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(a) When a licensee extends credit beyond the date premiums are required to be remitted to the insurer, or loans funds to a person whose coverage has been placed through the licensee, the extension of credit or making a loan is premium financing and the terms of the financing must comply with 3 AAC 23.210 - 3 AAC 23.380.
(1) does not charge the insured a service charge for the extension of credit or loan of funds to pay a premium; however, a licensee may charge the licensee's standard late fee; and
(2) notifies the insured, by a regular monthly statement or separate written notice within 30 days after extending credit, of the amount of credit or loan and for what purpose the credit or loan has been extended.
(c) A licensee who completes a transaction through an extension of credit or loan of funds in compliance with (b) of this section must
(1) take the risk of extending credit or loaning funds; and
(2) if notified by the insured that the extension of credit for the payment of premium is not desired, reverse the extension of credit from the insured's records effective to the date the credit was extended.
History: Eff. 4/22/79, Register 70; am 8/4/94, Register 131; am 3/11/98, Register 145
Authority: AS 21.06.090
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Last modified 7/05/2006