Section 21.27.150. Limited licenses.

   (a) The director may issue a
        (1) travel insurance limited producer license to a person who is appointed under AS 21.27.100 and who sells travel insurance; in this paragraph, "travel insurance" has the meaning given in AS 21.27.152;
        (2) title insurance limited producer license to a person whose place of business is located in this state and whose sole purpose is to be appointed by and act on behalf of a title insurer;
        (3) bail bond limited producer license to a person who is appointed by and acts on behalf of a surety insurer pertaining to bail bonds;
        (4) motor vehicle rental agency limited producer license to a person and, subject to the approval of the director, to employees of the person licensed that the licensee authorizes to transact the business of insurance on the licensee's behalf if, as to an employee, the licensee complies with (D) of this paragraph and if the licensee
             (A) rents to others, without operators,
                  (i) private passenger motor vehicles, including passenger vans, minivans, and sport utility vehicles; or
                  (ii) cargo motor vehicles, including cargo vans, pickup trucks, and trucks with a gross vehicle weight of less than 26,000 pounds that do not require the operator to possess a commercial driver's license;
             (B) rents motor vehicles only to persons under rental agreements that do not exceed a term of 90 days;
             (C) transacts only the following kinds of insurance:
                  (i) motor vehicle liability insurance with respect to liability arising out of the use of a vehicle rented from the licensee during the term of the rental agreement;
                  (ii) uninsured or underinsured motorist coverage, with minimum limits described in AS 21.96.020(c) and (d) arising from the use of a vehicle rented from the licensee during the term of the rental agreement;
                  (iii) insurance against medical, hospital, surgical, and disability benefits to an injured person and funeral and death benefits to dependents, beneficiaries, or personal representatives of a deceased person if the insurance is issued as incidental coverage with or supplemental to liability insurance and arises out of the use of a vehicle rented from the licensee during the term of the rental agreement;
                  (iv) personal effects insurance, including loss of use, with respect to damage to or loss of personal property of a person renting the vehicle and other vehicle occupants while that property is being loaded into, transported by, or unloaded from a vehicle rented from the licensee during the term of the rental agreement;
                  (v) towing and roadside assistance with respect to vehicles rented from the licensee during the term of the rental agreement; and
                  (vi) other insurance as may be authorized by regulation by the director;
             (D) notifies the director in writing, not later than 30 days after employment, of the name, date of birth, social security number, location of employment, and home address of an employee authorized by the licensee to transact insurance on the licensee's behalf; and
             (E) provides other information as required by the director;
        (5) nonresident limited producer license to a person; a license that the director issues under this paragraph grants the same scope of authority as a limited lines producer license issued to the person by the person's home state;
        (6) credit insurance limited producer license to a person who sells limited lines credit insurance;
        (7) miscellaneous limited producer license to a person who transacts insurance in this state that restricts the person's authority to less than the total authority for a line of authority described in AS 21.27.115(1) - (6);
        (8) portable electronics limited producer license to a vendor that sells or offers portable electronics insurance as defined in AS 21.36.515; the following provisions apply to a license issued under this paragraph:
             (A) a vendor shall file with the director a sworn application for a license under this paragraph on a form prescribed and furnished by the director; the vendor shall provide the name, residence address, location of the vendor's home office, and other information required by the director for an employee or officer that is designated by the vendor as the person responsible for the vendor's compliance with the requirements of this chapter; however, if the vendor derives more than 50 percent of its revenue from the sale of portable electronics insurance, the vendor shall provide the information required under this subparagraph for all officers, directors, and shareholders of record having beneficial ownership of 10 percent or more of any class of securities registered under the federal securities law;
             (B) a portable electronics limited producer license issued under this paragraph must authorize the employees or authorized representatives of a vendor to transact portable electronics insurance at each location at which a vendor offers portable electronics to customers in this state; and
             (C) the employees or authorized representatives of the vendor may transact portable electronics insurance and are not required to obtain a limited producer license if
                  (i) the employees or authorized representatives are not compensated based primarily on the number of customers enrolled for coverage; however, an employee or authorized representative may receive compensation for activities under the license that is incidental to the employee's or authorized representative's overall compensation;
                  (ii) the insurer issuing the portable electronics insurance provides a training program for employees and authorized representatives of the portable electronics limited producer licensee that includes instruction about the portable electronics insurance offered to customers and the disclosures required under AS 21.36.515; and
                  (iii) the vendor maintains a register of each location in the state where the vendor offers portable electronics insurance and submits the register to the director not later than 30 days after the director requests the register;
        (9) [Effective March 1, 2017] =ro crop insurance limited producer license to a person who sells or offers crop insurance coverage for damage to crops from unfavorable weather conditions, fire or lightning, flood, hail, insect infestation, disease, or other yield-reducing conditions or perils provided by the private insurance market or that is subsidized by the Federal Crop Insurance Corporation, including multi-peril crop insurance.
   (b)   [Repealed, Sec. 82 ch 81 SLA 2001]. 

Authorities

21.27.060;21.27.115;21.27.152;21.27.360;21.27.900

Notes

Recent Bills that will modify this

HB 372 OMNIBUS INSURANCE

Implemented As

3 AAC 23.100
3 AAC 23.745
3 AAC 23.750
3 AAC 23.859
3 AAC 31.020

References

3 AAC 23.100
3 AAC 23.745
3 AAC 23.750
3 AAC 23.859
3 AAC 31.020
AS 21.27.060 Examination of applicants and licensees.
AS 21.27.115 Lines of authority.
AS 21.27.152 Travel insurance.
AS 21.27.360 Reporting and accounting for premiums and premium taxes and fees.
AS 21.27.900 Definitions.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 68 ch 67 SLA 1992; am Sec. 17 ch 56 SLA 1996; am Sec. 2 ch 15 SLA 1999; am Sec. 29, 82 ch 81 SLA 2001; am Sec. 21 ch 96 SLA 2004; am Sec. 9 ch 30 SLA 2009; am Sec. 1 ch 17 SLA 2013; am Sec. 4 ch 25 SLA 2013; am Sec. 19 ch 41 SLA 2016)