reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.110. Term of appointment.

(a) An appointment under AS 21.27.100 continues in force until the appointment is terminated in writing.
(b) If an insurer, reinsurer, or authorized representative discovers information showing that the appointee whose appointment was terminated has engaged in an activity identified in AS 21.27.410 during the period of the appointment, the insurer, reinsurer, or authorized representative shall, on a form or in a format prescribed by the director, promptly notify the director.
(c) Within 15 days after providing notification in accordance with (b) of this section, the insurer, reinsurer, or authorized representative shall mail a copy of the notification to the appointee at the last address on record with the insurer, reinsurer, or authorized representative. The notice must be provided by certified mail, return receipt requested, postage prepaid, or by overnight delivery using a nationally recognized mail carrier.
(d) Within 30 days after the appointee receives notification in accordance with (c) of this section, the appointee may file written comments concerning the substance of the notification with the director and shall provide a copy of the written comments to the insurer, reinsurer, or authorized representative. The written comments filed with the director must be included with each report distributed or disclosed concerning a reason about the termination of the appointment.
(e) If requested by the director, an insurer, a reinsurer, or an authorized representative shall provide to the director additional information, documents, records, or other data pertaining to a termination or activity of a licensee under this title.
(f) A notice of termination submitted to the director under this section must include a statement of the reasons for the termination. A statement of the reasons for termination is confidential and not subject to inspection and copying under AS 40.25.110. A statement of reasons for the termination may not be admitted as evidence in a civil action or an administrative proceeding against an insurer, reinsurer, or authorized representative by or on behalf of a person affected by the termination, except when the action or proceeding involves perjury, unsworn falsification in the second degree, fraud, or failure to comply with this subsection.
(g) If an insurer, a reinsurer, or an authorized representative fails to report as required under this section or is found by a court to have knowingly or intentionally falsely made that report, the director may, after notice and hearing, suspend or revoke the license or certificate of authority of the insurer, reinsurer, or authorized representative and may impose a penalty in accordance with AS 21.27.440.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.115. Lines of authority.

If a person has met the applicable requirements of AS 21.27.020 and 21.27.270, the director shall issue a license for one or more of the following lines of authority:
(1) life insurance coverage on natural persons; in this paragraph, “life insurance coverage”
(A) includes benefits of endowment and annuities; and
(B) may include benefits in the event of death or dismemberment by accident and benefits for disability income;
(2) health insurance coverage for sickness, bodily injury, or accidental death; in this paragraph, “health insurance coverage” may include benefits for disability income;
(3) property insurance coverage for the direct or consequential loss for damage to property of every kind;
(4) casualty insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property; in this paragraph, “casualty insurance” includes surety insurance as defined in AS 21.12.080;
(5) variable life and variable annuity products insurance coverage;
(6) personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(7) limited lines credit insurance;
(8) [Repealed, § 66 ch 41 SLA 2016.]
(9) [Repealed, § 66 ch 41 SLA 2016.]
(10) any insurance for which a limited lines license may be issued under AS 21.27.150.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.130. Form and content of licenses.

(a) A license must be in the form the director prescribes and must set out
(1) the name and address of the licensee and, if the licensee is required to have a place of business, the physical address of the place of business;
(2) the type, class, and lines of authority the licensee is licensed to handle;
(3) the effective date and expiration date of the license;
(4) each condition, if any, under which the license is granted;
(5) the date of issuance of the license;
(6) each fictitious name and alias under which the licensee may do business; and
(7) other information required by the director.
(b) A license issued by the director does not in itself create any authority, actual, apparent, or inherent, in the holder of the license to represent or commit an insurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.140. Firm licenses.

(a) A firm shall have a firm license, the scope of which includes all lines and classes of authority of each individual employee of the firm.
(b) A firm may not be licensed as an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster, or transact insurance unless each individual employed by the firm as an insurance producer, managing general agent, surplus lines broker, trainee independent adjuster, or independent adjuster is licensed and has entered into an employment contract with the firm.
(c) If the director determines under AS 21.06.170 - 21.06.240 that a firm knew or should have known of an act or representation made on the firm's behalf by a person not licensed as required by this chapter, the firm and the firm's compliance officer are subject to the penalties provided under AS 21.27.440.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.160. Scope of licenses.

An insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster is only required to have one license inclusive of all kinds or combination of kinds or all classes or combination of classes of insurance the insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster is licensed to handle.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.190. Bond.

(a) In addition to any other requirements in this title, a bond required under this title or an alternative indemnity permitted under this section shall meet the following requirements:
(1) it shall be continuous in form;
(2) it shall remain in force until the licensee is released from liability by the director or until cancelled by the issuer;
(3) without prejudice to any liability accrued before the effective cancellation, it may be cancelled if the director receives 60 days advance written notice;
(4) the amount required to be maintained must be maintained unimpaired; and
(5) it shall be in favor of insurers, insureds, and this state.
(b) A bond may only be issued by an admitted insurer authorized to transact surety insurance in this state, or by a surplus lines insurer on the most recent list of eligible surplus lines insurers published by the director, that is acceptable to the director.
(c) For a firm licensee, a single bond or an alternative indemnity permitted under this section may combine the sureties required
(1) by separate sections of this title; and
(2) for separate places of business.
(d) [Repealed, § 83 ch 81 SLA 2001.]
(e) Except as provided in this title, the director may adopt, by regulation, a deposit of cash, a certificate of deposit, or letter of credit as an alternative to a bond if the deposit of cash, certificate of deposit, or letter of credit meets the requirements of this section, other provisions of this title, and other requirements established by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.215. Employment contracts.

(a) A firm may enter into an employment contract with a licensed individual to conduct business under the supervision of and in the name of the firm. The employment contract must be in writing and must specify the lines and classes of authorities of the individual and the firm. The individual and the firm shall retain a copy of the contract and shall reply in writing within three working days to an inquiry of the director regarding any business transacted by the individual and the firm.
(b) The firm shall examine the credentials of the individual to determine that the individual is licensed to conduct the kinds of business described in the contract.
(c) A licensed individual may, if authorized by the firm and an insurer for which the firm is an agent, issue on the firm's behalf contracts of insurance in accordance with a written agency employment contract.
(d) A firm shall be responsible for the actions of an individual transacting insurance under the firm's employment contracts. In any disciplinary proceeding under this title, the existence of the employment contract shall be prima facie evidence that the firm knew of the activities of the individual.
(e) The individual and the firm shall maintain a current list of all of their respective contracts that identifies, for each contract, the parties to the contract, the parties' mailing addresses, electronic mailing addresses, and telephone numbers, and the parties' license numbers, and the effective and termination dates of employment.
(f) A licensee shall retain the records of an employment contract and make the records available for examination and inspection by the director, at any business time during the five years immediately following the date of the termination of the employment contract unless the director orders a longer period of retention. If the licensee assumes the business of another licensee or former licensee by merger, purchase, or otherwise, the requirements of AS 21.27.350(c) apply.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.275. Alien licensees.

The director may issue a license authorized by this chapter to a nonresident of this state who does not have a home state if that person meets all the requirements of this chapter for that license applicable to a resident of this state applying for the same license.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.330. Place of business.

(a) A person licensed under this chapter shall have and maintain at least one place of business that is physically accessible to the public in this state unless the person holds a nonresident license and principally conducts transactions in another state. However, the nonresident licensee must have at least one physically accessible place in the nonresident licensee's home state. The requirements of this subsection do not apply to a nonresident independent portable electronics adjuster that has designated a state or territory other than the nonresident adjuster's resident state as the nonresident adjuster's home state or to a licensee who only conducts business in life or health insurance or annuities.
(b) [Repealed, § 34 ch 1 FSSLA 2005.]
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.360. Reporting and accounting for premiums and premium taxes and fees.

