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- Alaska Statutes.
- Title 21. Insurance
- Chapter 45. Life Insurance and Annuities
- Section 310. Prohibited Policy Plans.
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. Standard Nonforfeiture Law For Individual Deferred Annuities.
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. Industrial Life Insurance Defined. [Repealed, Sec. 17 Ch 21 SLA 1985].
AS 21.45.310. Prohibited Policy Plans.
- (a) An insurer may not issue for delivery or deliver in this state a life insurance policy or annuity contract issued
under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving
policyholder of a group arising out of the death of another policyholder of that group or under another similar plan.
- (b) An insurer may not issue for delivery or deliver in this state a life insurance policy or annuity contract providing
benefits or values for surviving or continuing policyholders contingent upon the lapse or termination of the policies
of other policyholders, whether by death or otherwise. This provision does not prohibit the payment or allowance of
regular annual dividends or savings under participating forms of policies or contracts, or prohibit the annual
distribution to policyholders or beneficiaries of sums representing in part gains to the insurer from lapses,
surrenders, or mortality either in general or as resulting from particular classifications of policies.
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