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- Alaska Statutes.
- Title 21. Insurance
- Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers
- Section 350. Records of Licensees.
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AS 21.27.350. Records of Licensees.
- (a) A licensee shall document each action taken in regard to an insurance transaction. The documentation must contain all
notes, work papers, documents, and similar material, and be in sufficient detail that relevant events, the dates of
those events, and all persons participating in those events can be identified. The documentation must include a record
of each insurance contract procured, issued, or countersigned, together with the names of the insurers and insureds,
the amount of premium paid or to be paid, and a statement of the subject of the insurance; the names of other licensees
from whom business is accepted, and of persons to whom commissions or allowances are promised or paid; and a record of
each investigation or adjustment undertaken or consummated, and a statement of the fee, commission, or other
compensation received or to be received on account of the investigation or adjustment.
- (b) A licensee shall keep at the licensee's place of business or at the place of business of an admitted insurer a
complete record of transactions under the license. An admitted insurer shall maintain records received from a licensee
as required by this section.
- (c) The records of a particular transaction shall be retained and kept open for examination and inspection by the director
at any business time during the five years immediately after the date of the completion of the transaction or 10 years
for reinsurance transactions, unless the director orders a longer period of retention. If a licensee assumes the
business of another licensee or former licensee by merger, purchase, or otherwise, the compliance officer of the
assuming licensee firm shall provide to the director in writing each location where the assumed licensee's records are
maintained by the assuming licensee during the period in which the records must be kept available and open to the
inspection of the director. A formerly licensed person shall provide to the director in writing each location where
records shall be maintained during the period in which the records of a particular transaction must be kept available
and open to the examination and inspection of the director. A formerly licensed person may, with the permission of the
director, arrange to have a current licensee or the home office of the last known insurer of each policyholder maintain
the records open to the examination and inspection of the director during the period in which the records must be
- (d) In addition to the record required under (a) of this section, a licensee shall have and maintain at the licensee's
principal place of business current accounting and financial records maintained under generally accepted accounting
- (e) A licensee shall reply in writing within 10 working days to a records inquiry of the director. The director may
inspect or request summary or detailed copies of records for examination by the division. Accounting and financial
records inspected or examined under this section are confidential when in the possession of the division, but may be
used by the director in a proceeding against the licensee. For purposes of this section, the records of a firm shall
include and be considered the records of an individual licensee acting on behalf of the firm.
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