Alaska Administrative Code

Notes 3 AAC 23.090 In effect 6/21/89 - 10/18/89 by em adop., Register 111 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be add…

(a) In order to renew a license under AS 21.27.380, a licensee must satisfy the continuing education requirements under 3 AAC 23.100 - 3 AAC 23.208 unless the licensee is exempt under AS 21.27.020(f) or seeks (1) renewal of a temporary license under AS 21.27.390; (2) renewal of a…

(a) A contact class course or self-study course will be accepted for continuing education credit if the course (1) meets the requirements of 3 AAC 23.188; and (2) is in the general subject area of (A) insurance technical or product information; (B) risk management; (C) insurance …

Notes 3 AAC 23.110 Eff. 9/26/96, Register 139; repealed 1/1/2014, Register 208, January 2014 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison f…

Notes 3 AAC 23.115 Eff. 9/26/96, Register 139; repealed 1/1/2014, Register 208, January 2014 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison f…

(a) The director will determine the number of credit hours to be assigned to each continuing education course based on (1) presentation hours for a contact class course; or (2) the word count of the course study material for a self-study course. (b) A licensee may earn credit hou…

Notes 3 AAC 23.125 Eff. 9/26/96, Register 139; repealed 1/1/2014, Register 208, January 2014 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison f…

Notes 3 AAC 23.130 Eff. 9/26/96, Register 139; repealed 1/1/2014, Register 208, January 2014 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison f…

Notes 3 AAC 23.135 Eff. 9/26/96, Register 139; repealed 1/1/2014, Register 208, January 2014 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison f…

The director will not allow continuing education credit for the following items:(1) committee service in a professional organization or for the division under 3 AAC 23.145; (2) credit hours taken and claimed for credit more than once in any two-year license period; (3) credit hou…

(a) In accordance with AS 21.27.020(g), the director will appoint a four-member continuing education advisory committee to provide recommendations on continuing education compliance and advise the director on continuing education matters. (b) Members of the continuing education a…

(a) At the time a licensee applies for license renewal, a licensee shall submit a notarized affidavit stating that the license has complied with the continuing education requirements of 3 AAC 23.100 - 3 AAC 23.208, on a form supplied by the director. (b) If an affidavit of compli…

(a) The director will audit a sample of the affidavits submitted by licensees under 3 AAC 23.150 to verify compliance with 3 AAC 23.100 - 3 AAC 23.208. The director may request the assistance of the continuing education advisory committee to audit the sample and provide recommend…

The provisions of 3 AAC 23.150 and 3 AAC 23.155 do not apply to a licensee once the licensee's current continuing education records become available on the licensee's online transcript on file with the director. Notes 3 AAC 23.157 Eff. 1/1/2014, Register 208, January 2014 Authori…

If a licensee fails to comply with 3 AAC 23.100 - 3 AAC 23.208, the license lapses or expires. Notes 3 AAC 23.160 Eff. 9/26/96, Register 139; am 1/1/2014, Register 208, January 2014 Authority:AS 21.06.090 AS 21.27.020 State regulations are updated quarterly; we currently have two…

(a) In order to offer, sponsor, or advertise a continuing education course to a licensee in this state, a person must(1) submit an application on a form prescribed by the director; (2) pay an application fee under 3 AAC 31.060; (3) be approved and assigned an identifying number a…

(a) In addition to meeting the qualifications under 3 AAC 23.164, an approved continuing education provider shall (1) ensure that each contact class course is conducted or facilitated by an instructor qualified under 3 AAC 23.184; (2) obtain approval of the director for each cour…

Notes 3 AAC 23.170 Eff. 9/26/96, Register 139; repealed 1/1/2014, Register 208, January 2014 Material formerly located in 3 AAC 23.170 is now located in 3 AAC 23.208. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between …

(a) During the 60-day period the last day of which is the expiration date of a person's approval as a continuing education provider, a person seeking to renew the approval for a four-year period must submit to the director an application for renewal on a form prescribed by the di…

The director may suspend or revoke the director's approval of a continuing education provider if the director determines the continuing education provider has violated the requirements of 3 AAC 23.100 - 3 AAC 23.208, Under this section, the director will not set a period of suspe…

A person that is subject to AS 21 may not accept a rebate, refund, fee, commission, or discount for the referral of a licensee to a continuing education provider without making full disclosure of the acceptance of the rebate, refund, fee, commission, or discount to the licensee a…

(a) A continuing education provider shall ensure that each of the continuing education provider's contact class courses is taught or presented by a continuing education instructor who is trustworthy and meets at least one of the following qualifications: (1) has three years' expe…

(a) A continuing education provider seeking approval of a continuing education course must submit to the director, at least 30 days before the first date the course is to be offered for credit, an application for course approval on a form prescribed by the director and pay an app…

