Section 3.26.770. Applicability.

	(a)  Except as provided in (b) of this section, 3 AAC 26.770 - 3 AAC 26.789 apply to a recommendation made by an insurance producer or an insurer, if no insurance producer is involved, to a consumer to purchase or exchange an annuity contract that is individually solicited if the recommendation results in the recommended purchase or exchange.  
	(b)  Unless a provision of 3 AAC 26.770 - 3 AAC 26.789 specifically includes that recommendation, 3 AAC 26.770 - 3 AAC 26.789 do not apply to a transaction involving a  
		(1) direct-response solicitation if the recommendation is not based on information collected from the consumer under 3 AAC 26.770 - 3 AAC 26.789; or   
		(2) contract used to fund  
			(A) an employee pension or welfare benefit plan that is 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 other dispute or claim resolution process; or   
			(G) a formal prepaid funeral contract.  
	(c)  Nothing in 3 AAC 26.770 - 3 AAC 26.789 means that an officer, director, or employee of an insurer that transacts insurance, including making a recommendation to a consumer regarding the suitability of an annuity contract, does not need to be licensed under AS 21.27.  

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 26.770
3 AAC 26.775
3 AAC 26.789

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 26.770, 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 10/16/2011, Register 200

References

3.26.770