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(a) The advance of a premium by a licensee in the name of the insured who is purchasing a contract of insurance, if the insured has not yet paid the premium,
(2) may not be made from money received in a fiduciary capacity and held for payment to others.
(b) The documents used to execute the advance of a premium by a licensee are records of a particular transaction, that must be maintained for the period specified in AS 21.27.350 (c).
(c) Repealed 3/30/2003.
(d) Failure to comply with (a)(1) of this section is a violation of AS 21.27.350 and 21.27.360.
(e) Failure to comply with (a)(2) of this section is a violation of AS 21.27.360 .
(f) Failure to comply with (b) of this section is a violation of AS 21.27.350 .
(g) Repealed 3/30/2003.
History: Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/11/98, Register 145; am 3/30/2003, Register 165
Authority: AS 21.06.090
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Last modified 7/05/2006