Alaska Administrative Code (Last Updated: January 12, 2017) |
Title 3. Commerce, Community, and Economic Development. |
Part 3.1. Banking, Securities, Small Loans and Corporations. |
Chapter 3.26. Trade Practices. |
Article 3.26.1. Unfair Claims Settlement Acts or Practices. |
Section 3.26.430. Applicability.
Latest version.
-
(a) The provisions of 3 AAC 26.430 - 3 AAC 26.449 apply to a solicitation or sale of a life insurance or annuity product by an insurer or insurance producer to an active duty service member of the United States armed forces, except for a solicitation or sale involving (1) consumer credit insurance; in this paragraph, "consumer credit insurance" has the meaning given in AS 21.57.160; (2) a group life insurance policy or group annuity contract (A) in which in-person, face-to-face solicitation of individuals by an insurance producer does not take place; or (B) if the contract or certificate does not include a side fund; (3) an application to an insurer that issued an existing life insurance policy or annuity contract to (A) exercise a contractual change or conversion privilege; (B) replace the existing policy or contract by the same insurer under a program filed with and approved by the director; or (C) exercise a term conversion privilege among corporate affiliates; (4) an individual stand-alone health insurance policy, including a disability income policy; (5) a contract offered by Servicemembers' Group Life Insurance or Veterans' Group Life Insurance, as authorized by 38 U.S.C. 1965 - 1980A; (6) a life insurance contract offered through or by a nonprofit military association qualifying under 26 U.S.C. 501(c)(23) (Internal Revenue Code) and that is not underwritten by an insurer; or (7) a life insurance policy or annuity contract that is used to fund (A) an employee pension or welfare benefit plan covered under 29 U.S.C. 1001 - 1461 (Employee Retirement Income Security Act of 1974); (B) a plan described in 26 U.S.C. 401(a) or (k), 26. U.S.C. 403(b), or 26 U.S.C. 408(k) or (p) (Internal Revenue Code), if the plan is established or maintained by an employer; (C) a governmental or church plan defined in 26 U.S.C. 414 (Internal Revenue Code), including a governmental or church welfare benefit plan; (D) a deferred compensation plan of a state or local government or tax exempt organization under 26 U.S.C. 457 (Internal Revenue Code); (E) a nonqualified deferred compensation arrangement under 26 U.S.C. 409A (Internal Revenue Code) established or maintained by an employer or plan sponsor; (F) a settlement of or assumption of liabilities associated with personal injury litigation or a dispute or claim resolution process; or (G) a formal prepaid funeral contract. (b) Nothing in 3 AAC 26.430 - 3 AAC 26.449 abrogates the ability of an organization to educate members of the United States armed forces in accordance with the United States Department of Defense's DoD Instruction 1344.07 - Personal Commercial Solicitation on DoD Installations or successor directive. (c) Except as provided in (d) of this section, for purposes of 3 AAC 26.430 - 3 AAC 26.449, solicitation does not include (1) a general advertisement; (2) direct mail; (3) Internet marketing; or (4) telephone marketing, if the caller explicitly and conspicuously discloses that the subject matter of the call is life insurance and does not make a statement that avoids a clear and unequivocal statement that life insurance is the subject matter of the solicitation. (d) Notwithstanding (c) of this section, and for purposes of 3 AAC 26.430 - 3 AAC 26.449, a solicitation includes an in-person, face-to-face meeting established by an insurer or insurance producer using one or more of the methods listed in (c) of this section.
Authorities
21.06.090;21.36.020;21.36.030;21.36.040;21.36.050;21.36.900;01.05.031;21.36.150;44.62.125
Notes
Authority
AS 21.06.090 AS 21.36.020 AS 21.36.030 AS 21.36.040 AS 21.36.050 AS 21.36.900 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.150 as AS 21.36.900. 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 26.430, so that the citation to former AS 21.36.150 now refers to the renumbered statute, AS 21.36.900.History
Eff. 12/28/2008, Register 188
References
3.26.430