Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters
Article 2 - Premium Financing
3 AAC 23.280 - Operating funds to finance premiums

Universal Citation: 3 AK Admin Code 23.280

Current through February 24, 2025

A licensee may use only operating funds to finance premiums. By the close of business on the day the loan is made, the licensee shall deposit the amount loaned to a borrower and the down payment paid by the borrower in the licensee's fiduciary account. The licensee may not deliver loan proceeds to the borrower.

In 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 23.280, 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 21.36.490

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