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Title 3 . Commerce, Community, and Economic Development
Chapter 23 . Miscellaneous
Section 680. Offsets

3 AAC 23.680. Offsets

(a) If a licensee receives a refund payable to an insured, the licensee may apply that refund to the payment of amounts due from that insured for insurance premium, an extension of credit, or a loan if the licensee notifies the insured in writing within the 45 day period required for the processing of refunds under 3 AAC 23.600.

(b) If notified by the insured that the use of a refund to pay an outstanding amount was not desired, the licensee must return the full refund to the insured or dispose of the full refund according to the instructions of the insured within 45 days.

(c) Failure to comply with (a) or (b) 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

Authority: AS 21.06.090

AS 21.27.350

AS 21.27.360

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Last modified 7/05/2006