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(a) The following information must be furnished to an applicant for a contract of variable life insurance before the application is completed:
(1) a summary description of the insurance company and its principal activities;
(2) a summary explanation in nontechnical terms of the principal variable features of the contract and of the manner in which the variable benefits reflect the investment experience of a separate account;
(3) a brief description of the investment policy for the separate account with respect to the contract;
(4) a list of investments in the separate account as of a date not earlier than the end of the last year for which an annual statement has been filed;
(5) summary financial statements of the insurance company and its separate accounts based on the last annual statement filed, except that, for a period of four months after filing any annual statement the summary statements may be based on the annual statements immediately preceding the last annual statements filed;
(6) any additional information which the insurance company considers appropriate,
(b) A statement containing the information required by (a) of this section must be filed before the information is used. The statement is subject to disapproval if it is found to be inaccurate or misleading.
(c) In this section,"filed" means filed with the commissioner or director of insurance of the domiciliary state of the insurance company.
History: Eff. 3/31/82, Register 81
Authority: AS 21.06.090
AS 21.42.370 (j)
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Last modified 7/05/2006