reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.150 - Required reports

Current through May 31, 2024
(a) Any company issuing individual variable
				  contracts must mail the following statements to the contractholder at least
				  once in each contract year after the first at the last address known to the
				  company
(1) a statement or statements
				  reporting the investments held in the separate account;
(2) in the case of an annuity contract under
				  which payments have not yet commenced, a statement reporting as of a date not
				  more than four months before the date of mailing,
(A) the number of accumulation units credited
				  to the contract and the dollar value of a unit; or
(B) the value of the contractholder's
				  account; and
(C) in the case of a
				  life insurance policy, a statement of the dollar amount of the death
				  benefit.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.160 - Foreign companies

Current through May 31, 2024
If the law or regulation in the place of domicile of a
					 foreign company provides a degree of protection to the policyholders and the
					 public which is substantially equal to that provided by these regulations, the
					 director, to the extent deemed appropriate by him, may consider compliance with
					 such law or regulation as compliance with these regulations.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.160, so that the citation to former
						AS
						21.42.370(j) now refers to
						the renumbered statute,
						AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.170 - Examination of agents and other persons

Current through May 31, 2024
(a) No agent shall
				  be eligible to sell or offer for sale a variable contract unless prior to
				  making any solicitation or sale of such a contract, he also be licensed as a
				  variable contract agent.
(b) Any
				  agent who participates only in the sale or offering for sale of variable
				  contracts that are not registered under the Federal Securities Act of 1933 need
				  not be licensed as a variable contract agent.
(c) Any agent applying for a license as a
				  variable contract agent shall do so by filing with the division of insurance,
				  "Uniform Form AP for Securities Salesmen, Variable Contract Salesmen and Other
				  Associated Persons."
(d) The
				  licensing as a variable contract agent of any agent complying with (c) of this
				  section, shall not become effective until such agent shall have satisfactorily
				  passed a written examination upon securities and variable contracts. Such
				  examination shall be divided into two parts. Part I shall be on securities
				  generally. Part II shall deal with variable contracts and shall be composed of
				  at least 15 questions, but not more than 50 questions, concerning the history,
				  purpose, regulation, and sale of contracts on a variable basis.
(e) Part I of the examination shall be one of
				  the following and shall be administered by the agency inferred:
(1) any state securities sales examination
				  accepted by the Securities and Exchange Commission;
(2) the National Association of Securities
				  Dealers, Inc. Examination for Principals, or Examination for Qualification as a
				  Registered Representative;
(3) the
				  various securities examinations required by the New York Stock Exchange, the
				  American Stock Exchange, Pacific Stock Exchange, or any other registered
				  national securities exchange;
(4)
				  the Securities and Exchange Commission test given pursuant to sec. 15(b)(8) of
				  the Securities Exchange Act of 1934;
(5) the examination recommended for the
				  testing of variable contract agents by the NAIC when adopted by the insurance
				  department of any state or territory of the United States and approved for use
				  by such department by the Securities and Exchange Commission.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.180 - Information to applicant required of insurance company

Current through May 31, 2024
(a) The following
				  information must be furnished to an applicant for a contract of variable life
				  insurance before the application is completed:
(1) a summary description of the insurance
				  company and its principal activities;
(2) a summary explanation in nontechnical
				  terms of the principal variable features of the contract and of the manner in
				  which the variable benefits reflect the investment experience of a separate
				  account;
(3) a brief description of
				  the investment policy for the separate account with respect to the
				  contract;
(4) a list of investments
				  in the separate account as of a date not earlier than the end of the last year
				  for which an annual statement has been filed;
(5) summary financial statements of the
				  insurance company and its separate accounts based on the last annual statement
				  filed, except that, for a period of four months after filing any annual
				  statement the summary statements may be based on the annual statements
				  immediately preceding the last annual statements filed;
(6) any additional information which the
				  insurance company considers appropriate.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 1 - Variable Contracts › 3 AAC 28.190 - Definitions

