reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 1 - Licensing Requirements › 3 AAC 23.196 - Continuing education course renewal

Current through May 31, 2024
(a) A continuing
				  education provider seeking renewal of a continuing education course for a
				  two-year period shall submit an application for course renewal on a form
				  prescribed by the director and pay a renewal fee under
				  3 AAC 31.060.
(b) The director's approval of a continuing
				  education course expires on September 1 of the second year after the date of
				  the last approval.
(c) If the
				  director does not receive the course renewal application and fee payment before
				  the close of business on the course expiration date, the course approval
				  becomes inactive.
(d) A provider
				  may reinstate an inactive course approval not later than 60 days after the
				  expiration date of that approval by completing the renewal requirements under
				  (a) of this section and remitting a late reinstatement fee under AAC
				  31.060.
Authority:
AS
						21.06.090
AS
						21.27.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 1 - Licensing Requirements › 3 AAC 23.200 - Revocation of a continuing education course

Current through May 31, 2024
(a) The director
				  may revoke the director's approval of a continuing education course if the
				  director determines that the continuing education course violates the
				  requirements of
				  3 AAC 23.100 -
				  3 AAC 23.208.
(b) The director may reinstate approval of a
				  course that has been revoked if the director receives satisfactory proof that
				  the conditions responsible for the revocation have been corrected and the
				  possibility of reoccurrence of the violation has been eliminated.
Authority:
AS
						21.06.090
AS
						21.27.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 1 - Licensing Requirements › 3 AAC 23.204 - Request for credit for non-approved course from a non-approved provider

Current through May 31, 2024
(a) A
				  licensee may request credit for completion of an insurance-related course
				  organized and conducted by an entity that is not approved by the director as a
				  continuing education provider. The director will consider the educational value
				  of the course.
(b) A request to the
				  director to consider and manually process a continuing education course for
				  credit under this section must include
(1)
				  documentation signed by an instructor or other person in charge verifying the
				  licensee's successful completion of the course;
(2) documentation of the course content in
				  sufficient detail to enable the director to determine the amount of credit, if
				  any, the licensee merits for successfully completing the course; and
(3) proof that the licensee has paid the
				  processing fee under
				  3 AAC 31.060.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 1 - Licensing Requirements › 3 AAC 23.208 - Definitions

Current through May 31, 2024
In
					 3 AAC 23.100 - 3 AAC 23.208, unless the context requires
					 otherwise,
(1) "certificate of
				  completion" means a document signed by an authorized designee of a continuing
				  education provider attesting to the successful completion of a continuing
				  education course by a licensee and confirming the number of credits earned for
				  the continuing education course;
(2) "contact class course" means a classroom
				  presentation, webinar, workshop, seminar, lecture, teleconference, or virtual
				  class that has monitored attendance and an instructor available either in
				  person or by means of the Internet or another technological medium that enables
				  a licensee and the instructor to communicate and exchange information during
				  the course;
(3) "contact person"
				  means an individual designated by a continuing education provider to be
				  responsible for the continuing education provider's compliance with
				  3 AAC 23.100 - 3 AAC 23.208; the continuing education
				  provider may designate a primary and an alternate contact person;
(4) "course number" means the identifying
				  number assigned by the director to an approved continuing education
				  course;
(5) "course outline" means
(A) a list of topics to describe the content
				  of a continuing education course; and
(B) the amount of time allotted to each
				  topic;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.210 - Premiums financed by licensee

