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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 40. Premium Financing Act
- Section 100. Record Keeping; Examination of Records; Report.
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AS 06.40.100. Record Keeping; Examination of Records; Report.
- (a) A licensee shall maintain records of its premium finance transactions, including the insurance agents through which
the licensee provides loans to residents of this state, and the records shall be open to examination and investigation
by the commissioner at the office of the licensee. All records pertaining to insurance contracts financed by state
residents shall be maintained or readily available in the licensee's office. The commissioner may, at any reasonable
time, require the licensee to bring records pertaining to premium finance agreements to the commissioner's office for
examination. The expenses incurred by the department in conducting an examination shall be charged to and paid by the
licensee in accordance with AS 06.01.010
- (b) A licensee shall preserve its records of premium finance transactions, including cards used in a card system, for at
least three years after making the final entry relating to any premium finance agreement. The preservation of records
in photographic form constitutes compliance with this requirement.
- (c) Each licensee shall, on or before March 15 of each year, file a report with the department containing information as
the department may reasonably require concerning the business and operations during the preceding calendar year of each
licensed place of business conducted by the licensee. The report shall be made under oath, shall be in the form
prescribed by the department, and shall be kept available as a public record.
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