Current through May 31, 2024
In
					 3 AAC 28.010 -
					 3 AAC 28.180
(1) "agent" means any person, corporation,
				  partnership, or other legal entity which under the laws of this state is
				  licensed as a life insurance agent, solicitor, general agent, broker, or life
				  insurance broker;
(2) "director"
				  means the director of the division of insurance;
(3) "division" means the division of
				  insurance, Department of Commerce;
(4) "NAIC" means the National Association of
				  Insurance Commissioners;
(5)
				  "variable contract" shall mean any policy or contract which provides for
				  insurance or annuity benefits which may vary according to the investment
				  experience of any separate account or accounts maintained by the insurer as to
				  such policy or contract;
(6)
				  "variable contract agent" shall mean an agent who shall sell or offer to sell
				  any variable contract.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.190, so that the citation to former
						AS
						21.42.370 now refers to the renumbered
						statute, AS
						21.42.315.
Authority:
AS
						21.06.090
AS
						21.42.315
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.310 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 28.310 -
					 3 AAC 28.405 is to protect the public by providing rate,
					 policy form, and operating standards for consumer credit insurance as defined
					 in AS
					 21.57.160.
Authority:
AS
						21.06.090
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.320 - Rights and treatment of debtors

Current through May 31, 2024
(a) A creditor that
				  offers more than one plan of consumer credit insurance for the same type of
				  loan transaction shall inform each debtor of all applicable plans.
(b) A group consumer credit insurance policy
				  under which an insured debtor pays a single premium to the insurer must provide
				  that, if the group policy is terminated, insurance coverage must continue for
				  the insured debtor's contract period.
(c) A group consumer credit insurance policy
				  under which an insured debtor pays premiums on a monthly outstanding-balance
				  basis must provide that, if the group policy is terminated for any reason, the
				  insurer, or the creditor at the option of the insurer, will notify the insured
				  debtor that coverage will be discontinued 30 days after the date the notice is
				  mailed. The notice is not required if replacement coverage is provided by the
				  same or another insurer in the same or greater amount without lapse of
				  coverage.
(d) If an insured debtor
				  prepays the indebtedness from sources other than benefits from a policy of
				  consumer credit insurance, the consumer credit insurance covering the
				  indebtedness must be terminated and the unearned premium refunded to the debtor
				  in accordance with
				  AS
				  21.57.090 and
				  3 AAC 28.360. If a claim under the credit disability
				  insurance or credit unemployment insurance coverage is in progress at the time
				  of prepayment, the claim must continue as if the debt was not
				  prepaid.
(e) If a debtor prepays
				  the indebtedness by the proceeds of a credit life insurance policy covering
				  that debtor, by a lump sum payment of a disability claim under a credit
				  disability insurance policy covering that debtor, or a lump sum payment of an
				  unemployment claim under a credit unemployment insurance policy covering that
				  debtor, the insurer shall, in accordance with
				  AS
				  21.57.090 and
				  3 AAC 28.360, pay to the debtor, to the beneficiary
				  named by the debtor other than the creditor, or to the debtor's estate the
				  amount of the benefits in excess of the amount required to repay the
				  indebtedness after crediting any unearned interest or finance charges, and the
				  following unearned premiums:
(1) the credit
				  disability insurance premium and the credit unemployment premium if the
				  prepayment is from the proceeds of a credit life insurance policy;
(2) the credit life insurance premium and the
				  credit unemployment premium if the prepayment is from the proceeds of a credit
				  disability policy;
(3) the credit
				  life insurance premium and the credit disability premium if the prepayment is
				  from the proceeds of a credit unemployment policy.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.325 - Disclosure to debtors

Current through May 31, 2024
An insurer must disclose the information required by
					 AS
					 21.57.055 in clear and understandable
					 language printed in a conspicuous place in at least 8-point bold face type if
					 coverage is offered on a direct mail basis and at least 10-point bold face type
					 if coverage is offered on any other basis. A verbatim statement of
					 AS
					 21.57.055 is not required.
Authority:
AS
						21.06.090
AS 21.57.055
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.327 - Consumer credit insurance written in connection with lease contracts

