Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.360 - Reporting requirements for viatical settlement providers

Current through May 31, 2024
On or before March 1 of each calendar year, the compliance
					 officer of a viatical settlement firm licensed in this state or an individual
					 viatical settlement provider not in a firm licensed in this state shall make a
					 report of all viatical settlement transactions and shall distinguish between
					 transactions with viators who are residents of this state and transactions with
					 all viators in total. The report must contain the following information for the
					 previous calendar year:
(1) for each
				  viatical settlement transaction during the previous calendar year,
(A) the effective date of the viatical
				  settlement contract;
(B) the
				  viator's state of residence on the effective date of the viatical settlement
				  contract;
(C) the mean life
				  expectancy in months of the insured on the effective date of the viatical
				  settlement contract;
(D) the total
				  face amount of the life insurance policy viaticated;
(E) the amount of net death benefit for the
				  life insurance policy viaticated;
(F) the estimated total premiums necessary to
				  keep the life insurance policy in force for the mean life expectancy of each
				  insured;
(G) the proceeds paid to
				  each viator under a viatical settlement contract;
(H) the source of the viaticated policy,
				  whether
(i) from a viatical settlement
				  broker;
(ii) by direct purchase
				  from a viator; or
(iii) through the
				  secondary market, from an entity other than a viator or viatical settlement
				  broker;
(I) a
				  description of the life insurance policy that is the subject of the viatical
				  settlement contract; the description must include an indication of whether the
				  life insurance policy is
(i) group or
				  individual; and
(ii) term, whole,
				  universal, or variable;
(J) whether the life insurance policy is
				  still within the contestable or suicide period at the effective date of the
				  viatical settlement contract;
(K) a
				  classification of the diagnosis of the insured, according to at least one of
				  the following disease categories:
(i)
				  infectious and parasitic diseases except AIDS/HIV;
(ii) AIDS/HIV;
(iii) neoplasms;
(iv) endocrine disorders, nutritional and
				  metabolic diseases, and immunity disorders other than AIDS/HIV;
(v) diseases of the blood and blood-forming
				  organs;
(vi) mental
				  disorders;
(vii) diseases of the
				  nervous system and sense organs;
(viii) diseases of the circulatory
				  system;
(ix) diseases of the
				  respiratory system;
(x) diseases of
				  the digestive system;
(xi) diseases
				  of the genitourinary system;
(xii)
				  complications of pregnancy, childbirth, and the puerperium;
(xiii) diseases of the skin and subcutaneous
				  tissue;
(xiv) diseases of the
				  musculoskeletal system and connective tissue;
(xv) congenital anomalies;
(xvi) certain conditions originating in the
				  perinatal period;
(xvii) symptoms,
				  signs, and ill-defined conditions;
(xviii) injury and poisoning;
(L) how proceeds from the viatical
				  settlement contract were funded, whether by
(i) institutional investors; or
(ii) private investors; and
(M) the name and address of the
				  viatical settlement broker through whom the viatical settlement provider
				  purchased a policy from a viator who resided in this state on the effective
				  date of the viatical settlement contract;