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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 3.23.640. Commingling.
Latest version.
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(a) Money other than that allowed by AS 21.27.360(d) may not be commingled with money held in a fiduciary capacity under AS 21.27.350. (b) Service charges may be periodically withdrawn by the financial institution from a licensee's fiduciary account if sufficient money for that purpose, belonging to the licensee as allowed by AS 21.27.360(d), is maintained in that fiduciary account. (c) The maintenance in a fiduciary account of money not allowed by AS 21.27.360(d) is a violation of AS 21.27.360. (d) In the absence of an arrangement to pay financial institution service charges from a source other than the fiduciary account, not maintaining in a fiduciary account money that is the property of the licensee in an amount sufficient to pay the monthly service charges of the financial institution is a violation of AS 21.27.360(b) and (d).
Authorities
21.06.090;21.27.360