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 Alaska Administrative Code (Last Updated: January 12, 2017)
 Title 3. Commerce, Community, and Economic Development.
 Part 3.1. Banking, Securities, Small Loans and Corporations.
 Chapter 3.23. Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters.
 Article 3.23.1. Licensing Requirements.

  Section 3.23.650. Premium financing money flow.  

Latest version. 
  • 	(a)  The advance of a premium by a licensee in the name of the insured who is purchasing a contract of insurance, if the insured has not yet paid the premium,  
		(1) must be documented in a premium finance agreement under 3 AAC 23.210 - 3 AAC 23.380 unless the advance of a premium meets the requirements of 3 AAC 23.250(b); and  
		(2) may not be made from money received in a fiduciary capacity and held for payment to others.  
	(b)  The documents used to execute the advance of a premium by a licensee are records of a particular transaction, that must be maintained for the period specified in AS 21.27.350(c).  
	(c)  Repealed 3/30/2003.  
	(d)  Failure to comply with (a)(1) of this section is a violation of AS 21.27.350 and 21.27.360.  
	(e)  Failure to comply with (a)(2) of this section is a violation of AS 21.27.360.  
	(f)  Failure to comply with (b) of this section is a violation of AS 21.27.350.  
	(g)  Repealed 3/30/2003.

Authorities

21.06.090;21.27.350;21.27.360;21.36.100;21.36.490;01.05.031;21.36.122;44.62.125

Notes


Authority
AS 21.06.090 AS 21.27.350 AS 21.27.360 AS 21.36.100 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 23.650, 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 8/4/94, Register 131; am 3/11/98, Register 145; am 3/30/2003, Register 165

References

3.23.650