(a) A licensee involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as a premium for the contract. The amount charged shall be shown in the contract and in the records of the licensee.
(b) Except as provided under (h) of this section, all money, except that made payable to the insurer, representing premium taxes and fees, premiums, or return premiums received by the licensee shall be received by the licensee as a fiduciary and shall be promptly accounted for and paid to the person entitled to the money. Money held by the licensee as a fiduciary may not be commingled or otherwise combined with other money not held by the licensee as a fiduciary.
(c) In addition to any other penalty provided by law, a person who the director has determined has acted to divert or appropriate money held as a fiduciary for personal use shall be ordered to make restitution and shall be subject to suspension or revocation under AS 21.27.420 - 21.27.430 of all licenses and a civil penalty not to exceed $50,000 for each violation.
(d) A licensee may only commingle premium taxes and fees, premiums, and return premiums with additional money for the purpose of advancing premiums, establishing reserves for the payment of return premiums, or reserves for receiving and transmitting premium or return premium money.
(e) Money held by a licensee as a fiduciary may not be treated as a personal asset, as collateral for a personal or business loan, or as a personal asset or income on a financial statement, except that money held by the licensee as a fiduciary may be included in a financial statement of the licensee if clearly identified as assets held by the licensee as a fiduciary.
(f) This section does not apply to an individual licensee who has entered into an employment contract with a firm and who acts solely on behalf of a firm that maintains compliance with this section.
(g) [Repealed, § 223 ch 67 SLA 1992.]
(h) A licensee who transacts the business of insurance under a motor vehicle rental agency limited producer license under AS 21.27.150(a)(4) is not required to hold money collected from a person for the purchase of rental motor vehicle insurance coverage in a separate fiduciary account if
(1) the fees for the rental insurance coverage are itemized and are a part of a rental motor vehicle transaction; and
(2) the insurer has given written consent that the money need not be segregated from other money received by the licensee and the consent is signed by an officer of the insurer.
(i) The director of insurance may adopt regulations to implement, define, and enforce this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.370. Sharing compensation.

(a) Except as provided in (c) and (d) of this section, a licensee may not compensate a person, other than a licensee who is acting within the scope of the person's license, for transacting insurance in this state or relative to a risk resident, located, or to be performed in this state.
(b) Except as provided in (c) and (d) of this section, a person may not be promised or paid, directly or indirectly, compensation for transacting a kind or class of insurance for which the person is not then licensed to transact or for insurance that the person is prohibited by this title from transacting.
(c) An unlicensed person who refers a customer or potential customer to a licensee and who does not discuss specific terms and conditions of a policy or give opinions or advice regarding insurance may be compensated for the referral, if the compensation
(1) for each referral is
(A) nominal;
(B) on a one-time basis; and
(C) fixed in amount by referral;
(2) does not depend on whether the customer or potential customer purchases the insurance; and
(3) is not contingent on the volume of insurance transacted.
(d) An insurer or insurance producer may compensate an insurance agency or another person if that person does not transact the business of insurance in this state and the payment does not violate AS 21.36.100 or 21.36.120.
(e) A person who is no longer licensed in this state may be paid renewal or other deferred compensation for selling, soliciting, or negotiating insurance in this state if the person
(1) was required to be licensed under this chapter at the time of the sale, solicitation, or negotiation; and
(2) held that required license.
(f) In addition to any other penalty provided by law, the director may suspend or revoke the license of a licensee participating in a violation of this section. The director may order a licensee who violates this section to pay a penalty of not more than three times the compensation promised or paid.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.380. License renewal, expiration, and reinstatement.

(a) Except as provided in this title, the director may renew a license biennially on a date set by the director if the licensee continues to be qualified under this chapter and, on or before the license expiration date, meets all renewal requirements established by regulation, submits a renewal application, and pays the renewal license fees set under AS 21.06.250 for each license authority to the director. A licensee is responsible for knowing the date that a license expires and for renewing a license before expiration. The director shall notify the licensee of the license renewal 30 days before the renewal date.
(b) If a license is not renewed on or before the renewal date set by the director, the license expires. A licensee may not act as or represent to be an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster during the time a license has expired. The director may reinstate an expired license if the person continues to qualify for the license and pays renewal license fees and a delayed renewal penalty. Reinstatement does not exempt a person from a penalty provided by law for transacting business while unlicensed. A license may not be renewed if it has expired for two years or longer.
(c) If a licensee does not wish to renew a license issued under this chapter, the licensee shall surrender the license to the director on or before the close of business of the renewal date in the manner prescribed in AS 21.27.460.
(d) The director shall mail a notice of expiration stating the reason for the expiration to a licensee at the licensee's last address on record with the director. The director shall obtain a certificate of mailing from the United States Postal Service.
(e) A trainee license issued to an independent adjuster shall be for a term not to exceed 12 months and may not be renewed.
(f) [Repealed, § 14 ch 6 SLA 2012.]
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.390. Temporary license.

