3 AAC 31.250 - Form filing
(a) Repealed 12/20/2020.
(b) Text or numbers in a form that may vary
must be bracketed or otherwise clearly and consistently identified in the form
and a statement of variability must be submitted with the form that describes
the conditions under which each variable text or number may change and
describes any relationship between the variable text or numbers. All ranges or
options for text or numbers that are subject to a statutory mandate or that
define coverage must be identified in the statement of variability. Benefit
schedules may not be entirely variable or illustrative.
(c) A blank endorsement, rider, or form may
not be submitted in a filing unless included with the filing is the full range
of possible variable language options along with a description of when each
variable language option will be used.
(d) A life insurance or annuity contract
filing must include an actuarial memorandum certified and signed by an
individual who is a qualified actuary under
3
AAC 21.810. The actuarial memorandum must demonstrate
compliance with
(1)AS
21.45.300 (Standard Nonforfeiture Law for
Life Insurance) or
AS
21.45.305 (Standard Nonforfeiture Law for
Individual Deferred Annuities), as applicable; and
(2)AS
21.18.110 (Standard Valuation Law - Life
Insurance).
(e) For a
health insurance policy with separately identified optional components
(1) a new policy form filing must include
(A) the base policy; and
(B) all optional components, including
(i) an index of the optional components;
and
(ii) an explanation of how each
optional component will be used;
(2) a new optional component may be submitted
separately from the base policy form if the filing clearly states the assigned
filing numbers for
(A) the approved base
policy form to which the optional component applies; and
(B) all previously submitted optional
components approved for use with that base policy form;
(3) repealed 8/20/2016; and
(4) repealed 8/20/2016;
(f) For life and health insurance, a filing
for a revision to a base policy form or an optional component must include a
listing of all associated forms and their assigned filing numbers or a copy of
all associated forms and corresponding assigned filing numbers.
(g) For life and health insurance,
eligibility rules must be specified in the form.
(h) For life and health insurers, insurance
company contact information including the company address, telephone number,
Internet address, and officer signatures must be
(1) specified in the form; and
(2) made variable following the requirements
under (b) of this section.
(i) Insurance department contact information
that may be included in a form must be variable following the requirements
under (b) of this section. In this subsection, "insurance department" means an
insurance regulatory organization whose chief insurance regulator is a member
of the National Association of Insurance Commissioners.
(j) A contract may not contain discretionary
language under which the insurer reserves discretion to interpret a provision
of the insurance policy.
Notes
Authority:AS 21.06.090
AS 21.42.120
AS 21.42.123
AS 21.42.125
AS 21.42.160
AS 21.66.450
AS 21.86.070
AS 21.87.180
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