Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.27.010 License required.
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(a) Except as provided otherwise in this chapter, a person may not act as or represent to be an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster in this state or relative t…
AS 21.27.020 General qualifications for license.
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(a) For the protection of the people of this state, the director may not issue or renew a license except in compliance with this chapter and may not issue a license to a person, or to be exercised by a person, found by the director to be untrustworthy, incompetent, or who has not…
AS 21.27.025 Required notice of licensee.
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(a) A licensee shall notify the director in writing not later than 30 days after a change in residence, place of business, legal name, fictitious name or alias, mailing address, electronic mailing address, telephone number, or compliance officer. A licensee shall report to the di…
AS 21.27.030 Controlled business disqualification.
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(a) The director may not issue an insurance producer, a managing general agent, or a surplus lines broker license to a person if the director has reasonable cause to believe that the applicant for the license would, during the 12-month period immediately following issuance of the…
AS 21.27.040 Application for license.
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(a) Application for a license shall be made to the director upon forms prescribed by the director. As a part of or in connection with the application, the applicant shall furnish information concerning the applicant's identity, personal history, experience, business record, purpo…
AS 21.27.050 One filing of personal data sufficient. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.060 Examination of applicants and licensees.
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(a) Except as provided in this chapter, an applicant for an individual license and a compliance officer applicant for a firm license shall, before the issuance of the license, personally take and pass, to the satisfaction of the director, an examination that tests the knowledge a…
AS 21.27.070 Scope of examination. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.080 Examinations.
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(a) The answers of the applicant to an examination shall be written by the applicant under the director's supervision, and the written examination may be supplemented by oral examination at the director's discretion. (b) The director shall give examinations at the times and place…
AS 21.27.090 Secs. 21.27.090 , 21.27.095. Qualifications for licensing; licensing of general agents. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.100 Appointment of insurance producer, managing general agent, and reinsurance intermediary manager; acts of agent.
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(a) An appointment is required to be made in accordance with this section when one or more of the following has occurred: (1) an admitted insurer appoints a managing general agent in this state or relative to a subject resident, located, or to be performed in this state; (2) a ma…
AS 21.27.110 Term of appointment.
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(a) An appointment under AS 21.27.100 continues in force until the appointment is terminated in writing. (b) If an insurer, reinsurer, or authorized representative discovers information showing that the appointee whose appointment was terminated has engaged in an activity identif…
AS 21.27.115 Lines of authority.
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If a person has met the applicable requirements of AS 21.27.020 and 21.27.270, the director shall issue a license for one or more of the following lines of authority: (1) life insurance coverage on natural persons; in this paragraph, “life insurance coverage” (A) includes benefit…
AS 21.27.120 Revocation of appointment. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.130 Form and content of licenses.
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(a) A license must be in the form the director prescribes and must set out (1) the name and address of the licensee and, if the licensee is required to have a place of business, the physical address of the place of business; (2) the type, class, and lines of authority the license…
AS 21.27.140 Firm licenses.
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(a) A firm shall have a firm license, the scope of which includes all lines and classes of authority of each individual employee of the firm. (b) A firm may not be licensed as an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary…
AS 21.27.150 Limited licenses.
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(a) The director may issue a (1) travel insurance limited producer license to a person who is appointed under AS 21.27.100 and who sells travel insurance; in this paragraph, “travel insurance” has the meaning given in AS 21.27.152; (2) title insurance limited producer license to …
AS 21.27.152 Travel insurance.
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(a) A person that makes, arranges, or offers travel services may transact travel insurance by offering, issuing for delivery, issuing, or renewing travel insurance to its customers on behalf of and under the direction of a person holding a travel insurance limited producer licens…
AS 21.27.160 Scope of licenses.
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An insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster is only required to have one license inclusive of all kinds or combination of kinds or all classes or combination of cla…
AS 21.27.170 Insurance vending machines license. [Repealed, § 82 ch 81 SLA 2001.]
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[Repealed or reserved.]
AS 21.27.180 Scope of broker license. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.27.190 Bond.
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(a) In addition to any other requirements in this title, a bond required under this title or an alternative indemnity permitted under this section shall meet the following requirements: (1) it shall be continuous in form; (2) it shall remain in force until the licensee is release…
AS 21.27.200 Secs. 21.27.200 , 21.27.210. Broker's authority and commissions; agent-broker combinations. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.215 Employment contracts.
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(a) A firm may enter into an employment contract with a licensed individual to conduct business under the supervision of and in the name of the firm. The employment contract must be in writing and must specify the lines and classes of authorities of the individual and the firm. T…
AS 21.27.220 Secs. 21.27.220 , 21.27.230. Solicitor's qualifications; application for solicitor's license. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.27.240 Secs. 21.27.240 — 21.27.260. Fee for and custody of solicitor's license; limitations; employer's responsibility. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.270 Licensing of nonresidents.