Current through May 31, 2024
(a) For
				  purposes of meeting the maximum amount of insurance requirements under
				  AS
				  21.57.040 for consumer credit insurance on
				  lease contracts, the maximum amount of insurance is the sum of the remaining
				  lease payments including, if applicable, the payment of the fixed residual
				  value.
(b) Credit disability and
				  credit unemployment insurance may not be provided on the fixed residual
				  value.
(c) Prima facie rates for
				  consumer credit insurance on lease contracts are the actuarial equivalent of
				  the premium rates established in
				  3 AAC 28.340 -
				  3 AAC 28.352.
Authority:
AS
						21.06.090
AS 21.57.040
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.328 - Multiple consumer credit insurance benefits issued as a package

Current through May 31, 2024
If multiple consumer credit insurance benefits are issued
					 only as a package and not separately, and if a benefit is exhausted, the
					 insurer shall reduce the premium rate by removing any charges for the exhausted
					 benefits.
Authority:
AS
						21.06.090
AS 21.57.080
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.330 - Determination of reasonableness of benefits in relation to premium charge for credit life and credit disability insurance

Current through May 31, 2024
(a) The benefits
				  provided by a credit life or credit disability insurance policy must be
				  reasonable in relation to the premium charged. The director will consider the
				  rate charged reasonable
(1) for a credit life
				  or credit disability insurance policy with standard coverage as described in
				  3 AAC 28.335 if the premium rate charged complies with
				  3 AAC 28.340 and
				  3 AAC 28.350; and
(2) for a credit life or credit disability
				  insurance policy with coverage that would be standard coverage except that
				  evidence of individual insurability is required or requested within 30 days
				  after the date the debtor becomes eligible, if the premium rate charged is the
				  applicable rate in
				  3 AAC 28.340 and
				  3 AAC 28.350 multiplied by 0.9.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.335 - Standard coverage

Current through May 31, 2024
(a) Standard coverage for credit life
				  insurance is coverage that an insurer offers to all eligible debtors, without
				  requiring or requesting evidence of individual insurability on or within 30
				  days before or after the date the debtor becomes eligible, and that contains
				  the following provisions:
(1) coverage for
				  death by any cause, except that the insurer may exclude coverage for death
				  resulting from
(A) war, or an act of
				  war;
(B) suicide within 12 months
				  after the effective date of the coverage; or
(C) a preexisting condition for which the
				  insured received medical advice, diagnosis, or treatment within six months
				  before the effective date of the insured's coverage and that caused or
				  contributed to the death of the insured within six months after the effective
				  date of coverage;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.337 - Underwriting standards and requirements

Current through May 31, 2024
An insurer shall file for approval by the director any form
					 that will be used if the creditor or insurer requests or requires evidence of
					 individual insurability. An insurer shall develop and maintain in its files
					 underwriting standards that include the type of underwriting questions that
					 will be asked and the class of proposed insureds that will be requested or
					 required to respond to those questions as a condition of obtaining credit
					 insurance. The underwriting standards may not unfairly discriminate among
					 individuals of the same class. An insurer shall inform all group policyholders,
					 creditors, and other insurance producers of the applicable underwriting
					 standards and ensure that these standards are followed by the group
					 policyholders, creditors, and other producers.
Authority:
AS
						21.06.090
AS 21.57.080
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.340 - Credit life insurance rates

Current through May 31, 2024
(a) The prima facie
				  rates for credit life insurance with standard coverage written on the insured
				  portion of a debt are as follows:
(1) if the
				  premium is payable on a monthly outstanding balance basis, $.67 per month per
				  $1,000 of outstanding insured net debt on single life and $1.06 per month per
				  $1,000 of outstanding insured net debt on joint life;
(2) if the premium is payable on a single
				  premium basis, the rate must be computed according to the following formula or
				  according to a formula approved by the director that produces rates
				  substantially the same as those produced by the following formula:
CLICK TO
					 VIEW FORMULA
where
Sn
is the single premium per
					 $100 of initial outstanding insured net debt, Op
is the prima
					 facie credit life insurance premium rate for monthly outstanding balance
					 coverage that is not written on an open-end consumer credit basis under (1) of
					 this subsection, and n
is the number of months in the term of the
					 insurance.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.350 - Credit disability insurance rates

