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 26.785 - Compliance mitigation; penalties; enforcement

Universal Citation: 3 AK Admin Code 26.785

Current through February 24, 2025

(a) An insurer is responsible for compliance with 3 AAC 26.770 - 3 AAC 26.789. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order

(1) an insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with 3 AAC 26.770 - 3 AAC 26.789 by the insurer, by an entity contracted to perform the insurer's supervisory duties, or by the producer;

(2) a general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of 3 AAC 26.770 - 3 AAC 26.789;

(3) appropriate penalties and sanctions.

(b) Any applicable penalty under AS 21.36.910 may be reduced or eliminated by the director if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

(c) The authority to enforce compliance with of 3 AAC 26.770 - 3 AAC 26.789 is vested exclusively with the director.

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

AS 21.36.910

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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.