Alaska Administrative Code (Last Updated: January 12, 2017) |
Title 3. Commerce, Community, and Economic Development. |
Part 3.1. Banking, Securities, Small Loans and Corporations. |
Chapter 3.31. Miscellaneous. |
Article 3.31.3. Viatical Settlements. |
Section 3.31.305. License exemptions.
Latest version.
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A person is not required to be licensed under 3 AAC 31.300 - 3 AAC 31.449 if the person is employed on salary or hourly wage (1) and does not receive commission, directly or indirectly, on a viatical settlement contract entered into by a person licensed under 3 AAC 31.300 - 3 AAC 31.449, and the person's activities are solely for the performance of executive, administrative, managerial, clerical, or similar office duties that are only indirectly related to a viatical settlement transaction; or (2) by a licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative at its place of business and (A) does not receive commission, directly or indirectly, on a viatical settlement contract entered into by a viatical settlement provider; (B) is supervised by and reports directly to a licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative in the firm; (C) does not have direct contact with a viator or insured; and (D) does not individually engage in the sale, solicitation, or negotiation of a viatical settlement contract with a viator or insured.
Authorities
21.06.090;21.96.110;01.05.031;21.89.110;44.62.125
Notes
Authority
AS 21.06.090 AS 21.96.110 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.89.110 as AS 21.96.110. 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 31.305, so that the citation to former AS 21.89.110 now refers to the renumbered statute, AS 21.96.110.History
Eff. 8/25/2002, Register 163
References
3.31.305