Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 26 - Trade Practices
Article 7 - Suitability in Annuity Contract Transactions
3 AAC 26.770 - Applicability

Universal Citation: 3 AK Admin Code 26.770

Current through February 24, 2025

(a) Except as provided in (b) of this section, 3 AAC 26.770 - 3 AAC 26.789 apply to any sale or recommendation of an annuity.

(b) Unless a provision of 3 AAC 26.770 - 3 AAC 26.789 specifically includes that recommendation, 3 AAC 26.770 - 3 AAC 26.789 do not apply to a transaction involving a

(1) direct-response solicitation if the recommendation is not based on information collected from the consumer under 3 AAC 26.770 - 3 AAC 26.789; or

(2) contract used to fund
(A) an employee pension or welfare benefit plan that is 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 other dispute or claim resolution process; or

(G) a formal prepaid funeral contract.

(c) Nothing in 3 AAC 26.770 - 3 AAC 26.789 means that an officer, director, or employee of an insurer that transacts insurance, including making a recommendation to a consumer regarding the suitability of an annuity contract, does not need to be licensed under AS 21.27.

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

Disclaimer: These regulations may not be the most recent version. Alaska 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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