Section 3 AAC 23.550 - Premium finance accounting and records(a) Advances of a premium by a licensee must be recorded and held as fiduciary money until forwarded to the insurer. Refunds of premium money must be recorded and held as fiduciary money until forwarded to the insured.(b) If under AS 21.27.360(d), a licensee commingles with premium money additional money for the purpose of advancing premiums, an accounting entry must reclassify the money as fiduciary money.(c) Failure to comply with (a) or (b) of this section is a violation of AS 21.27.350.Eff. 8/29/90, Register 115; am 8/9/94, Register 131; am 3/30/2003, Register 165In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.122 as AS 21.36.490. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 23.550, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.
Authority:AS 21.06.090
AS 21.27.350
AS 21.36.490