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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 3.23.550. Premium finance accounting and records.
Latest version.
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(a) Advances of a premium by a licensee must be recorded and held as fiduciary money until forwarded to the insurer. Refunds of premium money must be recorded and held as fiduciary money until forwarded to the insured. (b) If under AS 21.27.360(d), a licensee commingles with premium money additional money for the purpose of advancing premiums, an accounting entry must reclassify the money as fiduciary money. (c) Failure to comply with (a) or (b) of this section is a violation of AS 21.27.350.
Authorities
21.06.090;21.27.350;21.36.490;01.05.031;21.36.122;44.62.125
Notes
Authority
AS 21.06.090 AS 21.27.350 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 23.550, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.History
Eff. 8/29/90, Register 115; am 8/9/94, Register 131; am 3/30/2003, Register 165
References
3.23.550