3 AAC 26.810 - Duties of an existing insurer

In connection with a replacement, an existing insurer shall

(1) retain the notifications required from replacing insurers under 3 AAC 26.805(a) (2) indexed by replacing insurer for at least five years and, upon request, provide copies of the notifications to the director;

(2) provide notification to the life insurance policy or annuity contract owner of the right to receive information regarding the existing life insurance policy or annuity contract values, including, if available, an in force illustration or policy summary;

(3) provide the life insurance policy or annuity contract owner the information requested under (2) of this section within five working days after receipt of the request;

(4) upon receipt of a request by the life insurance policy owner to borrow, surrender, or withdraw any life insurance policy values, send the life insurance policy owner a notice advising the life insurance policy owner that borrowing, surrendering, or withdrawing insurance policy values may affect the guaranteed elements, non-guaranteed elements, face amount, or surrender value of the life insurance policy;

(5) send the notice required under (4) of this section

(A) separate from the payment of the life insurance policy values, if the payment is sent to a person other than the life insurance policy owner; and

(B) only at the time of the first loan in the case of consecutive automatic premium loans.

Notes

3 AAC 26.810

Eff. 7/25/2008, Register 187

In 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 26.810, 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