Alaska Administrative Code

(a) Advances of a premium by a licensee must be recorded and held as fiduciary money until forwarded to the insurer. Refunds of premium money must be recorded and held as fiduciary money until forwarded to the insured. (b) If under AS 21.27.360(d), a licensee commingles with prem…

(a) If a licensee estimates a billing, and the estimate differs from the insurer's invoice, the adjustment of a licensee's estimated billing must occur within a reasonable amount of time, not to exceed 31 business days after the licensee's receipt of notice of actual billing. (b)…

(a) A licensee who accepts money in a fiduciary capacity shall prepare financial statements under AS 21.27.350(c) and 3 AAC 23.500 - 3 AAC 23.720 on a basis no less frequent than annually. (b) A licensee's financial statements shall be maintained for the period specified in AS 21…

(a) Money required to be held in a fiduciary capacity is considered to be clearly identified in a licensee's financial statement if the financial statement identifies that the money is held in a fiduciary capacity. (b) Exempt from the clear identification requirement of this sect…

(a) Within 24 hours after receipt, a licensee who receives money in a fiduciary capacity shall document that money in sufficient detail to determine, at a minimum, the date received, name of the payee, and amount. If the licensee receives cash, the licensee shall give the payer a…

(a) After the receipt of money in a fiduciary capacity, a licensee shall (1) return the money received as a premium deposit to the client if coverage is not obtained within 10 working days; (2) complete the processing of a refund received from the insurer within the time limits o…

Notes 3 AAC 23.610 Eff. 8/29/90, Register 115; repealed 3/30/2003, Register 165 State regulations are updated quarterly; we currently have two versions available.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 …

(a) A licensee who receives money in a fiduciary capacity, part of which consists of commissions due the licensee, may remove commission amounts from money held in a fiduciary capacity only after they are earned. (b) Unless a contract between the licensee and the insurer provides…

(a) The following are prohibited diversions or appropriations for personal use of money held in a fiduciary capacity: (1) use of fiduciary money, to which a licensee is not lawfully entitled, to pay (A) the personal or business expenses of a licensee; (B) the personal or business…

(a) Money other than that allowed by AS 21.27.360(d) may not be commingled with money held in a fiduciary capacity under AS 21.27.350. (b) Service charges may be periodically withdrawn by the financial institution from a licensee's fiduciary account if sufficient money for that p…

(a) The advance of a premium by a licensee in the name of the insured who is purchasing a contract of insurance, if the insured has not yet paid the premium, (1) must be documented in a premium finance agreement under 3 AAC 23.210 - 3 AAC 23.380 unless the advance of a premium me…

Notes 3 AAC 23.660 Eff. 8/29/90, Register 115; am 3/11/98, Register 145; repealed 3/30/2003, Register 165 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…

Notes 3 AAC 23.670 Eff. 8/29/90, Register 115; repealed 3/30/2003, Register 165 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 …

(a) If a licensee receives a refund payable to an insured, the licensee may apply that refund to the payment of amounts due from that insured for insurance premium, an extension of credit, or a loan if the licensee notifies the insured in writing within the 45 day period required…

(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…

(a) A nonresident licensee shall hold in a fiduciary capacity, under AS 21.27.360 and 3 AAC 23.500 - 3 AAC 23.690, money for contracts of insurance written and delivered in this state or insurance risks domiciled in this state. (b) Failure to comply with (a) of this section is a …

(a) The individual designated as compliance officer of a firm under AS 21.27.020(c)(3) is the person responsible for the firm's (1) compliance with the insurance statutes and regulations of this state; (2) maintenance of adequate records; and (3) proper handling of all money rece…

(a) Unless required by a court order, a licensee may not authorize a financial institution to withhold issue of money from a fiduciary account. (b) Unless required by a court order, a licensee may not authorize a financial institution to seize fiduciary money from an account. (c)…

In 3 AAC 23.500 - 3 AAC 23.730, unless the context requires otherwise, (1) "accessible" means capable of being reviewed by the director or the director's appointed or employed representatives; (2) "accounts payable" means the amount due to insurers that has been received or will …

Under AS 21.27.150, the director of the division of insurance is authorized to license a person as a bail bond limited producer. In addition to whatever court rules might apply, a bail bond limited producer is subject to (1) the applicable licensing and record keeping requirement…

(a) A person may not act in the capacity of a bail bond limited producer or perform any of the functions of a bail bond limited producer unless the person is licensed for and meets the requirements of AS 21.27.150 and acts on behalf of a surety insurer or limited surety insurer. …

(a) Except as provided in (b) of this section, a bail bond limited producer may not charge, collect, or receive any fee or consideration in other than a premium that is based upon the effective rate on file with the director. (b) A licensee may charge for reimbursement of travel,…

(a) A licensee or surety shall, at the time of obtaining the release of a defendant on bail, deliver to the defendant and to any other person with whom bail negotiations were conducted, a prenumbered document that describes the bail bond transaction, including the (1) name of the…

(a) A licensee shall maintain the following records for five years after the liability of the surety is terminated: (1) a daily register containing the permanent record of all bail bonds and bail bond transactions executed by the licensee including the (A) power of attorney form …

