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(a) An insurer transacting consumer credit insurance in this state shall conduct a thorough review of each creditor with which the insurer does business every 24 months beginning no later than 12 months after July 2, 2001 to ensure compliance with applicable state law.
(b) An insurer's review under (a) of this section must include a determination that
(1) premiums the creditor charged to a debtor are the approved charges for use in this state;
(2) the creditor accurately calculated and made refunds;
(3) the creditor promptly filed and properly handled each claim;
(4) each person representing the insurer in the transaction of consumer credit insurance in the state held the appropriate insurance license under AS 21.27; and
(5) each debtor received the disclosure statements required under AS 21.57.055 before the purchase of consumer credit insurance.
(c) An insurer shall maintain documentation of its reviews for five years for inspection by the director.
(d) An insurer shall respond within 20 working days to a request by the director for documentation of a review done under this section.
History: Eff. 7/2/2001, Register 158
Authority: AS 21.06.090
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Last modified 7/05/2006