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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.28. Life, Health, Variable, and Related Insurance. |
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Article 3.28.1. Variable Contracts. |
Section 3.28.452. Compliance with 42 U.S.C. 1395ss (Omnibus Budget Reconciliation Act of 1990).
Latest version.
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(a) A person who transacts the business of insurance and who provides medicare supplement policies shall comply with all provisions of 42 U.S.C. 1395ss, as amended by the Omnibus Budget Reconciliation Act of 1990. (b) Certification of compliance with the requirements of (a) of this section must be in the form set out at the end of this subsection. The form must be completed in accordance with the following instructions: MEDICARE SUPPLEMENT INSURANCE EXPERIENCE EXHIBIT For the year ended December 31, 20______ ________________________ ________________________ ________________________ ________________________ ________________________ To be filed by June 30 following the Annual Statement Filing ________________________ Incurred Claims ________________________ Classification Premiums Earned Amount % of Premiums Earned ________________________ Experience on individual policies 1. Policies issued through 20____ Reporting state ................................................... Nationwide ...................................................... 2. Policies issued through 20____ Reporting state ................................................... Nationwide ...................................................... Experience on group policies 1. Policies issued through 20____ Reporting state ................................................... Nationwide ...................................................... 2. Policies issued through 20____ Reporting state ................................................... Nationwide ...................................................... ________________________ The undersigned officer hereby certifies that the company named above has complied with the requirements contained in 42 U.S.C. 1395ss as amended by Omnibus Budget Reconciliation Act of 1990. ________________________ Signature ________________________ Title and Name (Please Type) (1) Experience on policies issued more than three years before the reporting year must be shown separately as indicated on the form. For example, for the reporting year ended 12/31/88 (filed on June 30, 1989), experience on policies issued in 1985 and earlier should be shown separately from that of policies issued in 1986 and later. For group insurance, the year of issue should be based on when the certificate was issued if available; otherwise use the master policy year of issue. (2) Allocation of reserves on the state-by-state basis must be on sound actuarial principles and be consistent from year to year. (3) Membership or policy fees, if any, must be included with premiums earned. Earned premiums may be shown on an annual basis net of loading for non-annual modes. (4) Mass-marketed group insurance subject to individual loss ratio standards must be included with individual. (5) Dividends must be included with incurred claims. (6) Neither incurred claims nor earned premiums may be adjusted for changes in policy (additional) reserves.
Authorities
21.06.090;21.42.130;21.96.060;01.05.031;21.89.060;44.62.125
Notes
Authority
AS 21.06.090 AS 21.42.130 AS 21.96.060 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.89.060 as AS 21.96.060. 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 28.452, so that the citation to former AS 21.89.060 now refers to the renumbered statute, AS 21.96.060.History
Eff. 8/8/90, Register 115; am 7/1/92, Register 122
References
3.28.452