(a) The director may issue a temporary license only to a person who, except for experience, training, or the taking of an examination, meets all qualifications for a permanent license and if the person is
(1) the surviving spouse, next of kin, or the administrator or executor of a deceased licensed insurance producer or managing general agent;
(2) the spouse, next of kin, employee, or legal guardian of a licensed insurance producer or managing general agent who is disabled from transacting insurance because of sickness, mental illness, or injury;
(3) a surviving member, officer, or employee of a firm licensed as insurance producer or managing general agent upon the death of the compliance officer of the firm holding the same licenses as the firm; or
(4) the designee of a licensed insurance producer who enters active service in the armed forces of the United States, but only for insurance relating to insurers for whom the licensee was acting as an agent.
(b) Except as otherwise provided by law, a temporary license may not be in effect for more than 90 consecutive days and may not be renewed or reissued for more than one additional 90-day period.
(c) A temporary licensee may not be appointed by an insurer for which a licensed insurance producer or managing general agent was not appointed at the time of death or commencement of disability.
(d) [Repealed, § 34 ch 23 SLA 2018.]
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.405. Hearing and order on violation.

(a) On the complaint of a person or on the motion of the director, the director may conduct an investigation to determine whether a person has violated this chapter.
(b) If the director determines that a person has violated this chapter, the director shall serve an order upon the person charged requiring that person to cease and desist from engaging in the act or practice. A person aggrieved by the cease and desist order may demand a hearing under AS 21.06.170 - 21.06.240.
(c) If the director believes that a person has violated a cease and desist order issued under (b) of this section, the director may certify the relevant facts to the superior court for proceedings under AS 44.62.590. In addition to the penalties and remedies provided for in AS 44.62.590, the superior court, upon finding that the cease and desist order has been violated, may order the violator to comply with the order, pay a penalty of not more than $100,000 for each violation, revoke or suspend the violator's license, and bar the violator from transacting the business of insurance in the future.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.410. Denial, nonrenewal, suspension, or revocation of licenses.

(a) The director may deny issuance of or not renew a license or may suspend or revoke a license issued under this chapter for any of the following:
(1) a cause for which issuance of the license or its renewal could have been denied had it then existed and been known to the director;
(2) a violation or participation in a violation of a provision of this title;
(3) wilful misrepresentation or fraud by the licensee or applicant to obtain or attempt to obtain a license;
(4) misappropriation, conversion to personal use, or illegally withholding money required to be held in a fiduciary capacity by a licensee or applicant;
(5) with intent to deceive, material misrepresentation of the terms or effect of an insurance contract by a licensee or applicant;
(6) twisting in violation of AS 21.36.050 or rebating in violation of AS 21.36.100 by a licensee or applicant;
(7) conviction of a felony;
(8) the conduct of affairs under a license if the licensee exhibits conduct considered by the director to reflect incompetence or untrustworthiness, or to be a source of potential injury and loss to the public;
(9) the licensee or applicant dealing with, or attempting to deal with, or to exercise a power relative to, insurance outside the scope of the license of the licensee or applicant;
(10) a licensee or applicant engaging in or about to engage in an unfair or fraudulent insurance transaction;
(11) suspension or revocation of a license in another jurisdiction;
(12) forgery of another's name to an application for insurance by a licensee or applicant;
(13) accepting insurance business from a person not licensed as required by this title if the applicant or licensee knew or should have known that the person was unlicensed.
(b) The license of a firm and its compliance officer may be denied, nonrenewed, suspended, or revoked for a violation or cause that relates to a person representing or acting on behalf of the firm.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.420. Procedure for suspending, revoking, or conditioning a license.

