3 AAC 23.630. Personal use of fiduciary money

(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;

(2) use of money held in a fiduciary capacity for any purpose other than the one for which the money is being held.

(b) A licensee's money held or to be received in a fiduciary capacity may not be

(1) pledged as collateral to secure an amount owing;

(2) used to guarantee a contract of surety; or

(3) assigned.

History: Eff. 8/29/90, Register 115; am 3/11/98, Register 145; am 3/30/2003, Register 165

Authority: AS 21.06.090

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