Current through May 31, 2024
(a) The prima facie
				  rates for credit disability insurance with standard coverage written on the
				  insured portion of a debt that is repayable in equal monthly installments and
				  decreases uniformly by the amount of the monthly installments paid, are as
				  follows:
(1) if premiums are payable on a
				  single-premium basis, the prima facie rate per $100 of initial outstanding
				  insured gross debt for single life credit disability insurance is as set out in
				  the following table:
14 Day 30 Day Original Number
of Equal Monthly
Installments 14 Day
Retroactive
Policies Non-retro-
active Policies 30 Day
Retroactive
Policies Non-retro-active
Policies
					 61.151.031.020.87121.351.221.201.03241.561.431.411.21361.731.591.561.34481.871.741.701.47602.011.881.831.59722
(2) if premiums are payable on the
				  basis of a premium rate per month per $1,000 of outstanding insured gross debt,
				  premiums must be computed according to the following formula:
CLICK TO
					 VIEW FORMULA
where OP n is the monthly outstanding balance premium rate
					 per $1,000 of outstanding insured gross debt, SP n is the single premium rate
					 per $100 of initial outstanding insured gross debt repayable in n equal monthly
					 installments as shown in (1) of this subsection, and n is the number of months
					 in the term of the insurance.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.352 - Credit unemployment insurance rates and benefits

Current through May 31, 2024
(a) The benefits
				  provided by a credit unemployment insurance policy must be reasonable in
				  relation to the premium charged.
(b) An insurer shall include in a credit
				  unemployment insurance rate filing the appropriate formula and statistics upon
				  which the rates are based. The statistics must include historical company loss
				  and expense experience, to the extent that experience is available, and
				  unemployment statistics for the state as published by the United States
				  Department of Labor, Bureau of Labor Statistics, or similar unemployment
				  statistics from another organization, if the director approves that
				  organization's statistics for credibility and accuracy. An insurer may include
				  as anticipated losses an amount for fluctuation in loss due to catastrophe
				  based on the experience of at least the most recent nine years of data. The
				  amount of fluctuation in loss due to a catastrophe used to develop premium
				  rates may not be higher than the 75th percentile of the state's unemployment
				  rates over that experience period.
(c) A credit unemployment insurance policy
				  must contain benefits at least as favorable to a debtor as the following
				  provisions:
(1) coverage for unemployment for
				  any reason, except that coverage may be excluded for
(A) voluntary forfeiture of salary, wage, or
				  other employment income;
(B)
				  resignation;
(C)
				  retirement;
(D) a general
				  strike;
(E) an illegal
				  walk-out;
(F) war or an act of
				  war;
(G) separation from the
				  military;
(H) wilful or criminal
				  misconduct;
(I) unlawful behavior;
				  or
(J) disability caused by injury,
				  sickness, or pregnancy;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.355 - Limitations on compensation

Current through May 31, 2024
(a) An insurer
				  selling a credit life insurance policy that has been filed and approved at
				  rates higher than the prima facie rates may not pay an insurance producer
				  compensation in excess of 30 percent of the net written prima facie premium
				  established in
				  3 AAC 28.340. Compensation is not limited on a policy
				  written at or below the prima facie rate.
(b) An insurer selling a credit disability
				  insurance policy that has been filed and approved at a rate higher than the
				  prima facie rate may not pay an insurance producer compensation in excess of
				  the prima facie rate multiplied by the percentages given in the table below.
				  Compensation is not limited on a policy written at or below the prima facie
				  rate.
Type of Plan Percent of Prima Facie Premium 14-day
					 retroactive 26 14-day non-retroactive 28 30-day retroactive 30 30-day
					 non-retroactive 34
(c) An
				  insurer may not pay insurance producer compensation in excess of 30 percent of
				  the premium charged for a credit unemployment insurance policy.
Authority:
AS
						21.06.090
AS 21.57.080
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.360 - Refund formulas

