Section 3.26.780. Records.

	(a)  An insurance producer or insurer shall comply with the requirements of AS 21.27.320 and AS 21.27.350 with respect to all information collected from a consumer and other information used in making a recommendation that was the basis for an annuity contact transaction.  
	(b)  An insurance producer or insurer, if no insurance producer is involved, shall include in its records related to an annuity contract transaction the following:  
		(1) detailed documentation of the insurance producer's or insurer's analysis and grounds for believing that the recommendation is suitable, including documentation of the consumer's objectives and analysis of how the recommended annuity contract meets those objectives;  
		(2) detailed documentation that demonstrates that the insurance producer or insurer has made a reasonable effort  
			(A) to obtain the information necessary to make a suitable recommendation; and  
			(B) to evaluate the accuracy and completeness of the information necessary to make a suitable recommendation.  

Authorities

21.06.090;21.09.320;21.27.350;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 21.09.320 AS 21.27.350 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 26.780, 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

3.26.780