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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.23. Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters. |
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Article 3.23.1. Licensing Requirements. |
Section 3.23.360. Security for financed premiums.
Latest version.
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The only allowable security for financed premiums is the unearned premium or cash surrender value of the policy being financed, except that notes may be used to secure audit premiums that are financed after expiration of the policy or where the premium is fully earned before policy expiration.
Authorities
21.06.090;21.36.490;01.05.031;21.36.122;44.62.125
Notes
Authority
AS 21.06.090 AS 21.36.490 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.122 as AS 21.36.490. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 23.360, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.History
Eff. 4/22/79, Register 70; am 3/11/98, Register 145
References
3.23.360