(a) After a hearing under AS 21.06.170 - 21.06.240, if the director determines that a person has violated a provision of this title and that the person's license should be suspended or revoked, the director shall issue an order effective 10 days after the date of issuing that the license is suspended or revoked.
(b) After a hearing under AS 21.06.170 - 21.06.240, if the director determines the person has violated a provision of this title, the director may place conditions on a person's license if the director finds that the conditions will protect the public from injury or potential injury.
(c) With the consent of an applicant or licensee, the director may issue or renew a license with restrictions upon the scope of the person's license or may otherwise restrict or condition the activities of the licensee if the director determines that the person has violated the provisions of this title or to protect the public from injury or potential injury.
(d) Without prior hearing, the director may order summary suspension of a license if the director finds that protection of the public requires emergency action and incorporates that finding in an order. The suspension is effective on the date specified in the order or on the date of mailing by first class mail to the licensee's business address on record with the division, whichever is later. If the licensee requests a hearing, the director shall conduct a hearing on the suspension within a reasonable time but not later than 20 days after the effective date of the summary suspension unless the person whose license is suspended requests a later date. At the hearing, the director shall determine if the suspension should be continued or withdrawn and, if proper notice is given, may determine if the license should be revoked. The director shall issue a decision within 30 days after the conclusion of the hearing. If the director decides to continue the suspension or revoke the license, the suspension or revocation must be based on one or more grounds in AS 21.27.410. The summary suspension continues until the decision is issued. AS 21.06.190 and AS 44.64.030 are not applicable to a hearing under this subsection.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.430. Suspensions and revocations.

(a) An order suspending a license shall specify the period during which the license is suspended. A period of suspension may not exceed 12 months.
(b) An order revoking a license shall specify the period during which the person may not seek to be licensed in this state or licensed relative to a subject resident, located, or to be performed in this state.
(c) In addition to any other penalty provided by law, a person whose license has been suspended or revoked shall pay a penalty equal to all or a portion of the compensation received during the suspension or revocation relating to the transaction of insurance.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.440. Penalties.

(a) In addition to any other penalty provided by law, a person that the director determines under AS 21.06.170 - 21.06.240 has violated the provisions of this chapter is subject to
(1) a civil penalty equal to the compensation promised, paid, or to be paid, directly or indirectly, to a person in regard to each violation;
(2) either a civil penalty of not more than $10,000 for each violation or a civil penalty of not more than $25,000 for each violation if the director determines that the person wilfully violated the provisions of this chapter; and
(3) denial, nonrenewal, suspension, or revocation of a license.
(b) An order issued by the director that levies a civil penalty shall specify the time period within which the civil penalty must be fully paid. The period may not be less than 15 days or more than one year after the date of the order. Upon failure to pay a civil penalty when due, the director shall revoke, without further hearing, all licenses of the licensee not already revoked.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.460. Return of license.

(a) A license issued under this chapter is the property of the state. Within 10 days of an order or notice of nonrenewal, suspension, or revocation of the license, the licensee or other person having possession or custody of the license shall deliver it to the director either personally or by certified mail.
(b) If a license is lost, stolen, or destroyed while in the possession of the licensee or person, the director may accept, in lieu of the return of the license, an affidavit of the licensee or other person responsible for or involved in the safekeeping of the license concerning the facts of the loss, theft, or destruction.
(c) Upon a change in the state of residence, a place of business, a mailing address, or in the compliance officer of a firm, a license subject to the change shall be surrendered to the director within 10 days either personally or by certified mail and the division shall reissue the license reflecting the changes if the licensee continues to satisfy the qualifications under this chapter.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 2. Insurance Producers. › Sec. 21.27.530. Insurance producer qualifications.

