Alaska Admin. Code tit. 3, § 23.600
Timely disbursal of premiums
Effective Mar 30, 2003Alaska Register 165(Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/30/2003, Register 165) | Authority: AS 21.06.090, AS 21.27.360, AS 21.36.255, AS 21.27.350, AS 21.36.220
(a) After the receipt of money in a fiduciary capacity, a licensee shall
- (1) return the money received as a premium deposit to the client if coverage is not obtained within 10 working days;
(2) complete the processing of a refund received from the insurer within the time limits outlined in AS 21.36.220(c)(1) and 21.36.255(a)(2)(A) and (B) by either
- (A) disbursing money to the insured to whom it is owed; or
- (B) notifying the insured of the application of a refund under 3 AAC 23.680; or
- (3) investigate fiduciary money held for more than 120 days and pay the money to the person entitled to the money.
- (b) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.
(Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/30/2003, Register 165)
Authority: AS 21.06.090, AS 21.27.360, AS 21.36.255, AS 21.27.350, AS 21.36.220