Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 21. Insurance
- Chapter 36. Trade Practices and Frauds
- Section 165. Anticoercion and Antitying.
previous: Section 164
. Licensing of Persons in a Financial Institution.
next: Section 167
. Misrepresentation in Financial Institution Sales.
AS 21.36.165. Anticoercion and Antitying.
- (a) A person may not
- (1) require, as a condition to the lending of money or extension of credit, or a renewal of the loan or extension of
credit, that the obligee of the money or credit negotiate a policy or contract of insurance through any particular
person or group of persons;
- (2) disapprove the insurance policy provided by a borrower for the protection of property securing credit or a loan if
disapproval is based on other than reasonable standards uniformly applied and relating to the extent of coverage
required and the financial soundness and the services of the insurer; the standards may not discriminate against a
particular type of insurer or call for the disapproval of a policy containing coverage in addition to that required;
- (3) unless charges are required when the person handling the insurance transaction is a licensee, require a consumer,
insurer, broker, or agent to pay a separate charge for handling an insurance policy required as security for a loan on
real property, or to pay a separate charge to substitute the insurance policy of one insurer for that of another,
except that interest may be charged on premium loans or premium advancements in accordance with the security
- (b) A person shall
- (1) use separate documents for an insurance transaction, other than credit insurance or flood insurance, and for a credit
- (2) maintain separate and distinct records relating to insurance transactions, including consumer complaint information,
and make the records available to the director for inspection upon notice.
- (c) A person may not include insurance premiums in a primary credit transaction without the consent of the consumer.
- (d) Nothing in this section prohibits a person from informing a consumer or prospective consumer that insurance is
required in order to obtain a loan or credit, that loan or credit approval is contingent on the procurement of
acceptable insurance by the consumer, or that insurance is available from the person.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.