Ala. Admin. Code r. 482-1-131-.03

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-131-.03 - Scope

(1) Except for the exemptions specified in Rule 482-1-131-.03(2), this chapter shall apply to any solicitation, negotiation or procurement of life insurance occurring within this state. Rule 482-1-131-.05(2) shall apply only to an existing nonexempt policy held by a policyowner residing in this state. This chapter shall apply to any issuer of life insurance contracts including fraternal benefit societies.

(2) This chapter shall not apply to:

(a) Individual and group annuity contracts;

(b) Credit life insurance;

(c) Group life insurance (except for disclosures relating to preneed funeral contracts or prearrangements; these disclosure requirements shall extend to the issuance or delivery of certificates as well as to the master policy);

(d) Life insurance policies issued in connection with pension and welfare plans as defined by and which are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. Section 1001etseq. as amended; or

(e) Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-131-.03

New Rule: Filed May 25, 2004; effective January 1, 2005. Filed with LRS June 3, 2004. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-12-1, etseq.