3 AAC 31.305 - License exemptions

A person is not required to be licensed under 3 AAC 31.300 - 3 AAC 31.449 if the person is employed on salary or hourly wage

(1) and does not receive commission, directly or indirectly, on a viatical settlement contract entered into by a person licensed under 3 AAC 31.300 - 3 AAC 31.449, and the person's activities are solely for the performance of executive, administrative, managerial, clerical, or similar office duties that are only indirectly related to a viatical settlement transaction; or

(2) by a licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative at its place of business and

(A) does not receive commission, directly or indirectly, on a viatical settlement contract entered into by a viatical settlement provider;

(B) is supervised by and reports directly to a licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative in the firm;

(C) does not have direct contact with a viator or insured; and

(D) does not individually engage in the sale, solicitation, or negotiation of a viatical settlement contract with a viator or insured.

Notes

3 AAC 31.305

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 31.305, 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