3 Alaska Admin. Code § 31.320

Current through September 25, 2024

Section 3 AAC 31.320 - Plan of operation

(a) A viatical settlement provider shall provide to the director with a license application a plan of operation that details the manner in which the viatical settlement provider proposes to operate in the state and a description of the life insurance policies or contracts the viatical settlement provider intends to viaticate including a designation by

(1) group or individual; and

(2) term, whole, universal, or variable.

(b) A viatical settlement provider's plan of operation must be a narrative overview of the viatical settlement provider's business and must include

(1) a copy of the viatical settlement provider's charter and bylaws, if a corporation, or a copy of the partnership agreement, if a partnership;

(2) a chart showing the relationship of the viatical settlement provider to any parent, affiliated, or subsidiary corporation;

(3) a detailed description of the viatical settlement provider's marketing techniques, including a description of training programs for those individuals who will have direct contact with a viator or insured;

(4) a schedule listing the names of financial institutions with which the viatical settlement provider has escrow trust agreements, and indicating the balance on each account, and copies of all escrow and trust agreements; and

(5) a detailed description of the steps through which the viator will have access to money, including the name of the escrow agent that will make the money available.

(c) A viatical settlement provider shall notify the director of any change in the plan of operation or the financial information filed with its license application within 30 days after the change.

3 AAC 31.320

Eff. 8/25/2002, Register 163

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 31.320, so that the citation to former AS 21.89.110 now refers to the renumbered statute, AS 21.96.110.

Authority:AS 21.06.090

AS 21.96.110