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Title 3 . Commerce, Community, and Economic Development
Chapter 31 . Miscellaneous
Section 425. Records

3 AAC 31.425. Records

(a) For at least five years after the death of the insured, a viatical settlement provider, a viatical settlement broker, or a viatical settlement representative shall maintain all records of a viatical settlement transaction, including

(1) accounting and financial records;

(2) proposed, offered, or executed viatical settlement contracts, underwriting documents, policy forms, and applications;

(3) all checks, drafts, or other evidence and documentation related to the payment, transfer, deposit, or release of money on or after the date of the transaction; and

(4) documents or records related to requirements under AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449.

(b) The records required under (a) of this section must be made available to the director for inspection during reasonable business hours at the licensee's place of business.

(c) The viatical settlement broker shall keep as a permanent record the written contract required under 3 AAC 31.330 and make the contract available for inspection by the director during reasonable business hours.

History: Eff. 8/25/2002, Register 163

Authority: AS 21.06.090

AS 21.89.110

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Last modified 7/05/2006