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 23.590 - Receipt of fiduciary money

(a) Within 24 hours after receipt, a licensee who receives money in a fiduciary capacity shall document that money in sufficient detail to determine, at a minimum, the date received, name of the payee, and amount. If the licensee receives cash, the licensee shall give the payer a detailed receipt at the time of payment. The detailed receipt must include the date received, amount received, payer name, payee name, and purpose of payment, and any other information important to the transaction.

(b) A licensee shall maintain detailed receipt records as records of a transaction under the requirements of AS 21.27.350(b).

(c) Repealed 3/30/2003.

(d) Repealed 3/30/2003.

(e) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.

(f) Repealed 3/30/2003.