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Title 3 . Commerce, Community, and Economic Development
Chapter 28 . Miscellaneous
Section 355. Limitations on compensation

3 AAC 28.355. Limitations on compensation

(a) An insurer selling a credit life insurance policy that has been filed and approved at rates higher than the prima facie rates may not pay an insurance producer compensation in excess of 30 percent of the net written prima facie premium established in 3 AAC 28.340. Compensation is not limited on a policy written at or below the prima facie rate.

(b) An insurer selling a credit disability insurance policy that has been filed and approved at a rate higher than the prima facie rate may not pay an insurance producer compensation in excess of the prima facie rate multiplied by the percentages given in the table below. Compensation is not limited on a policy written at or below the prima facie rate.

    

    

Type of Plan Percent of Prima Facie Premium 14-day retroactive 26 14-day non-retroactive 28 30-day retroactive 30 30-day non-retroactive 34

(c) An insurer may not pay insurance producer compensation in excess of 30 percent of the premium charged for a credit unemployment insurance policy.

History: Eff. 6/6/93, Register 126; am 7/2/2001, Register 158

Authority: AS 21.06.090

AS 21.57.080

AS 21.57.130


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Last modified 7/05/2006