3 AAC 31.305. License exemptions

A person is not required to be licensed under 3 AAC 31.300 - 3 AAC 31.449 if the person is employed on salary or hourly wage

(1) and does not receive commission, directly or indirectly, on a viatical settlement contract entered into by a person licensed under 3 AAC 31.300 - 3 AAC 31.449, and the person's activities are solely for the performance of executive, administrative, managerial, clerical, or similar office duties that are only indirectly related to a viatical settlement transaction; or

(2) by a licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative at its place of business and

(A) does not receive commission, directly or indirectly, on a viatical settlement contract entered into by a viatical settlement provider;

(B) is supervised by and reports directly to a licensed viatical settlement provider, viatical settlement broker, or viatical settlement representative in the firm;

(D) does not individually engage in the sale, solicitation, or negotiation of a viatical settlement contract with a viator or insured.

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

Authority: AS 21.06.090

AS 21.89.110

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