Current through May 31, 2024
(a) An insurer may not charge a premium for
				  consumer credit insurance for a loan month in which the policy is terminated
				  within the first 15 days. An insurer may charge a full month's premium if a
				  consumer credit insurance policy is terminated on or after the 16th day of the
				  loan month.
(b) As part of a rate
				  filing an insurer shall file the formula to be used in computing refunds. The
				  method of computing refunds must be clearly stated in a group policy, group
				  certificate, or individual policy.
(c) An insurer is not required to make a
				  refund of $5 or less unless an existing debt is refinanced or
				  consolidated.
Authority:
AS
						21.06.090
AS 21.57.060
AS 21.57.090
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.385 - Supervision of consumer credit insurance operations

Current through May 31, 2024
(a) An insurer
				  transacting consumer credit insurance in this state shall conduct a thorough
				  review of each creditor with which the insurer does business every 24 months
				  beginning no later than 12 months after July 2, 2001 to ensure compliance with
				  applicable state law.
(b) An
				  insurer's review under (a) of this section must include a determination that
(1) premiums the creditor charged to a debtor
				  are the approved charges for use in this state;
(2) the creditor accurately calculated and
				  made refunds;
(3) the creditor
				  promptly filed and properly handled each claim;
(4) each person representing the insurer in
				  the transaction of consumer credit insurance in the state held the appropriate
				  insurance license under AS 21.27; and
(5) each debtor received the disclosure
				  statements required under
				  AS
				  21.57.055 before the purchase of consumer
				  credit insurance.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.390 - Prohibited transactions

Current through May 31, 2024
(a) A consumer
				  credit insurer may not
(1) offer or grant any
				  special favor or advantage, or any valuable consideration or inducement not set
				  out in the insurance contract other than the payment of producers'
				  commissions;
(2) offer to deposit
				  or deposit with a bank or other financial institution, money or securities of
				  the insurer or of any affiliate of the insurer with the design or intent that
				  the deposit of money or securities serve as a compensating balance or
				  offsetting deposit for a loan or other advance;
(3) deposit money or securities with a bank
				  or financial institution without interest or at a lesser rate of interest than
				  is currently being paid other depositors on similar deposits with the bank or
				  financial institution; however, the insurer may maintain demand deposits that
				  are reasonably necessary for use in the ordinary course of business;
(4) sell or offer to sell any capital stock
				  or other security or certificate of debt of the insurer, employee of the
				  insurer, or stockholder of the insurer as an inducement to the sale or
				  placement of consumer credit insurance;
(5) pay or offer to pay any part of the
				  premium for any insurance on the life, health, income, or property of the
				  creditor, an employee of the creditor, or stockholder of the creditor as an
				  inducement to the sale or placement of consumer credit insurance;
(6) extend credit to the creditor by
				  remitting premiums after the grace period of a group policy or beyond 45 days
				  after the effective date of an individual policy; or
(7) engage in any other practices that
				  involve the use of the resources of the insurer for the benefit of the
				  creditor.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.397 - Renewal date

Current through May 31, 2024
Unless otherwise specifically stated in a policy of
					 insurance, the renewal date of a consumer credit insurance group policy is the
					 policy anniversary date. A certificate of insurance issued under a group policy
					 must have a renewal date consistent with the group policy.
Authority:
AS
						21.06.090
AS 21.57.050
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.400 - Compliance date

Current through May 31, 2024
Unless otherwise provided by law, the compliance date of a
					 change under an individual or group insurance policy or any related notice of
					 proposed insurance, insurance disclosure notice, application for insurance,
					 endorsement, rider, or premium rates as a result of a change to this chapter is
					 the issue date for a new policy or the renewal date for a renewal
					 policy.
Authority:
AS
						21.06.090
AS
						21.57.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 4 - Consumer Credit Insurance › 3 AAC 28.405 - Definitions

