Section 3 AAC 26.790 - Applicability(a) The provisions of 3 AAC 26.790 - 3 AAC 26.819 apply to all life insurance policies and annuity contract transactions except for the following, unless a provision of 3 AAC 26.790 - 3 AAC 26.819 specifically includes the otherwise exempted transaction:(1) credit life insurance;(2) a group life insurance policy or group annuity contract transaction in which the direct solicitation of individuals by an insurance producer does not take place; for purposes of this paragraph, the following group meetings held by an insurance producer are not considered direct solicitations of individuals: (A) a group meeting held solely for the purpose of educating or enrolling individuals;(B) a group meeting that an individual member of the group requests for assistance with the selection of investment options offered by a single insurer in connection with enrolling the individual;(3) a group life insurance policy or group annuity contract used to fund prepaid funeral contracts;(4) an application to the insurer that issued the existing life insurance policy or annuity contract to exercise a contractual change, a conversion privilege, or a term conversion exercised among corporate affiliates;(5) an existing life insurance policy or annuity contract that is replaced under a program of replacement of existing life insurance policies or annuity contracts that is filed with and approved by the director;(6) a proposed life insurance policy to replace life insurance under a binding or conditional receipt issued by the same company;(7) a life insurance policy or annuity contract that is not subject to (b) of this section and is used to fund (A) an employee pension or welfare benefit plan that is covered under 29 U.S.C. 1001 - 1461 (Employee Retirement Income Security Act of 1974);(B) a plan described in 26 U.S.C. 401(a) or (k) or 26 U.S.C. 403(b) (Internal Revenue Code), if the plan is established or maintained by an employer;(C) a governmental or church plan defined in 26 U.S.C. 414 (Internal Revenue Code), including a governmental or church welfare benefit plan;(D) a deferred compensation plan of a state or local government or tax-exempt organization under 26 U.S.C. 457 (Internal Revenue Code); or(E) a nonqualified deferred compensation arrangement under 26 U.S.C. 409 A (Internal Revenue Code) established or maintained by an employer or plan sponsor;(8) when new coverage is provided under a life insurance policy and the cost of the policy is paid solely by the insured's employer or by an association of which the insured is a member;(9) an existing life insurance policy that is a non-convertible term life insurance policy with a term of five years or less that cannot be renewed;(10) an immediate annuity that is purchased with proceeds from an existing annuity contract;(11) a structured settlement.(b) Notwithstanding (a)(7) of this section, the provisions of 3 AAC 26.790 - 3 AAC 26.819 apply to a life insurance policy or annuity contract used to fund a plan or arrangement (1) that is funded solely by contributions an employee elects to make on a before-tax or after-tax basis;(2) for which the insurer has been notified that plan participants may choose from among two or more insurers; and(3) for which an insurance producer directly solicits an individual employee for the purchase of the contract or policy; for purposes of this paragraph, the following activities are not considered direct solicitations:(A) a group meeting held by an insurance producer solely for the purpose of educating or enrolling individuals;(B) when initiated by an individual member of a group, an insurance producer assisting with the selection of investment options offered by a single insurer in connection with enrolling an individual.(c) A registered contract is exempt from 3 AAC 26.805(a) (3) and 3 AAC 26.810(2) with respect to the provision of illustrations or policy summaries if premium or contract contribution amounts and identification of the appropriate prospectus or offering circular is provided.Eff. 7/25/2008, Register 187In 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 26.790, so that the citation to former AS 21.36.150 now refers to the renumbered statute, AS 21.36.900.
Authority:AS 21.06.090
AS 21.36.020
AS 21.36.030
AS 21.36.040
AS 21.36.050
AS 21.36.900