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- Alaska Statutes.
- Title 21. Insurance
- Chapter 36. Trade Practices and Frauds
- Section 255. Premium Return or Credit.
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AS 21.36.255. Premium Return or Credit.
- (a) If an insurance policy is cancelled, rejected, or rescinded by the
- (1) insurer, the insurer shall return or credit any unearned premium paid to the agent or broker of record, or directly to
the insured or premium finance company, if applicable; or
- (2) insured, the insurer shall return or credit any unearned premium to the agent or broker of record or directly to the
insured or premium finance company, if applicable, less a cancellation fee not to exceed 7.5 percent of the unearned
premium; a cancellation fee may not be charged unless the fee is clearly stated in the policy; the insurer shall return
or credit the unearned premium less a lawful cancellation fee
- (A) within 45 days of receipt of the request for cancellation or the effective date of cancellation, whichever is later;
- (B) if the policy is selected for audit, within 45 days of completion of an audit; the insurer shall perform and complete
an audit within 45 days of receipt of the request for cancellation or the effective date of cancellation, whichever is
- (b) Notwithstanding (a) of this section, if the insurer clearly indicates one or more of the following features in the
policy, an insurer may issue a policy
- (1) whose premium is earned at a varying rate due to seasonality of exposure;
- (2) that contains a minimum earned premium; or
- (3) with a fluctuating premium base.
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