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(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.
History: Eff. 8/29/90, Register 115; am 8/4/94, Register 131
Authority: AS 21.06.090
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The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006