Section 3.26.750. Applicability.

	(a)  The provisions of 3 AAC 26.750 - 3 AAC 26.769 apply to a group or individual annuity contract except   
		(1) a registered or non-registered variable annuity contract or other registered product; in this paragraph, "registered" means subject to the registration and prospectus delivery requirements under 15 U.S.C. 77e (sec. 5 of the Securities Act of 1933);   
		(2) an immediate or deferred annuity that does not contain a non-guaranteed element;  
		(3) an annuity that is not subject to (b) of this section and is used to fund  
			(A) an employee pension 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) or 26 U.S.C. 403(b) (Internal Revenue Code), if the plan, for purposes of 29 U.S.C. 1001 - 1461, is established or maintained by an employer;  
			(C) a governmental or church plan defined in 26 U.S.C. 414 (Internal Revenue Code);   
			(D) a deferred compensation plan of a state or local government or tax-exempt organization under 26 U.S.C. 457 (Internal Revenue Code); or  
			(E) a nonqualified deferred compensation arrangement under 26 U.S.C. 409A (Internal Revenue Code) established or maintained by an employer or plan sponsor;   
		(4) a settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process;  
		(5) a qualified charitable gift annuity as defined in AS 21.03.070(h); or  
		(6) an insurance contract that provides guaranteed principal repayment and interest payments for a predetermined period of time.   
	(b)  Notwithstanding (a)(3) of this section, the provisions of 3 AAC 26.750 - 3 AAC 26.769 apply to an annuity used to fund a plan or arrangement   
		(1) that is funded solely by contributions an employee elects to make on a before-tax or after-tax basis;   
		(2) for which the insurer has received notification that plan participants may choose from among two or more insurers' annuity contracts; and   
		(3) for which an insurance producer directly solicits employees to purchase the annuity contract; for purposes of this paragraph, a meeting held by an insurance producer solely for the purpose of educating or enrolling employees in the plan or arrangement is not considered a direct solicitation     

Authorities

21.06.090;21.36.020;21.06.030;21.36.040;21.06.050;21.36.900;01.05.031;21.36.150;44.62.125

Notes

Reference

3 AAC 26.750
3 AAC 26.769
3 AAC 26.778

Authority

AS 21.06.090 AS 21.36.020 AS 21.06.030 AS 21.36.040 AS 21.06.050 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 26.750, so that the citation to former AS 21.36.150 now refers to the renumbered statute, AS 21.36.900.

History

Eff. 7/25/2008, Register 187

References

3.26.750