Current through February 24, 2025
(a) The provisions of
3
AAC 26.750 -
3
AAC 26.769 apply to a group or individual annuity
contract except
(1) a registered or
non-registered variable annuity contract or other registered product; in this
paragraph, "registered" means subject to the registration and prospectus
delivery requirements under 15 U.S.C. 77 e (sec. 5 of the
Securities Act of 1933);
(2) an
immediate or deferred annuity that does not contain a non-guaranteed
element;
(3) an annuity that is not
subject to (b) of this section and is used to fund
(A) an employee pension 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) or
26 U.S.C.
403(b) (Internal Revenue
Code), if the plan, for purposes of
29 U.S.C.
1001 -
1461, is established or maintained
by an employer;
(C) a governmental
or church plan defined in 26
U.S.C. 414 (Internal Revenue Code);
(D) a deferred compensation plan of a state
or local government or tax-exempt organization under
26 U.S.C.
457 (Internal Revenue Code); or
(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;
(4) a settlement of or assumption of
liabilities associated with personal injury litigation or any dispute or claim
resolution process;
(5) a qualified
charitable gift annuity as defined in
AS
21.03.070(h); or
(6) an insurance contract that provides
guaranteed principal repayment and interest payments for a predetermined period
of time.
(b)
Notwithstanding (a)(3) of this section, the provisions of
3
AAC 26.750 -
3
AAC 26.769 apply to an annuity used to fund a plan or
arrangement
(1) that is funded solely by
contributions an employee elects to make on a before-tax or after-tax
basis;
(2) for which the insurer
has received notification that plan participants may choose from among two or
more insurers' annuity contracts; and
(3) for which an insurance producer directly
solicits employees to purchase the annuity contract; for purposes of this
paragraph, a meeting held by an insurance producer solely for the purpose of
educating or enrolling employees in the plan or arrangement is not considered a
direct solicitation
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 26.750, 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 21.06.030
AS 21.36.040
AS 21.06.050
AS
21.36.900
