Section 3 AAC 31.250 - Form filing(b) Text or numbers in a form that may vary must be bracketed or otherwise clearly and consistently identified in the form and a statement of variability must be submitted with the form that describes the conditions under which each variable text or number may change and describes any relationship between the variable text or numbers. All ranges or options for text or numbers that are subject to a statutory mandate or that define coverage must be identified in the statement of variability. Benefit schedules may not be entirely variable or illustrative.(c) A blank endorsement, rider, or form may not be submitted in a filing unless included with the filing is the full range of possible variable language options along with a description of when each variable language option will be used.(d) A life insurance or annuity contract filing must include an actuarial memorandum certified and signed by an individual who is a qualified actuary under 3 AAC 21.810. The actuarial memorandum must demonstrate compliance with (1)AS 21.45.300 (Standard Nonforfeiture Law for Life Insurance) or AS 21.45.305 (Standard Nonforfeiture Law for Individual Deferred Annuities), as applicable; and(2)AS 21.18.110 (Standard Valuation Law - Life Insurance).(e) For a health insurance policy with separately identified optional components (1) a new policy form filing must include (B) all optional components, including (i) an index of the optional components; and(ii) an explanation of how each optional component will be used;(2) a new optional component may be submitted separately from the base policy form if the filing clearly states the assigned filing numbers for (A) the approved base policy form to which the optional component applies; and(B) all previously submitted optional components approved for use with that base policy form;(3) repealed 8/20/2016; and(f) For life and health insurance, a filing for a revision to a base policy form or an optional component must include a listing of all associated forms and their assigned filing numbers or a copy of all associated forms and corresponding assigned filing numbers. (g) For life and health insurance, eligibility rules must be specified in the form. (h) For life and health insurers, insurance company contact information including the company address, telephone number, Internet address, and officer signatures must be (1) specified in the form; and (2) made variable following the requirements under (b) of this section. (i) Insurance department contact information that may be included in a form must be variable following the requirements under (b) of this section. In this subsection, "insurance department" means an insurance regulatory organization whose chief insurance regulator is a member of the National Association of Insurance Commissioners.(j) A contract may not contain discretionary language under which the insurer reserves discretion to interpret a provision of the insurance policy.Eff. 11/12/2006, Register 180; am 3/26/2015, Register 213, April 2015; am 8/20/2016, Register 219, October 2016; am 12/20/2020, Register 236, January 2021Authority:AS 21.06.090
AS 21.42.120
AS 21.42.123
AS 21.42.125
AS 21.42.160
AS 21.66.450
AS 21.86.070
AS 21.87.180