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- Alaska Statutes.
- Title 21. Insurance
- Chapter 36. Trade Practices and Frauds
- Section 145. Unfair Financial Planning Practices.
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. Desist Orders For Prohibited Practices. [Repealed, Sec. 11 Ch 163 SLA 1976].
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. Procedures as to Undefined Practices.
AS 21.36.145. Unfair Financial Planning Practices.
- (a) A person may not represent, directly or indirectly, to be a financial planner, investment adviser, consultant,
financial counselor, or similar specialist engaged in the business of giving financial planning or advice relating to
investments, insurance, real estate, tax matters, or trust and estate matters when the person is in fact only engaging
in the sale of insurance.
- (b) A person may not engage in the business of financial planning and solicit the sale of a product or service on the
basis that the person is an insurance salesperson or that a commission for the sale of an insurance product will be
received in addition to a fee for financial planning without full disclosure to the client before the execution of the
agreement required in (c) of this section.
- (c) A person licensed under this title may not charge a fee other than a commission for financial planning unless the fee
is based upon a written agreement signed before the performance of a service under the agreement. The insurance
salesperson shall provide the client a copy of the signed agreement at the time of signing. The agreement must
specifically state the service for which a fee is to be charged and how the fee will be determined or calculated. The
agreement must provide that the client is under no obligation to purchase an insurance product. The licensee shall
retain a copy of the agreement for not less than five years after completion of services and the agreement shall be
available to the director upon request.
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