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 23.600 - Timely disbursal of premiums
Universal Citation: 3 AK Admin Code 23.600
Current through February 24, 2025
(a) After the receipt of money in a fiduciary capacity, a licensee shall
(1) return the money received as a premium
deposit to the client if coverage is not obtained within 10 working
days;
(2) complete the processing
of a refund received from the insurer within the time limits outlined in
AS
21.36.220(c)(1) and
21.36.255(a)(2)(A)
and(B) by either
(A) disbursing money to the insured to whom
it is owed; or
(B) notifying the
insured of the application of a refund under
3
AAC 23.680; or
(3) investigate fiduciary money held for more
than 120 days and pay the money to the person entitled to the money.
(b) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.
Authority:AS 21.06.090
AS 21.27.350
AS 21.27.360
AS 21.36.220
AS 21.36.255
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