Alaska Admin. Code tit. 3, § 23.650
Premium financing money flow
Effective Mar 30, 2003Alaska Register 165(Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/11/98, Register 145; am 3/30/2003, Register 165) | Authority: AS 21.06.090, AS 21.27.360, AS 21.36.490, AS 21.27.350, AS 21.36.100
(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- (c) Repealed 3/30/2003.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- (g) Repealed 3/30/2003.
(Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/11/98, Register 145; am 3/30/2003, Register 165)
Authority: AS 21.06.090, AS 21.27.360, AS 21.36.490, AS 21.27.350, AS 21.36.100