Section 3 AAC 26.030 - File and record documentation(a) Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a claim under any type of insurance must document each action taken on a claim. The documentation must contain all notes, work papers, documents and similar material. The documentation must be in sufficient detail that relevant events, the dates of those events, and all persons participating in those events can be identified. The documentation may include legible copies of originals and may be stored in the form of microfilm or electronic media. The documentation is subject to examination and copying by the director or persons acting on the director's behalf.(b) A person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a claim under any type of insurance shall respond to inquiries from the director related to the claim not later than I 0 days from the date of the director's inquiry. The response must include all documentation withjn the person's possession, custody, or control, or in the possession, custody, or control of other persons or entities acting on behalf of that person in relation to the claim, that is responsive to the director's inquiry.(c) The director may assess a penalty under AS 2 1.36.910 of not more than $2,500 for each violation or $25,000 for engaging in a general business practice that violates (b) of this section.Eff. 5/6/89, Register 110; am 6/6/2015, Register 214, July 2015In 2010 the revisor of statutes, acting under AS 01.05.031, redesignated former AS 21.36.350 as AS 21.36.125(c). 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 26.030, deleting the citation to former AS 21.36.350 to reflect that the authority citation already includes a citation to AS 21.36.125, the section where material formerly in AS 21.36.350 was relocated.
Authority:AS 21.06.090
AS 21.06.120
AS 21.06.130
AS 21.36.090
AS 21.36.125
AS 21.36.410
AS 21.36.910