Sec. 21.27.420. Procedure for suspending, revoking, or conditioning a license.
(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 license is suspended or revoked. (b) […]
Sec. 21.27.690. Operating requirements for reinsurance intermediary brokers; actions for loss.
(a) Except as provided in (b) of this section, an insurer may not transact business with a reinsurance intermediary broker unless the insurer holds a certificate of authority in this state, the reinsurance intermediary broker is licensed in this state, and there is in effect a written contract between the parties that establishes the responsibilities […]
Sec. 21.27.430. Suspensions and revocations.
(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 licensed relative to a subject resident, […]
Sec. 21.27.700. Reinsurance intermediary broker records.
In addition to any other records requirements under this title, a reinsurance intermediary broker shall maintain in organized form a record of each transaction including (1) the type of contract, limits, underwriting restrictions, classes or risks, and territory; (2) the period of coverage, including effective and expiration dates, cancellation provisions, and required notice of cancellation; […]
Sec. 21.27.440. Penalties.
(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, to a person in regard to each […]
Sec. 21.27.460. Return of license.
(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 personally or by certified mail. (b) If […]
Sec. 21.27.530. Insurance producer qualifications.
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 licensed in good standing in this state as an insurance producer, must not have […]
Sec. 21.27.550. Appointment of insurance producer as an agent.
(a) A person may not act as or represent to be a representative of, authorized or appointed agent of, or other term implying a contractual relationship with a particular admitted insurer, or accept applications on behalf of an admitted insurer, unless the person is licensed as an insurance producer under this chapter and is or […]
Sec. 21.27.560. Appointment of insurance producers as brokers.
(a) A client who appoints an insurance producer as its broker in this state or relative to a subject resident, located, or to be performed in this state shall execute a written contract that specifically sets out the duties, functions, powers, authority, and compensation of the insurance producer, if the broker is compensated by a […]
Sec. 21.27.570. Operating requirements for controlling insurance producers.
(a) If the aggregate amount of gross written premium on business placed by a controlling insurance producer exceeds five percent of the admitted assets of the controlled insurer for a calendar year as reported in the insurer’s most recent financial statement filed with the director, the controlling insurance producer may not place business with the […]