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(a) In accordance with P.L. 106-102 (Gramm-Leach-Bliley Act), the director shall issue a license to a nonresident license applicant on terms that are reciprocal with those of the applicant's home state. Notwithstanding any contrary provision of this chapter, the director may by o…
AS 21.27.275 Alien licensees.
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The director may issue a license authorized by this chapter to a nonresident of this state who does not have a home state if that person meets all the requirements of this chapter for that license applicable to a resident of this state applying for the same license.
AS 21.27.280 Director as agent for service of process. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.290 Secs. 21.27.290 , 21.27.300. Adjuster's qualifications; contents of license. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.27.310 Secs. 21.27.310 , 21.27.320. Trainee adjusters; agent or general agent as adjuster; nonresident adjusters. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.330 Place of business.
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(a) A person licensed under this chapter shall have and maintain at least one place of business that is physically accessible to the public in this state unless the person holds a nonresident license and principally conducts transactions in another state. However, the nonresident…
AS 21.27.340 Public display of license. [Repealed, § 94(a) ch 23 SLA 2011.]
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[Repealed or reserved.]
AS 21.27.350 Records of licensees.
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(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 participatin…
AS 21.27.360 Reporting and accounting for premiums and premium taxes and fees.
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(a) A licensee involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as a premium for the contract. The amount charged shall be shown in the contract and in the records of the licensee. (b) Except as p…
AS 21.27.365 Deposit or surety bond in place of fiduciary account. [Repealed, § 83 ch 81 SLA 2001.]
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[Repealed or reserved.]
AS 21.27.370 Sharing compensation.
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(a) Except as provided in (c) and (d) of this section, a licensee may not compensate a person, other than a licensee who is acting within the scope of the person's license, for transacting insurance in this state or relative to a risk resident, located, or to be performed in this…
AS 21.27.380 License renewal, expiration, and reinstatement.
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(a) Except as provided in this title, the director may renew a license biennially on a date set by the director if the licensee continues to be qualified under this chapter and, on or before the license expiration date, meets all renewal requirements established by regulation, su…
AS 21.27.390 Temporary license.
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(a) The director may issue a temporary license only to a person who, except for experience, training, or the taking of an examination, meets all qualifications for a permanent license and if the person is (1) the surviving spouse, next of kin, or the administrator or executor of …
AS 21.27.400 Temporary license limitations. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.405 Hearing and order on violation.
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(a) On the complaint of a person or on the motion of the director, the director may conduct an investigation to determine whether a person has violated this chapter. (b) If the director determines that a person has violated this chapter, the director shall serve an order upon the…
AS 21.27.410 Denial, nonrenewal, suspension, or revocation of licenses.
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(a) The director may deny issuance of or not renew a license or may suspend or revoke a license issued under this chapter for any of the following: (1) a cause for which issuance of the license or its renewal could have been denied had it then existed and been known to the direct…
AS 21.27.420 Procedure for suspending, revoking, or conditioning a license.
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(a) After a hearing under AS 21.06.170 — 21.06.240, if the director determines that a person has violated a provision of this title and that the person's license should be suspended or revoked, the director shall issue an order effective 10 days after the date of issuing that the…
AS 21.27.430 Suspensions and revocations.
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(a) An order suspending a license shall specify the period during which the license is suspended. A period of suspension may not exceed 12 months. (b) An order revoking a license shall specify the period during which the person may not seek to be licensed in this state or license…
AS 21.27.440 Penalties.
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(a) In addition to any other penalty provided by law, a person that the director determines under AS 21.06.170 — 21.06.240 has violated the provisions of this chapter is subject to (1) a civil penalty equal to the compensation promised, paid, or to be paid, directly or indirectly…
AS 21.27.450 Fine in lieu of action against the license. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.460 Return of license.
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(a) A license issued under this chapter is the property of the state. Within 10 days of an order or notice of nonrenewal, suspension, or revocation of the license, the licensee or other person having possession or custody of the license shall deliver it to the director either per…
AS 21.27.470 Secs. 21.27.470 — 21.27.520. Agent, broker, solicitor, service representatives, and adjuster defined; exceptions from definitions. [Repealed, § 47 ch 29 SLA 1987.]
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Article 2. Insurance Producers.
AS 21.27.530 Insurance producer qualifications.
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In addition to the general qualifications under AS 21.27.020, to qualify for issuance or renewal of an insurance producer license, an applicant or licensee (1) must possess the competence necessary to fulfill the responsibilities of an insurance producer; (2) if previously licens…
AS 21.27.540 Trainee insurance producers. [Repealed, § 53 ch 96 SLA 2004.]
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[Repealed or reserved.]