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(a) The advance of a refund of a premium by a licensee in the name of an insurer that has not yet paid the refund
(1) may be made from a reserve established under AS 21.27.360 (d); and
(2) may not be made from money representing premiums or return premiums held by the licensee.
(b) The advance of a refund of a premium by a licensee in the name of an insurer that has not yet paid the refund may be made under the following circumstances without violating AS 21.27.360 (b):
(1) the insured is purchasing the same insurance coverage as the insurance coverage being canceled to produce the refund being advanced, or additional coverage of another type;
(2) the licensee has received advice of credit from the insurer whose contract has been canceled, or has the authority to generate the advice of credit from the insurer whose contract has been canceled;
(3) the insured has provided to the licensee a written assignment that allows the licensee to use the premium being refunded for the purpose of paying for the replacement coverage or for coverage of another type; and
(4) the licensee is able to carry the burden of proof to document that the licensee, on the day of the premium is being paid for the relevant replacement insurance coverage or for coverage of another type, was holding sufficient money of the insurer being canceled against which the advance of premium refund can be made.
(c) Repealed 3/30/2003.
(d) The record of the advance of a premium refund by a licensee is a record of a particular transaction, which must be maintained for the period specified in AS 21.27.350 (b).
(e) Failure to comply with (a) or (b) of this section is a violation of AS 21.27.360 .
History: Eff. 8/29/90, Register 115; repealed 3/30/2003, Register 165
Authority: AS 21.06.090
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Last modified 7/05/2006