Section 3.26.769. Definitions.

In 3 AAC 26.750 - 3 AAC 26.769, unless the context requires otherwise,   
		(1) "buyer's guide" means the National Association of Insurance Commissioners' Buyer's Guide for Deferred Annuities Fixed, dated 2013 and adopted by reference;   
		(2) "contract owner" means the owner named in the annuity contract or, in the case of a group annuity, the contract certificate holder;   
		(3) "determinable elements" means values or amounts derived from processes or methods that are guaranteed at issue, that are not subject to company discretion, and that may not be determined until some time after issue; "determinable elements" includes   
			(A) premiums, credited interest rates, bonuses, benefits values, non-interest based credits, charges, or elements of formulas used to determine any of these; and  
			(B) a value or amount calculated from   
				(i) underlying determinable elements only; or  
				(ii) both determinable and guaranteed elements;  
		(4) repealed 8/20/2016;  
		(5) "generic name" means a short title descriptive of the annuity contract;   
		(6) "guaranteed elements" means the premiums, credited interest rates, bonuses, benefits, values, non-interest based credits, charges, or elements of formulas used to determine any of these, that are guaranteed and determined at issue; "guaranteed elements" includes a value or amount calculated from only guaranteed elements;   
		(7) "insurance producer" has the meaning given in AS 21.27.900;   
		(8) "non-guaranteed elements" means the premiums, credited interest rates, bonuses, benefits, values, non-interest based credits, charges, or elements of formulas used to determine any of these, that are subject to discretion by the insurer and are not guaranteed at issue; "non-guaranteed elements" includes a value or amount calculated from at least one non-guaranteed element;  
		(9) "working day" means a calendar day other than Saturday, Sunday, an official federal holiday, or an official holiday in this state.   

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

Reference

3 AAC 26.750
3 AAC 26.769

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 The National Association of Insurance Commissioners' Buyer's Guide to Fixed Deferred Annuities, dated 1999, and Buyer's Guide to Fixed Deferred Annuities with Appendix for Equity-Indexed Annuities, dated 1999, may be obtained from Division of Insurance, P.O. Box 110805, Juneau, Alaska 99811-0805 or on the division's website at http://www.dced.state.ak.us/insurance/consumerinfo.html, under Insurance Product Information - Annuities. 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 26.769, 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; am 8/20/2016, Register 219

References

3.26.769