Advertising with us can place you in front of thousands of visitors a day. Learn more!
|
|
|
- Alaska Statutes.
- Title 21. Insurance
- Chapter 36. Trade Practices and Frauds
- Section 255. Premium Return or Credit.
previous:
Section 250. Notice of Eligibility.
next:
Section 260. Proof and Method of Mailing Notice.
AS 21.36.255. Premium Return or Credit.
- (a) If an insurance policy is cancelled, rejected, or rescinded by the
- (1) insurer, the insurer shall return or credit any unearned premium paid to the agent or broker of record, or directly to
the insured or premium finance company, if applicable; or
- (2) insured, the insurer shall return or credit any unearned premium to the agent or broker of record or directly to the
insured or premium finance company, if applicable, less a cancellation fee not to exceed 7.5 percent of the unearned
premium; a cancellation fee may not be charged unless the fee is clearly stated in the policy; the insurer shall return
or credit the unearned premium less a lawful cancellation fee
- (A) within 45 days of receipt of the request for cancellation or the effective date of cancellation, whichever is later;
or
- (B) if the policy is selected for audit, within 45 days of completion of an audit; the insurer shall perform and complete
an audit within 45 days of receipt of the request for cancellation or the effective date of cancellation, whichever is
later.
- (b) Notwithstanding (a) of this section, if the insurer clearly indicates one or more of the following features in the
policy, an insurer may issue a policy
- (1) whose premium is earned at a varying rate due to seasonality of exposure;
- (2) that contains a minimum earned premium; or
- (3) with a fluctuating premium base.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.