3 AAC 31.300. Qualifications for license

(a) The director will issue or renew a license to a person, or to be exercised by a person, in compliance with AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449, if the director finds that the person

(1) has complied with the application requirements of AS 21.27.040 ;

(2) has provided

(A) the person's social security number or the person's federal employer identification number assigned by the United States Internal Revenue Service; and

(B) any additional information the director may request under AS 21.27.040 , including disclosure of the identity of all stockholders, directors, partners, officers, members, and employees;

(3) has established to the satisfaction of the director that the person is in compliance with and is qualified for a license under AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449;

(4) is licensed in this state for lines of authority for life insurance coverage and variable coverage under AS 21.27 and 3 AAC 28.010 - 3 AAC 28.190;

(5) is trustworthy and competent;

(6) has not committed an act that is cause for denial, nonrenewal, suspension, or revocation of a license in this state or another jurisdiction;

(7) has provided the plan of operation required under 3 AAC 31.320;

(8) has provided an anti-fraud plan that meets the requirements in 3 AAC 31.405;

(9) for a resident license, is a bona fide resident before issuance of the license and actually resides in the state; and

(10) if a nonresident applicant or licensee and the applicant or licensee's home state does not participate in the producer database maintained by the National Association of Insurance Commissioners, has submitted a certificate of good standing from an official or agency with authority to regulate insurance in the applicant's or licensee's home state.

(b) The director will issue or renew a firm license to a viatical settlement provider, viatical settlement broker, or viatical settlement representative if the director finds that

(1) the applicant or licensee complies with (a) of this section;

(2) the compliance officer of the firm is licensed in the state as an individual in the firm;

(3) for an applicant or licensee that is a corporation or partnership, it

(A) maintains a lawfully established place of business in this state unless licensed as a nonresident as provided in (c) of this section;

(B) designates a licensee responsible for the firm's compliance with the insurance statutes and regulations of this state; and

(C) provides to the director documents necessary to verify the information contained in or made in connection with the application.

(c) In addition to the requirements of (a) and (b) of this section, an applicant for a license who is not a resident of this state shall comply with AS 21.27.270 .

(d) An applicant or licensee may not use a fictitious name or alias unless the applicant or licensee files with the director the applicant's or licensee's

(1) legal name;

(2) and fictitious name or alias.

(e) After the director issues a license, the licensee shall comply with the notice of change requirements of AS 21.27.025 .

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

Authority: AS 21.06.090

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