Current through May 31, 2024
(a) A licensee
				  under AS 21.27 may, if acting in the licensee's own name, finance premiums or
				  extend credit to a person whose insurance coverage has been placed through that
				  licensee. A licensee under AS 21.27 may not, except through an affiliate or
				  subsidiary, finance premiums or extend credit to a person to whom the licensee
				  has not directly provided the insurance for which premiums are financed or
				  credit is extended.
(b) If an
				  affiliate or subsidiary of a licensee under AS 21.27 finances premiums or
				  extends credit for insurance premiums, the affiliate or subsidiary must be
				  licensed under
				  AS
				  06.40.010.
(c) Except through an affiliate or subsidiary
				  properly licensed under
				  AS
				  06.40.010, a licensee may not finance
				  premiums or extend credit to a person to whom the licensee has not directly
				  provided the insurance for which premiums are financed or credit is
				  extended.
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 23.210, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						06.40.010
AS 06.40.020
AS 21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.220 - Limitation on licensees' financing policies (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.230 - Revocation and suspension of the right to finance premiums or extend credit (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.240 - Compliance with Federal Truth in Lending Act

Current through May 31, 2024
A licensee who finances premiums or extends credit under
					 3 AAC 23.210 -
					 3 AAC 23.380 shall make the disclosures required by
					 15 U.S.C.
					 1601 -
					 1693 (Federal Truth in Lending
					 Act) and Regulation Z,  12 C.F.R. 226, as revised as of January 1,
					 1997.
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 23.240, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.250 - Credit and loans considered premium financing

Current through May 31, 2024
(a) When a licensee
				  extends credit beyond the date premiums are required to be remitted to the
				  insurer, or loans funds to a person whose coverage has been placed through the
				  licensee, the extension of credit or making a loan is premium financing and the
				  terms of the financing must comply with
				  3 AAC 23.210 -
				  3 AAC 23.380.
(b) A licensee is not required to comply with
				  3 AAC 23.210 -
				  3 AAC 23.380 if the licensee
(1) does not charge the insured a service
				  charge for the extension of credit or loan of funds to pay a premium; however,
				  a licensee may charge the licensee's standard late fee; and
(2) notifies the insured, by a regular
				  monthly statement or separate written notice within 30 days after extending
				  credit, of the amount of credit or loan and for what purpose the credit or loan
				  has been extended.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.260 - Contents of premium finance agreement; cancellation if default

Current through May 31, 2024
(a) A licensee's
				  premium finance agreement or agreement to extend credit must
(1) be dated and signed by the borrower, and
				  the printed portion of it must be in at least eight-point type;
(2) contain a power of attorney enabling the
				  licensee to cancel the insurance policy listed in the agreement in the name of
				  the borrower if a payment under the agreement is in default;
(3) contain the name and place of business of
				  the licensee negotiating the related insurance policy, the name and residence
				  or the place of business of the borrower as specified by the borrower, the name
				  and place of business of the licensee to whom payments are to be made, an
				  identification of the insurance policy involved, and the amount of the premium
				  charged for the policy; and
(4) set
				  out all of the following items that apply:
(A) the total amount of the
				  premiums;
(B) the amount of the
				  down payment;
(C) the principal
				  balance, calculated as the difference between (A) and (B) of this
				  paragraph;
(D) the annual
				  percentage rate of interest; and
(E) the number of payments required, the
				  amount of each payment expressed in dollars, the payment due date, and the
				  total period of the loan.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.270 - Delivery of agreement (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.280 - Operating funds to finance premiums

Current through May 31, 2024
A licensee may use only operating funds to finance
					 premiums. By the close of business on the day the loan is made, the licensee
					 shall deposit the amount loaned to a borrower and the down payment paid by the
					 borrower in the licensee's fiduciary account. The licensee may not deliver loan
					 proceeds to the borrower.
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 23.280, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.290 - Records required

Current through May 31, 2024
(a) A licensee shall maintain books,
				  accounts, and records relating to premium finance transactions and agreements
				  to extend credit in accordance with accepted accounting practices. A licensee
				  shall keep the required books, accounts, and records at the licensee's place of
				  business, and in a manner that will make them readily available for inspection,
				  examination, and audit by the director.
(b) During normal business hours, the
				  director will, in the director's discretion, require a licensee to bring the
				  books, accounts, and records required under (a) of this section to the
				  director's office for examination.
(c) A licensee shall preserve the books,
				  accounts, and records required under (a) of this section for at least five
				  years following the year in which the final entry relating to a premium finance
				  agreement or agreement to extend credit was made.
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 23.290, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.300 - Loan amount (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.310 - Service charge; maximum interest rate

