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(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.
History: Eff. 4/22/79, Register 70; am 3/11/98, Register 145
Authority: AS 06.40.010
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Last modified 7/05/2006