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 4 - Fiduciary Responsibilities of Licensees
3 AAC 23.510 - Generally accepted accounting principles
Universal Citation: 3 AK Admin Code 23.510
Current through February 24, 2025
(a) Generally accepted accounting principles for a licensee accepting money in a fiduciary capacity are those accounting rules, conventions, and procedures that follow, or that have substantial authoritative support because they are adopted by the following authorities, listed by order of precedence with the highest shown first:
(1) AS 21;
(2)3 AAC
23.500 -
3
AAC 23.730 and
3
AAC 23.999;
(3) the Financial Accounting Standards Board
or its successor organization;
(4)
the American Institute of Certified Public Accountants.
(b) Deviation from generally accepted accounting principles is a violation of AS 21.27.350(d).
Authority:AS 21.06.090
AS 21.27.350
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