A continuing education course may not be advertised, sponsored, or offered in this state unless the director has approved the course and the advertisement includes (1) the continuing education provider's name as approved by the director; (2) the course title as approved by the di…

(a) A continuing education provider seeking renewal of a continuing education course for a two-year period shall submit an application for course renewal on a form prescribed by the director and pay a renewal fee under 3 AAC 31.060. (b) The director's approval of a continuing edu…

(a) The director may revoke the director's approval of a continuing education course if the director determines that the continuing education course violates the requirements of 3 AAC 23.100 - 3 AAC 23.208. (b) The director may reinstate approval of a course that has been revoked…

(a) A licensee may request credit for completion of an insurance-related course organized and conducted by an entity that is not approved by the director as a continuing education provider. The director will consider the educational value of the course. (b) A request to the direc…

In 3 AAC 23.100 - 3 AAC 23.208, unless the context requires otherwise, (1) "certificate of completion" means a document signed by an authorized designee of a continuing education provider attesting to the successful completion of a continuing education course by a licensee and co…

(a) A licensee under AS 21.27 may, if acting in the licensee's own name, finance premiums or extend credit to a person whose insurance coverage has been placed through that licensee. A licensee under AS 21.27 may not, except through an affiliate or subsidiary, finance premiums or…

Notes 3 AAC 23.220 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 23.230 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

A licensee who finances premiums or extends credit under 3 AAC 23.210 - 3 AAC 23.380 shall make the disclosures required by 15 U.S.C. 1601 - 1693 (Federal Truth in Lending Act) and Regulation Z, 12 C.F.R. 226, as revised as of January 1, 1997. Notes 3 AAC 23.240 Eff. 4/22/79, Reg…

(a) When a licensee extends credit beyond the date premiums are required to be remitted to the insurer, or loans funds to a person whose coverage has been placed through the licensee, the extension of credit or making a loan is premium financing and the terms of the financing mus…

(a) A licensee's premium finance agreement or agreement to extend credit must (1) be dated and signed by the borrower, and the printed portion of it must be in at least eight-point type; (2) contain a power of attorney enabling the licensee to cancel the insurance policy listed i…

Notes 3 AAC 23.270 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

A licensee may use only operating funds to finance premiums. By the close of business on the day the loan is made, the licensee shall deposit the amount loaned to a borrower and the down payment paid by the borrower in the licensee's fiduciary account. The licensee may not delive…

(a) A licensee shall maintain books, accounts, and records relating to premium finance transactions and agreements to extend credit in accordance with accepted accounting practices. A licensee shall keep the required books, accounts, and records at the licensee's place of busines…

Notes 3 AAC 23.300 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

(a) A licensee entering into a premium finance agreement or agreement to extend credit may charge, contract for, receive, or collect a service charge only as permitted by this section. (b) The service charge may not exceed a simple interest equivalent annual rate of 15 percent, p…

(a) A borrower may prepay the outstanding balance due under a premium finance agreement or agreement to extend credit in full at any time before the due date of the final payment, and is entitled to receive a refund credit of interest, computed from the date the prepayment is rec…

Notes 3 AAC 23.320 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 23.330 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

A premium finance agreement or agreement to extend credit may require the borrower to pay a late charge for any payment that is not made within 10 days after it is due. A late charge may be imposed for each month or fraction of a month that the payment is late. The charge allowed…

Notes 3 AAC 23.350 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

The only allowable security for financed premiums is the unearned premium or cash surrender value of the policy being financed, except that notes may be used to secure audit premiums that are financed after expiration of the policy or where the premium is fully earned before poli…

A payment made as required by a premium finance agreement or agreement to extend credit must be attributed only to the policy or policies financed under that agreement. Notes 3 AAC 23.370 Eff. 4/22/79, Register 70; am 3/11/98, Register 145 In 2010 the revisor of statutes, acting …

3 AAC 23.210 - 3 AAC 23.380 do not apply to credit life or credit disability insurance as defined in AS 21.57. Notes 3 AAC 23.380 Eff. 4/22/79, Register 70; am 3/11/98, Register 145 In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.122 as AS 2…

Notes 3 AAC 23.390 Eff. 4/22/79, Register 70; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

The purpose of 3 AAC 23.500 - 3 AAC 23.730 is to implement the statutes under which a licensee receives money in a fiduciary capacity. Notes 3 AAC 23.500 Eff. 8/29/90, Register 115; am 3/30/2003, Register 165 Authority:AS 21.06.090 AS 21.27.350 AS 21.27.360 State regulations are …

(a) Generally accepted accounting principles for a licensee accepting money in a fiduciary capacity are those accounting rules, conventions, and procedures that follow, or that have substantial authoritative support because they are adopted by the following authorities, listed by…