Current through May 31, 2024
(a) A licensee
				  entering into a premium finance agreement or agreement to extend credit may
				  charge, contract for, receive, or collect a service charge only as permitted by
				  this section.
(b) The service
				  charge may not exceed a simple interest equivalent annual rate of 15 percent,
				  plus an additional, nonrefundable charge of no more than $10 per premium
				  finance agreement or agreement to extend credit. Unless computed under (c) of
				  this section, the service charge must be computed on the balance of the
				  premiums due, after subtracting the down payment made by the borrower, from the
				  effective date of the insurance coverage for which the premiums are being
				  advanced, to and including the date when the final payment of the premium
				  finance agreement or agreement to extend credit is payable.
(c) If the service charge is computed
				  monthly, the interest rate may not exceed 1.25 percent per month on the unpaid
				  principal balance. The unpaid principal balance does not include the unpaid
				  interest balance or any other unpaid charges.
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 23.310, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.315 - Refund on prepayment

Current through May 31, 2024
(a) A borrower may prepay the outstanding
				  balance due under a premium finance agreement or agreement to extend credit in
				  full at any time before the due date of the final payment, and is entitled to
				  receive a refund credit of interest, computed from the date the prepayment is
				  received by the licensee. A refund must be computed on the total amount of
				  precomputed charges, except that the nonrefundable charge of a maximum of $10
				  per premium finance agreement or agreement to extend credit must be excluded
				  from the refund computation since interest may not be calculated on that
				  charge.
(b) If a premium finance
				  agreement or agreement to extend credit is terminated because of a borrower's
				  default, the borrower is entitled to receive a refund credit of interest as
				  though a prepayment had occurred. A refund credit allowed by this subsection
				  must be computed from the date of cancellation of the insurance policy for
				  which the premium loan was made.
(c) A refund credit of interest must be
				  computed in accordance with the sum-of-the-digits method, commonly known as the
				  Rule of 78's.
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 23.315, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.320 - Adjustment for cancellation or prepayment (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.330 - Cutoff date for computing refunds (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.340 - Late charge

Current through May 31, 2024
A premium finance agreement or agreement to extend credit
					 may require the borrower to pay a late charge for any payment that is not made
					 within 10 days after it is due. A late charge may be imposed for each month or
					 fraction of a month that the payment is late. The charge allowed is a minimum
					 of $1 and a maximum of,
(1) for a
				  delinquent payment of less than $250, five percent of the payment or $5,
				  whichever is less; or
(2) for a
				  delinquent payment of $250 or more, two percent of the payment.
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 23.340, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.350 - Cancellation of policy requirements (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.360 - Security for financed premiums

Current through May 31, 2024
The only allowable security for financed premiums is the
					 unearned premium or cash surrender value of the policy being financed, except
					 that notes may be used to secure audit premiums that are financed after
					 expiration of the policy or where the premium is fully earned before policy
					 expiration.
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 23.360, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.370 - Delegation of payment

Current through May 31, 2024
A payment made as required by a premium finance agreement
					 or agreement to extend credit must be attributed only to the policy or policies
					 financed under that agreement.
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 23.370, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.380 - Exemption

Current through May 31, 2024
3 AAC 23.210 -
					 3 AAC 23.380 do not apply to credit life or credit
					 disability insurance as defined in AS 21.57.
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 23.380, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 2 - Premium Financing › 3 AAC 23.390 - Statement fees (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 3 - Brokers' Fee Compensation (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.500 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 23.500 -
					 3 AAC 23.730 is to implement the statutes under which a
					 licensee receives money in a fiduciary capacity.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.510 - Generally accepted accounting principles