In addition to the general qualifications under AS 21.27.020, to qualify for issuance or renewal of an insurance producer license, an applicant or licensee
(1) must possess the competence necessary to fulfill the responsibilities of an insurance producer;
(2) if previously licensed in good standing in this state as an insurance producer, must not have had a license suspended or revoked within the previous four calendar years;
(3) for a license with a scope that includes variable contracts, must either be currently registered with the federal Securities and Exchange Commission as a broker-dealer or personally take and pass, to the satisfaction of the director, tests of the knowledge and competence of the applicant concerning securities.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 2. Insurance Producers. › Sec. 21.27.560. Appointment of insurance producers as brokers.

(a) A client who appoints an insurance producer as its broker in this state or relative to a subject resident, located, or to be performed in this state shall execute a written contract that specifically sets out the duties, functions, powers, authority, and compensation of the insurance producer, if the broker is compensated by a fee paid by the client or by a combination of a fee paid by a client and a commission paid by an insurer with which coverage has been placed. The written contract shall be kept in the permanent records of the insurance producer and be open to inspection by the director.
(b) The insurance producer may not knowingly accept payment of a premium for coverage until the coverage has been authorized by the insurer. This subsection does not apply to renewal of existing coverage placed by the insurance producer or to a premium deposit for the purchase of insurance. A premium deposit shall be returned to the client if coverage is not obtained within 10 working days.
(c) An insurance producer appointed as a client's broker may only receive compensation if the compensation is a
(1) fee that requires the insurance producer to offset or reimburse the client for the full amount of a commission earned by the insurance producer;
(2) combination of a fee paid by a client and a commission paid by an insurer with which coverage is placed that may offset or reimburse a client for all or part of a commission earned by the insurance producer if the amount of the commission is disclosed to the client; or
(3) commission paid by an insurer with which coverage has been placed.
(d) A contract between a client and an insurance producer may not be assigned in whole or in part by the insurance producer.
(e) An insurance producer appointed as a broker by a client may act as an appointed agent of an admitted insurer and may accept an application, bind coverage, and collect a premium from the client on behalf of the admitted insurer.
(f) [Repealed, § 52 ch 34 SLA 2015.]
(g) Money paid by a client to an insurance producer for insurance premiums shall be held by the insurance producer as a fiduciary.
(h) An insured shall be entitled to coverage or a return premium and the premium shall be considered received by the insurer if the premium payment made to the insurance producer was, at the time made, designated for specific coverage, and the insurer accepted or acknowledged coverage by issuing a policy binder or other evidence of temporary insurance, or the insurance producer received information from the insurer in the normal course of business that the insurance had been granted.
(i) Except as provided under (c) and (e) of this section, this section does not alter the common law of agency as applied to transactions under this title.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 3. Managing General Agents. › Sec. 21.27.590. Managing general agents qualifications.

In addition to the general qualifications under AS 21.27.020, the director may require that a managing general agent maintain
(1) a bond in an amount acceptable to the director and that requires the managing general agent to conduct business under this title; and
(2) an errors and omissions insurance policy acceptable to the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 3. Managing General Agents. › Sec. 21.27.610. Authority of managing general agents.

A managing general agent has only the authority consistent with this title that is conferred by an admitted insurer. A managing general agent, resident or nonresident, qualified and licensed under this chapter, may exercise the powers conferred by this title upon insurance producers and independent adjusters only for the kinds or classes of insurance and within the scope authorized by the insurer appointing the managing general agent.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 4. Third-Party Administrators. › Sec. 21.27.660. Definitions.

In AS 21.27.630 - 21.27.660,
(1) “insurer” includes the Comprehensive Health Insurance Association created under AS 21.55.010 and any person issued or required to obtain a certificate of authority under this title to transact life insurance, annuities, and health insurance or to provide coverage for the cost of medical care;
(2) “transact” has the meaning given in AS 21.97.900.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 5. Reinsurance Intermediary Brokers. › Sec. 21.27.670. Reinsurance intermediary broker qualifications.

In addition to the general qualifications under AS 21.27.020, the director may require that a reinsurance intermediary broker maintain
(1) a bond in an amount acceptable to the director in favor of insurers and this state that requires the reinsurance intermediary broker to conduct business under this title; and
(2) an errors and omissions insurance policy acceptable to the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 5. Reinsurance Intermediary Brokers. › Sec. 21.27.700. Reinsurance intermediary broker records.

