Previous

Authority: AS 21.06.090

AS 21.34.020

AS 21.34.250

3 AAC 25.050. Required notice of nonrenewal and premium increase

(a) An eligible surplus lines insurer shall include in each policy an Alaska surplus lines policyholder notice regarding nonrenewal and premium increase, in a format approved by the director.

(b) A licensed surplus lines broker shall ensure that the required notice is part of each policy.

History: Eff. 8/28/91, Register 119; am 6/11/2006, Register 178; am 7/25/2008, Register 187; am 9/4/2014, Register 211

Authority: AS 21.06.090

AS 21.34.100

AS 21.34.250

3 AAC 25.060. Evidence of insurance

The prompt delivery of the evidence of insurance required by AS 21.34.100 means not later than 30 days after the date coverage is bound. Evidence of insurance includes subsequent endorsements and company audits related to a policy.

History: Eff. 8/28/91, Register 119; am 9/4/2014, Register 211; am 8/20/2016, Register 219

Authority: AS 21.06.090

AS 21.34.100

AS 21.34.250

3 AAC 25.070. Notice

(a) A nonadmitted insurer may not issue a notice of cancellation for nonpayment of premium until after the written notice requirement of AS 21.34.110 has been satisfied.

(b) The written notice requirement of AS 21.34.110 may be satisfied by the surplus lines broker providing to the producing broker a pre-printed notice that contains the information required by AS 21.34.110 , and the producing broker then providing the pre-printed notice to the insured at the time evidence of insurance is required by AS 21.34.100 .

History: Eff. 8/28/91, Register 119; am 6/11/2006, Register 178

Authority: AS 21.06.090

AS 21.34.100

AS 21.34.110

AS 21.34.130

AS 21.34.250

3 AAC 25.080. Taxes and filing fees

The surplus lines tax required by AS 21.34.180 and the filing fee required by AS 21.34.190 must be collected for the full amount of premium charged for a policy that includes any portion of coverage procured through a surplus lines broker from a nonadmitted insurer unless the surplus lines broker has unequivocal documentation that identifies those risks, locations or operations, and premiums that are not subject to AS 21.34.

History: Eff. 8/28/91, Register 119; am 3/11/98, Register 145

Authority: AS 21.06.090

AS 21.34.180

AS 21.34.190

AS 21.34.250

3 AAC 25.090. Report of insurance transactions

(a) Repealed 6/11/2006.

(b) In addition to the information required by AS 21.34.080 , a surplus lines broker shall include the following information in the report of each surplus lines insurance transaction on a form prescribed by the director:

(1) the policy term and policy number;

(2) identification of the type of insurance as it is required to be reported in the annual statement that must be filed with the director by an admitted insurer;

(3) the gross premiums written for each type of insurance identified under (2) of this subsection;

(4) if the National Association of Insurance Commissioners has not assigned the company number referenced in AS 21.34.080 , an identifying number for that company that has been obtained from the division;

(5) the name and firm license number issued under AS 21.27.010 (a) of the producing broker;

(6) the name and firm license number issued under AS 21.27.010 (a) of the surplus lines broker.

(c) Repealed 9/4/2014.

(d) Late reporting of a transaction is subject to a penalty under 3 AAC 25.100(e) .

History: Eff. 8/28/91, Register 119; am 10/21/92, Register 124; am 6/11/2006, Register 178; am 7/25/2008, Register 187; am 9/4/2014, Register 211

Next