Sec. 06.40.150. Return of unearned premiums.
(a) If a financed insurance policy is cancelled, and provided the insurer has been notified of the assignment of interest of the insured to the licensee, the insurer shall, within 60 days after the effective date of cancellation, take the steps that are necessary to have any gross unearned premiums that are due under the […]
Sec. 06.40.160. Consequences of violations.
(a) A lender who, in the making of any contract, loan, or premium finance agreement or the collection of interest or charges, does any act that violates AS 06.40.010 – 06.40.020, 06.40.090, or 06.40.110 – 06.40.130 shall at the option of the commissioner reimburse that portion of the interest and charges in excess of that […]
Sec. 06.40.010. License required.
Except as provided in AS 06.40.020, a person may not engage in the business of entering into premium finance agreements on insurance sold in this state or risks located in this state, either directly or indirectly, or otherwise act as a premium finance company in this state without being licensed by the department.
Sec. 06.40.170. Filing not required to perfect validity of agreement.
A filing under AS 45.29 of the premium finance agreement is not necessary to perfect the validity of the agreement as a secured transaction against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns.
Sec. 06.40.020. Applicability.
This chapter does not apply to (1) an insurer authorized to transact business in this state with respect to premiums on policies that the insurer issues; (2) a bank, trust company, savings association, or other financial institution subject to the other chapters of this title and authorized to transact business in this state that does […]
Sec. 06.40.180. Regulations, orders.
The commissioner shall adopt regulations necessary to carry out this chapter, and the commissioner may order any person to cease violation of this chapter or a regulation adopted under it.
Sec. 06.40.030. Bond.
(a) The applicant shall file with the application a bond to be approved by the department in which the applicant is the obligor, in the sum of $5,000 with one or more sureties. The bond shall be for the use of the state and any person who may have a cause of action against the […]
Sec. 06.40.190. Definitions.
In this chapter, unless the context otherwise requires, (1) “commissioner” means the commissioner of commerce, community, and economic development or a designee of the commissioner; (2) “department” means the Department of Commerce, Community, and Economic Development; (3) “premium finance agreement” means an agreement by which a borrower or prospective borrower promises to pay to a […]
Sec. 06.40.040. Annual license fee.
On or before December 20 of each year, each licensee shall pay a fee of $200 to the department as an annual license fee for the next succeeding calendar year. At that same time the licensee shall file with the department a new bond that complies with AS 06.40.030.
Sec. 06.40.050. Application for license; fee; disclosure for child support purposes; interrogatories; refusal to issue or continue license.
(a) Application for a license under this chapter shall be in writing and in the form prescribed by the department. If the applicant is a natural person, the application form must require submission of the applicant’s social security number. (b) All reasonable investigation expenses incurred by the department in processing an application for approval of […]