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.
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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