Current through May 31, 2024
(a) Generally
				  accepted accounting principles for a licensee accepting money in a fiduciary
				  capacity are those accounting rules, conventions, and procedures that follow,
				  or that have substantial authoritative support because they are adopted by the
				  following authorities, listed by order of precedence with the highest shown
				  first:
(1) AS 21;
(2)3 AAC 23.500 -
				  3 AAC 23.730 and
				  3 AAC 23.999;
(3) the Financial Accounting Standards Board
				  or its successor organization;
(4)
				  the American Institute of Certified Public Accountants.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.520 - Records

Current through May 31, 2024
(a) A licensee who accepts money in a
				  fiduciary capacity shall maintain records for the following types of financial
				  information:
(1) fiduciary money;
(2) accounts receivable from insurance
				  customers;
(3) accounts payable to
				  insurers.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.530 - Periodic trial balances and reconciliations (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.540 - Storage of records

Current through May 31, 2024
Offsite storage by a licensee of records of a transaction
					 required to be available and open to the inspection of the director under
					 AS
					 21.27.350(b) is permitted
					 under AS
					 21.27.350(b) if the records
					 are accessible within two business days after a request by the
					 director.
Authority:
AS
						21.06.090
AS
						21.27.350
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.550 - Premium finance accounting and records

Current through May 31, 2024
(a) Advances of a
				  premium by a licensee must be recorded and held as fiduciary money until
				  forwarded to the insurer. Refunds of premium money must be recorded and held as
				  fiduciary money until forwarded to the insured.
(b) If under
				  AS
				  21.27.360(d), a licensee
				  commingles with premium money additional money for the purpose of advancing
				  premiums, an accounting entry must reclassify the money as fiduciary
				  money.
(c) Failure to comply with
				  (a) or (b) of this section is a violation of
				  AS
				  21.27.350.
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 23.550, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.560 - Estimated billings

Current through May 31, 2024
(a) If a licensee estimates a billing, and
				  the estimate differs from the insurer's invoice, the adjustment of a licensee's
				  estimated billing must occur within a reasonable amount of time, not to exceed
				  31 business days after the licensee's receipt of notice of actual
				  billing.
(b) Failure to comply with
				  (a) of this section is a violation of
				  AS
				  21.27.350 and
				  21.27.360.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.570 - Frequency of financial statements

Current through May 31, 2024
(a) A licensee who
				  accepts money in a fiduciary capacity shall prepare financial statements under
				  AS
				  21.27.350(c) and
				  3 AAC 23.500 -
				  3 AAC 23.720 on a basis no less frequent than
				  annually.
(b) A licensee's
				  financial statements shall be maintained for the period specified in
				  AS
				  21.27.350(b).
(c) Failure to comply with (a) or (b) of this
				  section is a violation of
				  AS
				  21.27.350 and
				  21.27.360.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.580 - Identification of money as fiduciary assets

Current through May 31, 2024
(a) Money required
				  to be held in a fiduciary capacity is considered to be clearly identified in a
				  licensee's financial statement if the financial statement identifies that the
				  money is held in a fiduciary capacity.
(b) Exempt from the clear identification
				  requirement of this section are financial statements of a licensee that are
(1) prepared for internal use only;
(2) marked conspicuously with the words "For
				  Internal Use Only"; and
(3) used
				  only for purposes internal to the licensee's business.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.590 - Receipt of fiduciary money

Current through May 31, 2024
(a) Within 24 hours
				  after receipt, a licensee who receives money in a fiduciary capacity shall
				  document that money in sufficient detail to determine, at a minimum, the date
				  received, name of the payee, and amount. If the licensee receives cash, the
				  licensee shall give the payer a detailed receipt at the time of payment. The
				  detailed receipt must include the date received, amount received, payer name,
				  payee name, and purpose of payment, and any other information important to the
				  transaction.
(b) A licensee shall
				  maintain detailed receipt records as records of a transaction under the
				  requirements of
				  AS
				  21.27.350(b).
(c) Repealed 3/30/2003.
(d) Repealed 3/30/2003.
(e) Failure to comply with (a) of this
				  section is a violation of
				  AS
				  21.27.350 and
				  21.27.360.
(f) Repealed 3/30/2003.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.600 - Timely disbursal of premiums

