Alaska Statutes.
Title 6. Banks and Financial Institutions
Chapter 40. Premium Financing Act
Section 150. Return of Unearned Premiums.
previous: Section 140. Cancellation of Policy.
next: Section 160. Consequences of Violations.

AS 06.40.150. Return of Unearned Premiums.

(a) If a financed insurance policy is cancelled and provided the insurer has been notified of the assignment of interest of the insured to the licensee, the insurer within 60 days of the effective date of cancellation shall take the steps that are necessary to have any gross unearned premiums that are due under the insurance policy returned to the licensee for the account of the borrower if the licensee has complied with the notice provisions of AS 06.40.140 (b).

(b) If the crediting of return premiums to the account of the borrower results in a surplus over the amount due from the borrower, the licensee shall refund the excess to the borrower; however, a refund is not required if it amounts to less than $1.


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