(a) In accordance with the applicable provisions of AS 21.27, AS 21.36, and court rules, a bail bond limited producer or surety may not (1) pay, rebate, give, or promise anything of value to a jailer, peace officer, magistrate, or any other person who has power to arrest or hold …

(a) A licensee or surety who receives collateral in connection with a bail bond transaction shall receive the collateral in a fiduciary capacity. Until the forfeiture of bail, the licensee or surety must keep the collateral separate from any other funds or assets of the licensee …

(a) If a licensee transfers collateral to another bail bond limited producer or surety, the recipient of the collateral shall hold it in a fiduciary capacity, return it, and otherwise handle it in accordance with 3 AAC 23.745 - 3 AAC 23.859. (b) Collateral may only be transferred…

(a) A licensee who receives collateral in connection with a bail bond transaction shall provide a prenumbered receipt to the person providing the collateral. (b) The receipt for the collateral must state the(1) date of receipt; (2) name of the surety; (3) bail bond number; (4) nu…

(a) Within 10 days after receiving written notification from the court that a bail bond and the surety have been exonerated, a bail bond limited producer shall make any collateral deposited to secure the obligation of that bail bond available for return to the person who deposite…

A licensee shall notify the surety of a bail bond forfeiture within 60 working days following the receipt of notice of the judgement of forfeiture from the clerk of the court. Notes 3 AAC 23.840 Eff. 12/18/92, Register 124 As of Register 196 (January 2011), the regulations attorn…

If collateral, excess collateral on forfeiture, or excess payment of premium being held by a licensee or surety is not claimed or taken away within one year after the termination of liability under the bail bond, the licensee or surety shall treat the collateral, excess collatera…

As used in 3 AAC 23.745 - 3 AAC 23.859, (1) "bail" means property that is deposited with a judicial officer to secure or continue the release from custody of the defendant in a judicial proceeding; "bail" includes a bail bond, a bail bond transaction, and any pledge or deposit of…

(a) The biennial renewal date for an individual licensee is based upon the individual's birth month, as follows: (1) if the individual licensee's birth year is an odd number, the renewal date is the last day of the month in the individual's birth month every odd-numbered year; (2…

Notes 3 AAC 23.900 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 …

Unless the context indicates otherwise, in this chapter, (1) "premium finance agreement" or "agreement to extend credit" means an agreement by which a borrower or prospective borrower promises to pay to a licensee the amount advanced or to be advanced under the agreement to an in…

This chapter applies to (1) grant proposals solicited by and submitted to the foundation for financing of basic and applied research and the development and commercialization of technology that achieve the purposes set out in AS 37.17.010(b)(1) or that enhance and promote other i…

(a) At least once a year, and in accordance with 3 AAC 233.030, the board will solicit grant proposals consistent with the purposes of the foundation as specified in AS 37.17.010(b). Subject to the availability of money as set out in AS 37.17.225, the board will, in its discretio…

(a) Notice of a solicitation for preproposals shall be published in at least one newspaper of general circulation in each judicial district of the state at least one time. (b) The board will, in its discretion, make notice of a solicitation through other appropriate media. (c) No…

(a) Upon receipt of a preproposal, the executive director or the executive director's designee shall review the preproposal to determine whether the application is responsive to the solicitation requirements. (b) Repealed 8/14/99. (c) If the executive director or the executive di…

If only one responsive preproposal is received in response to a competitive solicitation, the executive director or the executive director's designee may (1) accept the preproposal and inform the applicant of the deadline to submit a final proposal; (2) reject the preproposal wit…

The board will, in its discretion, accept unsolicited proposals that it determines are in furtherance of the purposes of the foundation as set out in AS 37.17.010(b)(1). An unsolicited proposal is treated like a preproposal under 3 AAC 233.040 and is subject to the requirements f…

(a) A final proposal is subject to impartial and competitive peer review by a panel of experts. (b) At least two members of the peer review panel shall review a final proposal. However, if an insufficient number of members are available due to conflicts of interest, a single memb…

(a) After the completion of a peer review under AS 37.17.090(b) and 3 AAC 233.070, the board will evaluate and make a determination on a final proposal. (b) The board will make an evaluation of and determination on final proposals consistent with the evaluation factors set out in…

(a) After the board sends an applicant the notification described in 3 AAC 233.080(d), the executive director or the executive director's designee shall negotiate, as directed by the board and on the board's behalf, the specific terms and conditions of the resulting grant agreeme…

(a) The board will, in its discretion, issue solicitations for proposals to form, capitalize, and operate BIDCOs. Subject to the availability of appropriations from the legislature, the foundation will capitalize a BIDCO with at least $1,000,000 of foundation money, if the applic…

Notes 3 AAC 233.900 Eff. 5/12/90, Register 114; repealed 8/14/99, Register 151 Effective 8/14/99, Register 151, the substance of 3 AAC 233.900 was relocated to 3 AAC 233.990. State regulations are updated quarterly; we currently have two versions available. Below is a comparison …

(a) The foundation will maintain the confidentiality of material in a proposal that the applicant identifies as a trade secret or proprietary information, unless (1) the board determines that the identified material is not a trade secret or propriety information; or (2) the appli…