Section 3.23.680. Offsets.

Latest version.

	(a)  If a licensee receives a refund payable to an insured, the licensee may apply that refund to the payment of amounts due from that insured for insurance premium, an extension of credit, or a loan if the licensee notifies the insured in writing within the 45 day period required for the processing of refunds under 3 AAC 23.600.  
	(b)  If notified by the insured that the use of a refund to pay an outstanding amount was not desired, the licensee must return the full refund to the insured or dispose of the full refund according to the instructions of the insured within 45 days.  
	(c)  Failure to comply with (a) or (b) of this section is a violation of AS 21.27.350 and 21.27.360.

Authorities

21.06.090;21.27.350;21.27.360

Notes

Reference

3 AAC 23.600

Authority
 AS 21.06.090  
AS 21.27.350  
AS 21.27.360  
History Eff. 8/29/90, Register 115; am 8/4/94, Register 131

                    
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