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 6 - General Provisions
3 AAC 23.999 - Definitions
Current through February 24, 2025
Unless the context indicates otherwise, in this chapter,
(1) "premium finance agreement" or "agreement to extend credit" means an agreement by which a borrower or prospective borrower promises to pay to a licensee the amount advanced or to be advanced under the agreement to an insurer in payment of premiums on an insurance policy together with a service charge; as security for the advanced sums, the licensee receives an assignment of the unearned premium;
(2) "service charge" means the total cost charged by a licensee, including all charges, fees, interest, or cost differentials, for financing premiums or extending credit; "service charge" does not include a late charge permitted under 3 AAC 23.340.
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 23.999, 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
