Statutes, codes, and regulations
Alaska Administrative Code
Title 3 - Commerce, Community, and Economic DevelopmentPart 2 - Division of InsuranceChapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters
Article 4 - Fiduciary Responsibilities of Licensees
Section 3 AAC 23.640 - Commingling

3 Alaska Admin. Code § 23.640

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Current through December 21, 2024
Section 3 AAC 23.640 - Commingling
(a) Money other than that allowed by AS 21.27.360(d) may not be commingled with money held in a fiduciary capacity under AS 21.27.350.
(b) Service charges may be periodically withdrawn by the financial institution from a licensee's fiduciary account if sufficient money for that purpose, belonging to the licensee as allowed by AS 21.27.360(d), is maintained in that fiduciary account.
(c) The maintenance in a fiduciary account of money not allowed by AS 21.27.360(d) is a violation of AS 21.27.360.
(d) In the absence of an arrangement to pay financial institution service charges from a source other than the fiduciary account, not maintaining in a fiduciary account money that is the property of the licensee in an amount sufficient to pay the monthly service charges of the financial institution is a violation of AS 21.27.360(b) and (d).

3 AAC 23.640

Eff. 8/29/90, Register 115; am 3/30/2003, Register 165

Authority:AS 21.06.090

AS 21.27.360