Section 3 AAC 23.600 - Timely disbursal of premiums(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 outlined in AS 21.36.220(c)(1) and 21.36.255(a)(2)(A) and(B) by either (A) disbursing money to the insured to whom it is owed; or(B) notifying the insured of the application of a refund under 3 AAC 23.680; or(3) investigate fiduciary money held for more than 120 days and pay the money to the person entitled to the money.(b) Failure to comply with (a) of this section is a violation of AS 21.27.350 and 21.27.360.Eff. 8/29/90, Register 115; am 8/4/94, Register 131; am 3/30/2003, Register 165Authority:AS 21.06.090
AS 21.27.350
AS 21.27.360
AS 21.36.220
AS 21.36.255