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 23.630 - Personal use of fiduciary money

Universal Citation: 3 AK Admin Code 23.630

Current through February 24, 2025

(a) The following are prohibited diversions or appropriations for personal use of money held in a fiduciary capacity:

(1) use of fiduciary money, to which a licensee is not lawfully entitled, to pay
(A) the personal or business expenses of a licensee;

(B) the personal or business expenses of a firm of licensees or members of the firm;

(C) a premium of an insured for whom the licensee has not complied with 3 AAC 23.210 - 3 AAC 23.380 concerning premium financing;

(D) the return premium due of another insured;

(2) use of money held in a fiduciary capacity for any purpose other than the one for which the money is being held.

(b) A licensee's money held or to be received in a fiduciary capacity may not be

(1) pledged as collateral to secure an amount owing;

(2) used to guarantee a contract of surety; or

(3) assigned.

(c) Each of the prohibited activities listed in (a) and (b) of this section is a violation of AS 21.27.360.

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 23.630, 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 21.27.350

AS 21.27.360

AS 21.36.100

AS 21.36.490

Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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