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(a) The biennial renewal date for an individual licensee is based upon the individual's birthday, as follows:
(1) if the individual licensee's birth year is an odd number, the renewal date is the individual's birthday every odd-numbered year;
(2) if the individual licensee's birth year is an even number, the renewal date is individual's birthday every even-numbered year;
(b) The biennial renewal date for a firm licensee is based upon the firm's initial license date, as follows:
(1) if the firm's initial license was issued in an odd-numbered year, the renewal date is the initial license date every odd-numbered year.
(2) if the firm's initial license was issued in an even-numbered year, the renewal date is the initial license date every even-numbered year.
(c) To renew a license issued under AS 21.27, a licensee shall submit an application for license renewal on the form provided or in a format prescribed by the division. In addition to the license renewal application, a nonresident licensee must be currently licensed and in good standing in the licensee's home state. The director may verify the licensee's licensing status through the producer licensing database records maintained by the National Association of Insurance Commissioners or its affiliates or subsidiaries. The license renewal application form for
(1) an individual license must be signed by the licensee;
(2) a person licensed as an individual in the firm, as defined in AS 21.27.900 , must be signed by the licensee; and
(3) a firm license must be signed by the compliance officer listed on the firm's license.
(d) If the license renewal application form and payment of the fee are not received by the director before the close of business on the license renewal date, the license lapses. A licensee may not conduct business with a lapsed license in accordance with AS 21.27.380 (b).
(e) If the license of a compliance officer of a firm lapses, the division will notify that firm, the branch locations of the licensed firm, and all licensed individuals in the firm as defined in AS 21.27.900 , that, within 30 days from the date the license lapsed, the firm must designate and complete all license application requirements for a new compliance officer. The notice will be sent by first class mail with a certificate of mailing from the United States Postal Service.
(f) If a firm fails to comply with (e) of this section, the following licenses will lapse:
(1) the firm license;
(2) the license of any licensed individual in the firm, as defined in AS 21.27.900 , if that person is affiliated only with that firm.
(g) If a firm license lapses, the division will notify the compliance officer and each individual in the firm, as defined in AS 21.27.900 , that if the firm whose license has lapsed is the only firm that person is affiliated with, that person has 30 days from the date the firm license lapsed to affiliate with another licensed firm, apply for and obtain an individual license, or voluntarily surrender the license for cancellation. All license affiliations with a firm will be inactivated during the period the firm's license is lapsed. The notice will be sent by first class mail with a certificate of mailing from the United States Postal Service.
(h) A person licensed as a compliance officer or a licensed individual in a firm, as defined in AS 21.27.900 , who is affiliated with more than one firm may not conduct business for the firm whose license is lapsed, but is not prohibited from conducting business for the firm whose license is not lapsed. The division will reprint a license following the removal of an affiliation with a firm whose license is lapsed.
(i) If the compliance officer or licensed individual in a firm as defined in AS 21.27.900 , fails to comply with (g) of this section, that person's license issued under AS 21.27 will lapse.
History: Eff. 7/1/92, Register 123; am 12/26/93, Register 128; am 3/11/98, Register 145; am 3/30/2003, Register 165
Authority: AS 21.06.090
Editor's note: 3 AAC 23.860 took effect 7/1/92 as an emergency regulation. Due to changes made by the regulations attorney in reviewing the "permanent" regulation for filing the permanent regulation, as it was first published in Register 124 (January 1993), differed from the emergency regulation even though the section's history note did not reflect an amendment.
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Last modified 7/05/2006