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(a) After the receipt of money in a fiduciary capacity, a licensee shall
(1) return the money received as a premium deposit to the client if coverage is not obtained within 10 working days;
(2) complete the processing of a refund received from the insurer within the time limits outlined in AS 21.36.220 (c)(1) and 21.36.255(a)(2)(A) and (B) by either
(A) disbursing money to the insured to whom it is owed; or
(B) notifying the insured of the application of a refund under 3 AAC 23.680; or
(3) investigate fiduciary money held for more than 120 days and pay the money to the person entitled to the money.
(b) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.
History: Eff. 8/29/90, Register 115, am 8/4/94, Register 131; am 3/30/2003, Register 165
Authority: AS 21.06.090
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Last modified 7/05/2006