In addition to any other records requirements under this title, a reinsurance intermediary broker shall maintain in organized form a record of each transaction including
(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;
(2) the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of cancellation;
(3) the reporting and settlement requirements of balances;
(4) the rate used to compute the reinsurance premium;
(5) the names and addresses of reinsurers;
(6) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker;
(7) the related correspondence and memoranda;
(8) the proof of placement;
(9) the details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(10) the financial records of premium and loss accounts;
(11) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer
(A) written evidence directly from an assuming reinsurer that it has agreed to assume the risk; or
(B) written evidence, if placed through a representative of the assuming reinsurer other than an employee, that the reinsurer had delegated binding authority to the representative; and
(12) additional information that is customary or that may be required by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 6. Reinsurance Intermediary Managers. › Sec. 21.27.730. Reinsurance intermediary manager qualifications.

In addition to the general qualifications under AS 21.27.020, the director may require that a reinsurance intermediary manager maintain
(1) a bond in an amount acceptable to the director that requires the reinsurance intermediary manager to conduct business under this title; and
(2) an errors and omissions insurance policy acceptable to the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 6. Reinsurance Intermediary Managers. › Sec. 21.27.750. Authority of reinsurance intermediary managers.

A reinsurance intermediary manager has only the authority that is consistent with this title and that is conferred by the reinsurer. A reinsurance intermediary manager, resident or nonresident, qualified and licensed under this chapter, may exercise the powers conferred by this title upon insurance producers and independent adjusters only for the kinds or classes of insurance and within the scope that reinsurance intermediary is authorized by the reinsurer appointing the reinsurance intermediary manager.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 6. Reinsurance Intermediary Managers. › Sec. 21.27.770. Reinsurance intermediary manager records.

In addition to any other records requirements under this chapter, a reinsurance intermediary manager shall maintain in organized form a complete record of each transaction including
(1) the type of contract, limits, underwriting restrictions, classes or risks, and territory;
(2) the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of cancellation;
(3) disposition of outstanding reserves on covered risks;
(4) the reporting and settlement requirements of balances;
(5) the rate used to compute the reinsurance premium;
(6) the names and addresses of reinsurers;
(7) the rate of all reinsurance commissions, including the commissions on retrocessions handled by the reinsurance intermediary broker and reinsurance intermediary manager;
(8) related correspondence and memoranda;
(9) proof of placement;
(10) details regarding retrocessions handled by the reinsurance intermediary broker and reinsurance intermediary manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(11) financial records of premium and loss accounts; and
(12) if the reinsurance intermediary broker procures a reinsurance contract on behalf of an admitted ceding insurer or when the reinsurance intermediary manager places a reinsurance contract on behalf of a ceding insurer, written evidence
(A) directly from an assuming reinsurer that it has agreed to assume the risk; or
(B) that the reinsurer had delegated binding authority to the representative, if placed through a representative of the assuming reinsurer other than an employee of the assuming reinsurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 7. Surplus Lines Brokers. › Sec. 21.27.790. Surplus lines broker qualifications.

In addition to the general qualifications under AS 21.27.020, to qualify for issuance or for renewal of a resident surplus lines broker license, an applicant or licensee shall
(1) be licensed as either an insurance producer or managing general agent for property and casualty lines of authority;
(2) if required by the director by regulation, maintain a bond as described in AS 21.27.190 in an amount acceptable to the director that requires the surplus lines broker to conduct business under this title, promptly remit the taxes and fees required by law, return premiums promptly when due, and pay proper losses promptly;
(3) if the director requires, maintain an errors and omissions insurance policy acceptable to the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 7. Surplus Lines Brokers. › Sec. 21.27.810. Surplus lines broker records.

