3 Alaska Admin. Code § 21.900

Current through September 25, 2024

Section 3 AAC 21.900 - Applicability

The provisions of 3 AAC 21.900 - 3 AAC 21.949 apply to a life insurance policy issued on or after January 1, 2011 except for

(1) an individual life insurance policy issued in accordance with and as a result of the exercise of a reentry provision contained in the original life insurance policy that was issued before January 1, 2011 or a subsequent policy issued as a result of the exercise of a reentry provision or derivation of a reentry provision in a subsequent policy in which

(A) the face amount of the policy is greater than or equal to the face amount of the original life insurance policy; and

(B) the original life insurance policy guarantees the premium rates of the new policy;

(2) a universal life policy that contains a secondary guarantee in which

(A) the secondary guarantee period is five years or less;

(B) the specified premium for the secondary guarantee period is greater than or equal to the net level reserve premium for the secondary guarantee period based on the 1980 CSO valuation tables and the applicable valuation interest rate under AS 21.18.110; and

(C) the initial surrender charge is not less than 100 percent of the first year annualized specified premium for the secondary guarantee period;

(3) a variable life insurance policy including a variable universal life insurance policy that provides life insurance in which the amount or duration varies according to the investment experience of a separate account; and

(4) a group life insurance certificate unless the certificate provides a stated or implied schedule of maximum gross premiums required in order to continue coverage in force for a period longer than one year.

3 AAC 21.900

Eff. 1/1/2011, Register 196

Authority:AS 21.06.090

AS 21.18.110

AS 21.18.160