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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(a) Repealed 6/11/2006.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(c) Repealed 9/4/2014.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

Authority: AS 21.06.090

AS 21.34.080

AS 21.34.250

Editor's note: As of Register 182 (July 2007), the regulations attorney made technical revisions under AS 44.62.125 (b)(6) to 3 AAC 25.090.

3 AAC 25.100. Quarterly report

(a) The quarterly report required of a surplus lines broker by AS 21.34.170 may be filed electronically. Filing of the quarterly report must occur, or a paper filing must be postmarked, on or before the corresponding due date under AS 21.34.170 . The quarterly report must be signed by the surplus lines broker. If no transactions took place during the period, a report is not required for that period.

(b) The quarterly report must include

(1) the name of the surplus lines broker;

(2) the surplus lines broker's license number; and

(3) the quarterly period's total gross premiums written, less any return premium or any exempt premium, and the quarterly period's total resulting taxes and fees for all coverage where this state is the home state of the insured.

(c) The quarterly report must include the initial placement of coverage as well as changes in coverage during that period that result in an increase or decrease of premiums, taxes, or fees.

(d) A surplus lines broker shall use the date the endorsement is invoiced as the transaction date for an endorsement that generates an increase or decrease in premium.

(e) A surplus lines broker shall pay a penalty to the division for the late filing of a quarterly report according to the following rate schedule for filing after the due date requirement in AS 21.34.170 and (a) of this section:

(1) one through 30 days late, $100;

(2) 31 through 60 days late, $200;

(3) more than 60 days late, $300.

(f) The penalty in (e) of this section does not apply to the filing of amended reports under 3 AAC 25.105, except for the filing of a new transaction not previously reported.

History: Eff. 8/28/91, Register 119; am 3/11/98, Register 145; am 6/11/2006, Register 178; am 7/25/2008, Register 187; am 12/28/2008, Register 188; am 9/4/2014, Register 211

Authority: AS 21.06.090

AS 21.34.080

AS 21.34.170

AS 21.34.180

AS 21.34.190

AS 21.34.250

3 AAC 25.105. Amended quarterly reports

(a) If new information exists that will change a previously filed quarterly report under AS 21.34.170 , the surplus lines broker shall file an amended quarterly report for the period in which the transaction occurred.

(b) A surplus lines broker who files an amended quarterly report for a period for which taxes and filing fees have already been paid shall pay any additional taxes and filing fees owing for that period on the next payment due date after the amended quarterly report is filed under (a) of this section.

(c) If a payment of additional taxes and filing fees is not received by the director by the next scheduled payment due date, the surplus lines broker is subject to late payment fees under AS 21.34.180 and 21.34.190.

History: Eff. 6/11/2006, Register 178; am 9/4/2014, Register 211

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