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(a) A life insurance company authorized to do business in this state shall respond to a request for verification of coverage from a viatical settlement provider or a viatical settlement broker within 30 days after the date the request is received, if the following are submitted with the request:
(1) in the case of an individual policy, a form substantially similar to Appendix A of this section, completed by the viatical settlement provider or the viatical settlement broker in accordance with the instructions on the form;
(2) in the case of group insurance coverage, a form substantially similar to Appendix B of this section, first completed by the group certificate holder to the extent the information is available to the group certificate holder, and then completed by the viatical settlement provider or viatical settlement broker in accordance with the instructions on the form.
(b) Nothing in this section prohibits a life insurance company and either a viatical settlement provider or a viatical settlement broker from using another verification of coverage form that has been mutually agreed upon in writing in advance of the submission of the request.
(c) For responding to a request for information from a viatical settlement provider or viatical settlement broker in compliance with this section, a life insurance company may not charge a fee in excess of any usual and customary charges to contract holders, group certificate holders, or insureds for similar services.
(d) The life insurance company may send an acknowledgment of receipt of the request for verification of coverage to the policyholder or group certificate holder and, if the policyholder or group certificate holder is other than the insured, to the insured. In the acknowledgment, the life insurance company may include a general description of any accelerated death benefit that is available under a provision of or rider to the life insurance contract.
(e) If a viatical settlement provider submits to the insurance company a request to effectuate the transfer of a life insurance policy and includes a copy of a certification signed by a viator or insured that meets at least one of the conditions of 3 AAC 31.395(g) , the insurance company shall effectuate the transfer of the life insurance policy in a timely manner.
History: Eff. 8/25/2002, Register 163
Authority: AS 21.06.090
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Last modified 7/05/2006