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Title 3 . Commerce, Community, and Economic Development
Chapter 31 . Miscellaneous
Section 449. Definitions

3 AAC 31.449. Definitions

In 3 AAC 31.300 - 3 AAC 31.449, unless the context requires otherwise,

(1) "chronically ill" means

(A) being unable to perform at least two activities of daily living; in this subparagraph, "activities of daily living" means

(i) eating;

(ii) toileting;

(iii) transferring;

(iv) bathing;

(v) dressing; and

(vi) continence; or

(B) requiring substantial supervision to protect the insured from threats to health and safety due to severe cognitive impairment;

(2) "compliance officer" means a licensee responsible for a firm's compliance with AS 21 and 3 AAC 31.300 - 3 AAC 31.449;

(3) "firm" has the meaning given in AS 21.90.900 ;

(4) "home state" means the District of Columbia or a state or territory of the United States in which a viatical settlement provider, viatical settlement broker, or viatical settlement representative maintains that person's principal place of residence or principal place of business and is licensed to act as a viatical settlement provider, viatical settlement broker, or viatical settlement representative;

(5) "individual" means a natural person who is required to be licensed under AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449;

(6) "individual in the firm" means a natural person who is employed by a firm and who is required to be licensed under AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449;

(7) "insured" means the person covered under an insurance policy that has been viaticated or that is proposed to be viaticated.

(8) "life expectancy" means the average number of months an insured under a life insurance policy to be viaticated can be expected to live as determined by a viatical settlement provider considering medical records and appropriate experiential data;

(9) "net death benefit" means the amount of a life insurance policy or certificate to be viaticated, less any outstanding debts or liens;

(10) "patient identifying information" means

(A) an insured's address, telephone number, facsimile number, electronic mail address, photograph or other likeness, employer, employment status, or social security number; or

(B) information that is likely to lead to the identification of the insured;

(11) "person" has the meaning given in AS 21.90.900 and includes a limited liability company;

(12) "resident" has the meaning given in AS 21.27.900 ;

(13) "spousal equivalent" means a person who is cohabiting with another person in a relationship that is like a marriage but that is not a legal marriage.

(14) "terminally ill" means having an illness or disease that can reasonably be expected to result in death in 24 months or less;

(15) "viatical settlement financing entity" means an underwriter, placement agent, lender, purchaser of securities, purchaser of a life insurance policy from a viatical settlement provider, credit enhancer, reinsurer, or person that is a party to a viatical settlement contract and that has a direct ownership in a life insurance policy that is the subject of a viatical settlement contract but whose sole activity related to the transaction is providing funds to effect the viatical settlement contract and that has an agreement in writing with a viatical settlement provider to act as a participant in a viatical settlement financing transaction;

(16) "viatical settlement financing transaction" means a transaction in which a viatical settlement provider or a viatical settlement financing entity obtains financing for viatical settlement contracts, viaticated policies, or interests in those contracts or policies; "viatical settlement financing transaction" includes secured or unsecured financing, a securitization transaction or securities offering either registered or exempt from registration under federal and state law, or a direct purchase of interests in that policy, if that financing transaction complies with federal and state securities law;

(17) "viaticate" means to enter into a viatical settlement contract;

(18) "working day" means a calendar day other than Saturday, Sunday, an official federal holiday, or an official holiday in this state.

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

Authority: AS 21.06.090

AS 21.27.900

AS 21.89.110

AS 21.90.900

Editor's note: See AS 21.89.110 for additional definitions that apply to 3 AAC 31.300 - 3 AAC 31.449.


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Last modified 7/05/2006