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(a) When a policy form subject to 3 AAC 28.800 - 3 AAC 28.849 is filed under AS 21.42.120 , the insurer marketing that policy form shall notify the director in writing whether the policy form will be marketed with or without an illustration. For a policy form subject to 3 AAC 28.800 - 3 AAC 28.849 that was actively marketed before September 1, 1998, the insurer shall notify the director in writing by November 1, 1998, identifying the policy form and stating whether an illustration will be used with it on or after September 1, 1998. An insurer may change its decision to illustrate or not illustrate a policy form by giving a written notice to the director before implementing the change.
(b) If an insurer identifies a policy form as one to be marketed without an illustration, the insurer may not use an illustration for a policy using that policy form before the policy's first anniversary date.
(c) If an insurer identifies a policy form as one to be marketed with an illustration, a basic illustration prepared and delivered under 3 AAC 28.800 - 3 AAC 28.849 must be provided with the policy; however, the insurer need not provide a basic illustration to individual members of a group or to individuals insured under a multiple lives policy issued to a single applicant, unless the policy is directly marketed to those individuals.
(d) The illustration furnished to an applicant for a group life insurance policy or to single applicant under a multiple lives policy may be either an individual or composite illustration representative of the coverage on the lives of all the members of the group or all the individuals under a multiple lives policy.
(e) An insurer shall furnish a quotation with the enrollment materials to a potential enrollee in a non-term group life insurance policy subject to 3 AAC 28.800 - 3 AAC 28.849. The quotation must show potential policy values for sample ages and policy years on a guaranteed and non-guaranteed basis that are appropriate to the nature of the group and the coverage. This quotation is not considered an illustration for purposes of 3 AAC 28.800 - 3 AAC 28.849, but any information provided must be consistent with the illustrated scale.
(f) An insurer shall provide a basic illustration to an enrollee who enrolls for more than the minimum premium necessary to provide pure death benefit protection at the time a certificate is delivered to the enrollee for the non-term group life policy. Upon request, the insurer also shall make a basic illustration available to any non-term group life enrollee.
History: Eff. 9/1/98, Register 147
Authority: AS 21.06.090
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Last modified 7/05/2006