Current through May 31, 2024
(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.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.610 - Direct deposit of money required (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.620 - Earning of commissions

Current through May 31, 2024
(a) A licensee who receives money in a
				  fiduciary capacity, part of which consists of commissions due the licensee, may
				  remove commission amounts from money held in a fiduciary capacity only after
				  they are earned.
(b) Unless a
				  contract between the licensee and the insurer provides for a commission to be
				  earned at a different time, a commission is earned no earlier than the date on
				  which the licensee receives the money and the insurance coverage is bound. On
				  or after that date, the licensee may remove the commission amounts from
				  fiduciary care.
(c) Commission
				  amounts that are removed from money held in a fiduciary capacity must be
				  documented as to
(1) the specific calculation
				  of the appropriate commission amount; and
(2) the date on which the amount calculated
				  was considered commission.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.630 - Personal use of fiduciary money

Current through May 31, 2024
(a) The following
				  are prohibited diversions or appropriations for personal use of money held in a
				  fiduciary capacity:
(1) use of fiduciary
				  money, to which a licensee is not lawfully entitled, to pay
(A) the personal or business expenses of a
				  licensee;
(B) the personal or
				  business expenses of a firm of licensees or members of the firm;
(C) a premium of an insured for whom the
				  licensee has not complied with
				  3 AAC 23.210 -
				  3 AAC 23.380 concerning premium financing;
(D) the return premium due of another
				  insured;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.640 - Commingling

Current through May 31, 2024
(a) Money other than that allowed by
				  AS
				  21.27.360(d) may not be
				  commingled with money held in a fiduciary capacity under
				  AS
				  21.27.350.
(b) Service charges may be periodically
				  withdrawn by the financial institution from a licensee's fiduciary account if
				  sufficient money for that purpose, belonging to the licensee as allowed by
				  AS
				  21.27.360(d), is maintained
				  in that fiduciary account.
(c) The
				  maintenance in a fiduciary account of money not allowed by
				  AS
				  21.27.360(d) is a violation
				  of AS
				  21.27.360.
(d) In the absence of an arrangement to pay
				  financial institution service charges from a source other than the fiduciary
				  account, not maintaining in a fiduciary account money that is the property of
				  the licensee in an amount sufficient to pay the monthly service charges of the
				  financial institution is a violation of
				  AS
				  21.27.360(b) and
				  (d).
Authority:
AS
						21.06.090
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.650 - Premium financing money flow

Current through May 31, 2024
(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.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.660 - Broker's fee compensation (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.670 - Interest earned on trust money account (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.680 - Offsets

Current through May 31, 2024
(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.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.690 - Advance of premium refunds

Current through May 31, 2024
(a) The advance of
				  a refund of a premium by a licensee in the name of an insurer that has not yet
				  paid the refund
(1) may be made from a
				  reserve established under
				  AS
				  21.27.360(d); and
(2) may not be made from money representing
				  premiums or return premiums held by the licensee.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.700 - Nonresident licensees

Current through May 31, 2024
(a) A nonresident licensee shall hold in a
				  fiduciary capacity, under
				  AS
				  21.27.360 and
				  3 AAC 23.500 -
				  3 AAC 23.690, money for contracts of insurance written
				  and delivered in this state or insurance risks domiciled in this
				  state.
(b) Failure to comply with
				  (a) of this section is a violation of
				  AS
				  21.27.360.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.710 - Responsible persons in firm

Current through May 31, 2024
(a) The individual
				  designated as compliance officer of a firm under
				  AS
				  21.27.020(c)(3) is the
				  person responsible for the firm's
(1)
				  compliance with the insurance statutes and regulations of this state;
(2) maintenance of adequate records;
				  and
(3) proper handling of all
				  money received by the firm in a fiduciary capacity.