Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-131 - LIFE INSURANCE DISCLOSURE REGULATION
Section 482-1-131-.03 - Scope

Universal Citation: AL Admin Code R 482-1-131-.03

Current through Register Vol. 43, No. 02, November 27, 2024

(1) Except for the exemptions specified in Rule 482-1-131-.03(2), this chapter shall apply to any solicitation, negotiation or procurement of life insurance occurring within this state. Rule 482-1-131-.05(2) shall apply only to an existing nonexempt policy held by a policyowner residing in this state. This chapter shall apply to any issuer of life insurance contracts including fraternal benefit societies.

(2) This chapter shall not apply to:

(a) Individual and group annuity contracts;

(b) Credit life insurance;

(c) Group life insurance (except for disclosures relating to preneed funeral contracts or prearrangements; these disclosure requirements shall extend to the issuance or delivery of certificates as well as to the master policy);

(d) Life insurance policies issued in connection with pension and welfare plans as defined by and which are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. Section 1001 et seq. as amended; or

(e) Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§ 27-2-17, 27-12-1, et seq.

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