Sec. 3 AAC 26.430 - Applicability

ยง 3 AAC 26.430. Applicability

(a) The provisions of 3 AAC 26.430 - 3 AAC 26.449 apply to a solicitation or sale of a life insurance or annuity product by an insurer or insurance producer to an active duty service member of the United States armed forces, except for a solicitation or sale involving

(1) consumer credit insurance; in this paragraph, "consumer credit insurance" has the meaning given in AS 21.57.160;

(2) a group life insurance policy or group annuity contract

(A) in which in-person, face-to-face solicitation of individuals by an insurance producer does not take place; or

(B) if the contract or certificate does not include a side fund;

(3) an application to an insurer that issued an existing life insurance policy or annuity contract to

(A) exercise a contractual change or conversion privilege;

(B) replace the existing policy or contract by the same insurer under a program filed with and approved by the director; or

(C) exercise a term conversion privilege among corporate affiliates;

(4) an individual stand-alone health insurance policy, including a disability income policy;

(5) a contract offered by Servicemembers' Group Life Insurance or Veterans' Group Life Insurance, as authorized by 38 U.S.C. 1965 - 1980 A;

(6) a life insurance contract offered through or by a nonprofit military association qualifying under 26 U.S.C. 501(c)(23) (Internal Revenue Code) and that is not underwritten by an insurer; or

(7) a life insurance policy or annuity contract that is used to fund

(A) an employee pension or welfare benefit plan covered under 29 U.S.C. 1001 - 1461 (Employee Retirement Income Security Act of 1974);

(B) a plan described in 26 U.S.C. 401(a) or (k), 26. U.S.C. 403(b), or 26 U.S.C. 408(k) or (p) (Internal Revenue Code), if the plan is established or maintained by an employer;

(C) a governmental or church plan defined in 26 U.S.C. 414 (Internal Revenue Code), including a governmental or church welfare benefit plan;

(D) a deferred compensation plan of a state or local government or tax exempt organization under 26 U.S.C. 457 (Internal Revenue Code);

(E) a nonqualified deferred compensation arrangement under 26 U.S.C. 409 A (Internal Revenue Code) established or maintained by an employer or plan sponsor;

(F) a settlement of or assumption of liabilities associated with personal injury litigation or a dispute or claim resolution process; or

(G) a formal prepaid funeral contract.

(b) Nothing in 3 AAC 26.430 - 3 AAC 26.449 abrogates the ability of an organization to educate members of the United States armed forces in accordance with the United States Department of Defense's DoD Instruction 1344.07 - Personal Commercial Solicitation on DoD Installations or successor directive.

(c) Except as provided in (d) of this section, for purposes of 3 AAC 26.430 - 3 AAC 26.449, solicitation does not include

(1) a general advertisement;

(2) direct mail;

(3) Internet marketing; or

(4) telephone marketing, if the caller explicitly and conspicuously discloses that the subject matter of the call is life insurance and does not make a statement that avoids a clear and unequivocal statement that life insurance is the subject matter of the solicitation.

(d) Notwithstanding (c) of this section, and for purposes of 3 AAC 26.430 - 3 AAC 26.449, a solicitation includes an in-person, face-to-face meeting established by an insurer or insurance producer using one or more of the methods listed in (c) of this section.

(Eff. 12/28/2008, Register 188)

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 26.430, 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

The following state regulations pages link to this page.