3 AAC 28.800 - Purpose of 3 AAC 28.800 - 3 AAC 28.849

The purpose of 3 AAC 28.800 - 3 AAC 28.849 is to protect the public from false, misleading, or deceptive illustrations of life insurance policies by

(1) providing formats for life insurance policy illustrations;

(2) specifying the disclosures that are required for life insurance policy illustrations;

(3) prohibiting misleading life insurance policy illustrations;

(4) minimizing the use of footnotes and caveats in life insurance policy illustrations;

(5) requiring the use of language that is understandable to those to whom the illustration is directed; and

(6) prescribing standards for life insurance policy illustrations.

Notes

3 AAC 28.800

Eff. 9/1/98, Register 147

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 28.800, so that the citation to former AS 21.36.150 now refers to the renumbered statute, AS 21.96.900.

Authority:AS 21.06.090

AS 21.36.020

AS 21.36.030

AS 21.36.900

AS 21.42.120

AS 21.42.130