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(a) In addition to the other requirements under 3 AAC 31.300 - 3 AAC 31.449 and AS 21.89.110 to qualify for issuance or for renewal of a viatical settlement provider license, an applicant or licensee shall have and maintain while licensed an unimpaired bond in a sum of not less than $200,000 aggregate liability.
(b) A bond required under (a) of this section must
(1) be continuous in form;
(2) remain in force until the director releases the licensee from liability;
(3) be without prejudice to any liability accrued before the effective cancellation; however, the bond may be cancelled if the director receives at least 60 days notice before the date of the effective cancellation; and
(4) be in favor of insureds, viators, and the state.
(c) A bond issued under this section must be acceptable to the director and may only be issued
(1) by an admitted insurer authorized to transact surety insurance in the state; or
(2) in compliance with AS 21.34, by a surplus lines insurer that is listed on the most recent list of eligible surplus lines insurers published by the director.
(d) An individual in a firm who acts solely on behalf of the firm is not required to have and maintain a bond required under this section if the firm has and maintains a bond or other alternative allowed under (f) of this section.
(e) A firm licensee's bond required under this section extends to all the firm's separate places of business.
(f) If the director determines that a deposit of cash, certificate of deposit, or letter of credit meets the requirements of this section, the deposit of cash, certificate of deposit, or letter of credit may be used instead of a bond.
History: Eff. 8/25/2002, Register 163
Authority: AS 21.06.090
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Last modified 7/05/2006