Section 3 AAC 23.630 - Personal use of fiduciary money(a) The following are prohibited diversions or appropriations for personal use of money held in a fiduciary capacity: (1) use of fiduciary money, to which a licensee is not lawfully entitled, to pay (A) the personal or business expenses of a licensee;(B) the personal or business expenses of a firm of licensees or members of the firm;(C) a premium of an insured for whom the licensee has not complied with 3 AAC 23.210 - 3 AAC 23.380 concerning premium financing;(D) the return premium due of another insured;(2) use of money held in a fiduciary capacity for any purpose other than the one for which the money is being held.(b) A licensee's money held or to be received in a fiduciary capacity may not be (1) pledged as collateral to secure an amount owing;(2) used to guarantee a contract of surety; or(c) Each of the prohibited activities listed in (a) and (b) of this section is a violation of AS 21.27.360.Eff. 8/29/90, Register 115; am 3/11/98, Register 145; am 3/30/2003, Register 165In 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 23.630, so that the citation to former AS 21.36.122 now refers to the renumbered statute, AS 21.36.490.
Authority:AS 21.06.090
AS 21.27.350
AS 21.27.360
AS 21.36.100
AS 21.36.490