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(a) An automobile service corporation holding a certificate of authority under AS 21.59 shall file with the director
(1) annually on or before March 1 a full and true statement of the automobile service corporation's financial condition, transactions, and affairs as of the preceding December 31; unless the director waives the verification requirement in this paragraph for good cause, the filing must be verified by the oath of the automobile service corporation's president or vice-president and secretary, or like officers of the corporation;
(2) annually on or before June 1 an audited financial statement of the financial condition, transactions, and affairs of the automobile service corporation as of the preceding December 31; the audited financial statement must be submitted on or before March 1 in order to be substituted for the financial statement described in (1) of this subsection; and
(3) quarterly on or before 45 days after the end of the quarter to which it applies a quarterly financial statement of the automobile service corporation if required by the director to evaluate compliance with AS 21.59.
(b) The annual and quarterly financial statements required in (a) of this section must include a
(1) statement of financial condition; and
(2) statement of change in financial condition.
(c) Failure to comply with (a)(1) and (2) of this section is a violation of AS 21.09.200 . Failure to comply with (a)(3) of this section is a violation of AS 21.09.205 .
(d) An automobile service corporation holding a certificate of authority under AS 21.59 shall file with the director annually on or before June 1 evidence acceptable to the director that a bond required under AS 21.59.030 (2) or 21.59.050(c) is in effect. Acceptable evidence includes documents prepared by the company issuing the bond or an agent of the company issuing the bond that state the amount of bond and the effective period of the bond. The director may request evidence acceptable to the director that the automobile service corporation has a bond in effect at any time.
History: Eff. 8/21/2005, Register 175
Authority: AS 21.06.090
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Last modified 7/05/2006