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(a) A person wishing to do business as a premium finance company is required to be licensed for this activity and must submit to the division, as conditions to licensure, the following:
(1) an application on the department's application form;
(2) a bond in the face amount of $5,000 on the department's bond form;
(3) a copy of the proposed premium finance agreement form to be used by applicant;
(4) a copy of the proposed schedule of rates to be used in calculating interest rates;
(5) a check or money order for $700, drawn to the order of the State of Alaska, which includes $500 as partial prepayment of investigation expenses and $200 for the annual license fee; and
(6) sworn answers to any interrogatories or materials required by the commissioner.
(b) In addition to the required submissions under (a) of this section, a licensee under this chapter shall submit to the department for approval a proposed revised premium finance agreement form, if the licensee intends to make a material change to a premium finance agreement form that was submitted under (a) of this section. As a part of the submission, the licensee shall include a description of the intended changes to the form. The department will approve the proposed revised form if it meets the requirements of AS 06.40 and this chapter. The licensee may not use the revised form for borrowers in this state before approval is given by the department.
History: Eff. 4/28/79, Register 70; am 4/16/2000, Register 154
Authority: AS 06.40.010
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Last modified 7/05/2006