Current through May 31, 2024
In
					 3 AAC 28.310 -
					 3 AAC 28.405, unless the context requires
					 otherwise,
(1) "evidence of individual
				  insurability" means a statement furnished by a debtor, as a condition of
				  consumer credit insurance becoming effective, that relates specifically to the
				  debtor's
(A) health status;
(B) medical condition, including physical and
				  mental illnesses;
(C) claims
				  experience;
(D) receipt of health
				  care; or
(E) medical
				  history;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.410 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 28.410 -
					 3 AAC 28.510 is to protect the public by
(1) standardizing and simplifying the terms
				  and benefits of medicare supplement policies;
(2) eliminating policy or contract provisions
				  that are misleading or confusing;
(3) providing for full disclosure in the sale
				  of health insurance coverage to persons eligible for medicare; and
(4) facilitating public understanding and
				  comparison of medicare supplement policies.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.060 as
						AS
						21.96.060. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.410, so that the citation to former AS
						21.89.060 now refers to the renumbered statute,
						AS
						21.96.060.
Authority:
AS
						21.06.090
AS 21.36.020
AS 21.36.030
AS 21.36.040
AS 21.36.050
AS 21.42.090
AS 21.42.120
AS 21.42.130
AS 21.86.220
AS 21.87.020
AS 21.87.120
AS 21.87.130
AS 21.87.140
AS 21.87.150
AS 21.87.160
AS 21.87.170
AS 21.87.180
AS
						21.96.060
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.440 - Policy provisions

Current through May 31, 2024
(a) Except for permitted preexisting
				  condition clauses described in
				  3 AAC 28.450,
				  3 AAC 28.453, and
				  3 AAC 28.454, a policy or certificate may not be
				  advertised, solicited, or issued for delivery in this state as a medicare
				  supplement policy if that policy or certificate contains limitations or
				  exclusions on coverage that are more restrictive than those of
				  medicare.
(b) A medicare supplement
				  policy or certificate in force in this state may not contain benefits that
				  duplicate benefits provided by medicare.
(c) A medicare supplement policy or
				  certificate may not exclude, limit, or reduce coverage or benefits for
				  specifically named or described preexisting diseases or physical
				  conditions.
(d) Reserved.
(e) A medicare supplement policy or
				  certificate may not contain the terms "Medicare Supplement," or "Medigap," or
				  words of similar import, unless the policy or certificate is issued in
				  compliance with
				  3 AAC 28.410 -
				  3 AAC 28.510.
(f) Subject to
				  3 AAC 28.450(a) (6) and (7), (d), (f), and (i), and 3 AAC 453(b)(4) and (5), an issuer
				  shall renew, at the option of the policyholder, a medicare supplement policy
				  that includes benefits for outpatient prescription drugs and that was issued
				  before January 1, 2006, if the policyholder does not enroll in medicare Part
				  D.
(g) After December 31, 2005, an
				  issuer may not issue a medicare supplement policy that includes benefits for
				  outpatient prescription drugs.
(h)
				  After December 31, 2005, an issuer may not renew a medicare supplement policy
				  that includes benefits for outpatient prescription drugs if the policyholder
				  enrolls in medicare Part D unless the
(1)
				  policy is modified to remove coverage for outpatient prescription drug expenses
				  incurred by the policyholder after the effective date of policyholder's
				  coverage under medicare Part D; and
(2) premium for the modified policy is
				  adjusted to reflect the removal of the outpatient prescription drug
				  coverage.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.450 - Minimum benefit standards for pre-standardized medicare supplement policies or certificates issued before 7/1/1992

Current through May 31, 2024
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.060 as
						AS
						21.96.060. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.450, so that the citation to former AS
						21.89.060 now refers to the renumbered statute,
						AS
						21.96.060.
Authority:
AS
						21.06.090
AS 21.42.130
AS
						21.96.060
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.452 - Compliance with 42 U.S.C 1395ss (Omnibus Budget Reconciliation Act of 1990)

