Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Contract: A legal written agreement that becomes binding when signed.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
Plaintiff: The person who files the complaint in a civil lawsuit.
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
Trustee: A person or institution holding and administering property in trust.
(2) “association” means the Alaska Life and Health Insurance Guaranty Association;(3) “authorized assessment” means an assessment approved by a resolution by the board that will be called immediately or in the future from member insurers for a specified amount;(4) “benefit plan” means a specific employee, union, or association of natural persons benefit plan;(5) “board” means the Board of Governors of the Alaska Life and Health Insurance Guaranty Association;(6) “called” means that a notice has been mailed by the association to member insurers requiring that an authorized assessment be paid within the time set out in the notice;(7) “contractual obligation” means an obligation under a policy, contract, or certificate under a group policy or contract, or a portion of one for which coverage is provided under Alaska Stat. § 21.79.020(a), (b), (d), or (e);(8) “covered contract” or “covered policy” means a policy or contract or a portion of a policy or contract for which coverage is provided under Alaska Stat. § 21.79.020(a), (b), (d), or (e);(9) “election date” means the date of the association’s election under Alaska Stat. § 21.79.060(o);(10) “extra contractual claim” includes a claim related to bad faith in payment of a claim, punitive or exemplary damages, and attorney fees and costs;(11) “health benefit plan” means a hospital or medical expense policy or certificate, a hospital or medical service corporation subscriber contract, or a health maintenance organization subscriber contract or any other similar health contract; “health benefit plan” does not include
(A) accident only insurance;(B) credit insurance;(C) dental only insurance;(D) vision only insurance;(E) Medicare supplement insurance;(F) benefits for long-term care, home health care, community-based care, or any combination thereof;(G) disability income insurance;(H) coverage for on-site medical clinics; or(I) specified disease, hospital confinement indemnity, or limited benefit health insurance if the types of coverage do not provide coordination of benefits and are provided under separate policies or certificates;(12) “impaired insurer” means a member insurer that is not an insolvent insurer and that is placed under an order of rehabilitation or conservation by a court of competent jurisdiction;(13) “insolvent insurer” means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency;(14) “member insurer” means an insurer licensed to transact insurance in the state, a hospital or medical service corporation licensed under Alaska Stat. Chapter 21.87, or a health maintenance organization licensed under Alaska Stat. Chapter 21.86, for which coverage is provided in Alaska Stat. § 21.79.020 and includes an insurer, a hospital or medical service corporation licensed under Alaska Stat. Chapter 21.87, or a health maintenance organization licensed under Alaska Stat. Chapter 21.86, whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn; “member insurer” does not include
(A) a fraternal benefit society licensed under Alaska Stat. Chapter 21.84;(B) a mandatory state pooling plan;(C) a mutual assessment company or an entity that operates on an assessment basis;(D) an insurance exchange licensed under Alaska Stat. Chapter 21.75;(E) an organization that has a license or certificate limited to the issuance of charitable gift annuities; or(F) an entity similar to one described under (A) – (E) of this paragraph;(15) “NAIC” means the National Association of Insurance Commissioners;(16) “owner,” when used with respect to a policy or contract, “policyholder,” “policy owner,” and “contract owner”
(A) mean the person who is identified as the legal owner under the terms of the policy or contract, or who is otherwise vested with legal title to the policy or contract through a valid assignment completed under the terms of the policy or contract and who is properly recorded as the owner on the records of the member insurer;(B) do not include a person with a mere beneficial interest in a policy or contract;(17) “plan sponsor” means, in the case of a benefit plan established or maintained by
(A) a single employer, the employer;(B) an employee organization, the employee organization; or(C) two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan;(18) “premium” means the amounts or considerations, by whichever name called, received on a covered policy or contract less a premium, consideration, and deposit returned, and less a dividend and experience credit; “premium” does not include
(A) amounts or considerations charged for an assessment or an amount received for a policy or contract or for the portions of a policy or contract for which coverage is not provided under Alaska Stat. § 21.79.020(b) and (c), except that assessable premium may not be reduced on account of Alaska Stat. § 21.79.020(c)(4) relating to interest limitations and Alaska Stat. § 21.79.025(a)(2) – (5), (b), and (d) relating to limitations with respect to one individual, one participant, and one policy or contract owner;(B) premiums in excess of $5,000,000 on an unallocated annuity contract not issued under a governmental retirement benefit plan or its trustee established under 26 U.S.C. § 401, 26 U.S.C. 403(b), or 26 U.S.C. § 457; or(C) with respect to multiple nongroup policies of life insurance owned by one owner, whether the policy or contract owner is an individual, firm, corporation, or other person, and whether the persons insured are officers, managers, employees, or other persons, premiums in excess of $5,000,000 with respect to those policies or contracts, regardless of the number of policies or contracts held by the owner;(19) “published monthly average” means the monthly average of corporate bond yields, as published by Moody’s Investors Service, Inc., or its successor or, if Moody’s average of corporate bond yields is not published, a substantially similar average established by regulation adopted by the director;(20) “receivership court” means the court in the insolvent or impaired insurer’s state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer;(21) “resident” means a person to whom a contractual obligation is owed under this chapter and who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired or insolvent insurer; a person may be a resident of only one state, which, in the case of a person other than a natural person, shall be the principal place of business;(22) “state” means a state of the United States, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate;(23) “structured settlement annuity” means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant;(24) “supplemental contract” means a written agreement entered into for the distribution of proceeds under life, health, or annuity policy or contract benefits;(25) “unallocated annuity contract” means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of annuity benefits guaranteed to an individual by an insurer under the contract or certificate.
