3 AAC 23.210 - Premiums financed by licensee

(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 extend credit to a person to whom the licensee has not directly provided the insurance for which premiums are financed or credit is extended.

(b) If an affiliate or subsidiary of a licensee under AS 21.27 finances premiums or extends credit for insurance premiums, the affiliate or subsidiary must be licensed under AS 06.40.010.

(c) Except through an affiliate or subsidiary properly licensed under AS 06.40.010, a licensee may not finance premiums or extend credit to a person to whom the licensee has not directly provided the insurance for which premiums are financed or credit is extended.

Notes

3 AAC 23.210

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 21.36.490. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 23.210, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.

Authority:AS 06.40.010

AS 06.40.020

AS 21.06.090

AS 21.36.490