations to facilitate the fair and timely handling of
				residential property insurance claims arising out of the hurricanes, tropical
				storms, tornados, and other disasters. The regulations give you the opportunity
				to attend a mediation conference with your insurer in order to settle any
				dispute you may have with your insurer about your hurricane or tropical storm
				claim. You can start the mediation process 21 days after the date of this
				mediation notice by calling the Alabama Department of Insurance at the Consumer
				Services Division, 334-241-4143; by faxing a request to the Alabama Department
				of Insurance at 334-240-4409; or by mail directed to: Consumer Services
				Division, 201 Monroe Street, Suite 1700, Montgomery, Alabama 36130-3351. An
				independent mediator selected by the Alabama Department of Insurance and
				approved by you and the insurance company, who has no connection with the
				insurance company, will be in charge of the mediation conference."
Author:
Commissioner of
				Insurance
Statutory Authority:
Code of Ala.
				  1975
, §
										27-2-17.