Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 26 - Trade Practices
Article 11 - Consumer Payment Clauses
3 AAC 26.899 - Definitions

Universal Citation: 3 AK Admin Code 26.899

Current through February 24, 2025

In 3 AAC 26.875 - 3 AAC 26.899,

(1) "convenience fee" means a fee

(A) charged by a third-party vendor or payment processor; and

(B) associated with a premium payment transaction;

(2) "payment plan" means an arrangement or plan by which an insurer offers its policyholders an alternative to advance payment of the entire premium;

(3) "payment method" means the way in which a policyholder pays the policyholder's premium, including electronic fiind transfers, automated clearing house (ACH) transactions, direct billing, cash, checks, a credit, charge, or debit card, or a third-party payment processor;

(4) "premium payment transaction" means a payment made in consideration for insurance, including a payment related to acquiring, issuing, maintaining, modifying, servicing, or reinstating a policy;

(5) "rate" and "rate filing" includes

(A) a loss cost adjustment; and

(B) a loss cost adjustment filing.

Authority:AS 21.06.090

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