Current through May 31, 2024
(a) A person who transacts the business of
				  insurance and who provides medicare supplement policies shall comply with all
				  provisions of 42 U.S.C.
				  1395 ss, as amended by the Omnibus Budget
				  Reconciliation Act of 1990.
(b)
				  Certification of compliance with the requirements of (a) of this section must
				  be in the form set out at the end of this subsection. The form must be
				  completed in accordance with the following instructions:
MEDICARE SUPPLEMENT INSURANCE EXPERIENCE
EXHIBIT
For the year ended December 31, 20 _________
________________________
________________________
________________________
NAIC Group Code _________ NAIC Company Code
					 _________
Person Completing This Exhibit _________
To be filed by June 30 following the Annual Statement
					 Filing _________ Incurred Claims _________ Classification Premiums Earned
					 Amount % of Premiums
Earned _________
Experience on individual policies 1. Policies issued
					 through 20 _________ Reporting state . . . . . Nationwide . . . . . 2. Policies
					 issued through 20 _________ Reporting state . . . . . Nationwide . . . . .
					 Experience on group policies 1. Policies issued through 20 _________ Reporting
					 state . . . . . Nationwide . . . . . 2. Policies issued through 20 _________
					 Reporting state . . . . . Nationwide . . . . . _________
The undersigned officer hereby certifies that the company
					 named above has complied with the requirements contained in
					 42 U.S.C.
					 1395ss as amended by Omnibus Budget
					 Reconciliation Act of 1990.
_________
Signature
_________
Title and Name (Please Type)
(1) Experience on policies issued more than
				  three years before the reporting year must be shown separately as indicated on
				  the form. For example, for the reporting year ended 12/31/88 (filed on June 30,
				  1989), experience on policies issued in 1985 and earlier should be shown
				  separately from that of policies issued in 1986 and later. For group insurance,
				  the year of issue should be based on when the certificate was issued if
				  available; otherwise use the master policy year of issue.
(2) Allocation of reserves on the
				  state-by-state basis must be on sound actuarial principles and be consistent
				  from year to year.
(3) Membership
				  or policy fees, if any, must be included with premiums earned. Earned premiums
				  may be shown on an annual basis net of loading for non-annual modes.
(4) Mass-marketed group insurance subject to
				  individual loss ratio standards must be included with individual.
(5) Dividends must be included with incurred
				  claims.
(6) Neither incurred claims
				  nor earned premiums may be adjusted for changes in policy (additional)
				  reserves.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.453 - Minimum benefit standards for 1990 standardized medicare supplement benefit policies or certificates issued in this state on or after 7/1/1992 and with an effective date of coverage before 6/1/2010

Current through May 31, 2024
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.060 as
						AS
						21.96.060. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.453, so that the citation to former AS
						21.89.060 now refers to the renumbered statute,
						AS
						21.96.060.
Authority:
AS
						21.06.090
AS 21.42.130
AS
						21.96.060
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.455 - Standard medicare supplement benefit plans for 1990 standardized medicare supplement benefit policies or certificates issued after 7/1/1992 and with an effective date of coverage before 6/1/2010

Current through May 31, 2024
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former AS 21.89.060 as
						AS
						21.96.060. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 28.455, so that the citation to former AS
						21.89.060 now refers to the renumbered statute,
						AS
						21.96.060.
Authority:
AS
						21.06.090
AS 21.42.130
AS
						21.96.060
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.457 - Open enrollment

Current through May 31, 2024
(a) An issuer may not deny or condition the
				  issuance or effectiveness of a medicare supplement policy or certificate
				  available for sale in this state or discriminate in the pricing of a policy or
				  certificate because of the health status, claims experience, receipt of health
				  care, or medical condition of an individual applying, when an application for
				  that policy or certificate is submitted before or during the six-month period
				  beginning with the first day of the first month in which that individual is
				  both 65 years of age or older and is enrolled for benefits under medicare Part
				  B. A medicare supplement policy or certificate currently available from an
				  insurer must be made available at the time of application to all applicants who
				  qualify under this subsection without regard to age of the applicant. Except as
				  provided in (b) of this section,
				  3 AAC 28.462, and
				  3 AAC 28.507, this section may not be construed to
				  prevent the exclusion of benefits under a policy during the first six months
				  based on a preexisting condition for which the policyholder or certificate
				  holder received treatment or was otherwise diagnosed during the six months
				  before the coverage became effective.
(b) If an applicant qualifies under (a) of
				  this section, submits an application during the time period referenced in (a)
				  of this section, and, as of the date of the application,
(1) has had a continuous period of creditable
				  coverage of at least six months, the issuer may not exclude benefits based on a
				  preexisting condition; or
(2) has
				  had a continuous period of creditable coverage of less than six months, the
				  issuer shall reduce the period of any preexisting condition exclusion by the
				  total of the period of creditable coverage applicable to the applicant as of
				  the enrollment date in a manner specified by the secretary.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.462 - Guaranteed issue for eligible persons

