Section 3 AAC 23.650 - Premium financing money flow(a) The advance of a premium by a licensee in the name of the insured who is purchasing a contract of insurance, if the insured has not yet paid the premium, (1) must be documented in a premium finance agreement under 3 AAC 23.210 - 3 AAC 23.380 unless the advance of a premium meets the requirements of 3 AAC 23.250(b); and(2) may not be made from money received in a fiduciary capacity and held for payment to others.(b) The documents used to execute the advance of a premium by a licensee are records of a particular transaction, that must be maintained for the period specified in AS 21.27.350(c).(d) Failure to comply with (a)(1) of this section is a violation of AS 21.27.350 and 21.27.360.(e) Failure to comply with (a)(2) of this section is a violation of AS 21.27.360.(f) Failure to comply with (b) of this section is a violation of AS 21.27.350.Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/11/98, Register 145; 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 23.650, 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 21.27.360
AS 21.36.100
AS 21.36.490