In addition to any other records requirements under this chapter, a surplus lines broker shall maintain in organized form a complete record including
(1) the amount of insurance and perils insured;
(2) a complete description of property insured and the location of the property;
(3) gross premium charged;
(4) a return premium paid;
(5) the rate of premium charged upon the several items of property;
(6) the effective date of the contract and the terms of the contract;
(7) the name and address of the insured;
(8) the name and address of the insurer;
(9) the amount of tax and other sums to be collected from the insured;
(10) the allocation of taxes by state under AS 21.34.180;
(11) evidence of insurance issued in compliance with AS 21.34.100;
(12) the identity and license number of the producing broker;
(13) any confirming correspondence from the insurer or the representative of the insurer; and
(14) the application.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 7. Surplus Lines Brokers. › Sec. 21.27.820. Denial, nonrenewal, suspension, or revocation of surplus lines broker license.

In addition to other action available under this title, the director may deny issuance of or not renew a license, or may suspend or revoke a license of a surplus lines broker issued under this chapter for any of the following causes:
(1) removal of the resident surplus lines broker's office from this state;
(2) removal of the resident surplus lines broker's accounts and records from this state during the period within which the accounts and records are required to be maintained under this chapter;
(3) removal of the nonresident surplus lines broker's accounts and records required to be maintained under this chapter from the location described in the license without prior approval of the director;
(4) closing of the surplus lines broker's office for a period of more than 45 calendar days, unless permission is granted by the director;
(5) failure to make a required report;
(6) failure to transmit a required tax or fee on a surplus line premium to this state or a reciprocal state to which a tax is owing;
(7) failure to maintain a required bond.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 8. Independent Adjusters. › Sec. 21.27.830. Independent adjuster qualifications.

In addition to the general qualifications under AS 21.27.020, to qualify for issuance or renewal of an independent adjuster license, an applicant or licensee shall
(1) have at least six months active working experience within the previous two calendar years as either an independent adjuster trainee, an insurance producer, a managing general agent, a reinsurance intermediary broker, a reinsurance intermediary manager, a surplus lines broker, an independent adjuster, or an underwriter or claims adjuster employee of an insurer, and, in the director's opinion, exhibit the ability to competently perform the responsibilities of an independent adjuster; or
(2) have been previously licensed in good standing in this state as an independent adjuster within the previous four calendar years and not have had a license suspended or revoked.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 8. Independent Adjusters. › Sec. 21.27.850. Insurance producer, managing general agent, surplus lines broker, reinsurance intermediary broker, and reinsurance intermediary manager as independent adjuster.

Without being required by this chapter to be licensed also as an independent adjuster
(1) a licensed insurance producer and a licensed managing general agent, incidental to acting as an insurance producer, may act as an adjuster and investigate, adjust, and report upon claims on behalf of and as authorized by an admitted insurer that has appointed the insurance producer or the managing general agent as its agent under AS 21.27.100;
(2) a surplus lines broker may act as an adjuster and investigate, adjust, and report upon claims on behalf of and as authorized by a nonadmitted insurer; and
(3) a reinsurance intermediary broker or a reinsurance intermediary manager may act as an adjuster and investigate, adjust, and report upon claims on behalf of and as authorized by an insurer or reinsurer under the contract required by this chapter.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 8. Independent Adjusters. › Sec. 21.27.860. Unlicensed nonresident adjusters.

(a) A nonresident independent adjuster not licensed by this state who is licensed by and in good standing with its resident state may act as an adjuster and adjust a single loss in this state during a calendar year, or may act as an adjuster and adjust losses arising out of a catastrophe as declared by the director, if, within 10 days after the start of an investigation or adjustment under this section, the nonresident independent adjuster has advised the director in writing of the adjustment and provided the following information:
(1) the individual and firm name;
(2) the business mailing address;
(3) the business physical address and phone number;
(4) the licensing state of residence;
(5) the resident license number; and
(6) other facts that the director may require.
(b) A nonresident independent adjuster may be sued upon a cause of action arising in this state arising from an adjustment under this section under the procedure provided in AS 21.33.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 8. Independent Adjusters. › Sec. 21.27.870. Independent adjuster records.

In addition to any other records requirements under this chapter, an independent adjuster shall maintain in organized form a complete record of each investigation or adjustment undertaken or consummated, and a statement of the fee, commission, or other compensation received or to be received by the adjuster on account of the investigation or adjustment.