3 AAC 23.650. Premium financing money flow

(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.

(b) The documents used to execute the advance of a premium by a licensee are records of a particular transaction, that must be maintained for the period specified in AS 21.27.350 (c).

(d) Failure to comply with (a)(1) of this section is a violation of AS 21.27.350 and 21.27.360.

(e) Failure to comply with (a)(2) of this section is a violation of AS 21.27.360 .

(f) Failure to comply with (b) of this section is a violation of AS 21.27.350 .

(g) Repealed 3/30/2003.

History: Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/11/98, Register 145; am 3/30/2003, Register 165

Authority: AS 21.06.090

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