Current through May 31, 2024
(a) Except as
				  provided in (h) of this section, an eligible person is an individual described
				  in (c) of this section who seeks to enroll under the policy during the period
				  specified in (d) of this section, and who submits evidence of the date of the
				  termination, date of withdrawal from enrollment, date of enrollment in medicare
				  Part D, or date of substantial reduction of supplemental health benefits with
				  the application for a medicare supplement policy.
(b) With respect to an eligible person, an
				  issuer
(1) may not deny or condition the
				  issuance or effectiveness of a medicare supplement policy that is offered and
				  is available for issuance to a new enrollee by the issuer;
(2) may not discriminate in the pricing of
				  that medicare supplement policy because of health status, claims experience,
				  receipt of health care, or medical condition; and
(3) may not impose an exclusion of benefits
				  based on a preexisting condition under that medicare supplement
				  policy.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.466 - Standards for claim payment

Current through May 31, 2024
(a) An issuer shall
				  comply with 42 U.S.C.
				  1395 ss(c) (sec. 1882(c)(3) of the Social
				  Security Act, as enacted by sec. 4081(b)(2)(C) of the Ominbus Budget
				  Reconciliation Act of 1987 (OBRA) 1987, Pub. L. No. 100-203), by
(1) accepting a notice from a medicare
				  carrier on dually assigned claims submitted by participating physicians and
				  suppliers as a claim for benefits in place of any other claim form otherwise
				  required and making a payment determination on the basis of the information
				  contained in that notice;
(2)
				  notifying of the payment determination
(A) the
				  participating physician or supplier; and
(B) the beneficiary;
(3) paying the participating physician or
				  supplier directly;
(4) furnishing,
				  at the time of enrollment, each enrollee with a card listing the policy name,
				  number, and a central mailing address to which notices from a medicare carrier
				  may be sent;
(5) paying user fees
				  for claim notices that are transmitted electronically or otherwise;
				  and
(6) providing at least annually
				  to the secretary a central mailing address to which all claims may be sent by
				  medicare carriers.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.468 - Loss ratio standards; refund or credit of premium

Current through May 31, 2024
(a) A medicare
				  supplement policy form or certificate form may not be delivered or issued for
				  delivery in this state unless the policy or certificate form can be expected,
				  as estimated for the entire period for which rates are computed to provide
				  coverage, to return to policyholders and certificate holders in the form of
				  aggregate benefits, not including anticipated refunds or credits, provided
				  under the policy or certificate form of a percentage calculated on the basis of
				  incurred claims experience or incurred health care expenses when coverage is
				  provided by a health maintenance organization on a service, rather than
				  reimbursement basis and earned premiums for the period, and in accordance with
				  accepted actuarial principles and practices, that is
(1) at least 75 percent of the aggregate
				  amount of premiums earned in the case of group policies; or
(2) at least 65 percent of the aggregate
				  amount of premiums earned in the case of individual policies.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 28 - Life, Health, Variable, and Related Insurance › Article 5 - Health Insurance Marketed as Medicare Supplements › 3 AAC 28.472 - Filing and approval of policies, certificates, and premium rates

Current through May 31, 2024
(a) An issuer
				  may not deliver or issue for delivery a policy or certificate to a resident of
				  this state unless the policy or certificate form has been filed with and
				  approved by the director.
(b) An
				  issuer may not use or change premium rates for a medicare supplement policy or
				  certificate unless the rates, rating schedule, and supporting documentation
				  have been filed with and approved by the director.
(c) An issuer may not file for approval more
				  than one form of a policy or certificate of each type for each standard
				  medicare supplement benefit plan except that with the approval of the director,
				  an issuer may offer up to four additional policy forms or certificate forms of
				  the same type for the same standard medicare supplement benefit plan, one for
				  each of the following:
(1) the inclusion of
				  new or innovative benefits;
(2) the
				  addition of either direct response or agent marketing methods;
(3) the addition of either guaranteed issue
				  or underwritten coverage; and
(4)
				  the offering of coverage to individuals eligible for medicare by reason of
				  disability.