Section 21.27.410. Denial, nonrenewal, suspension, or revocation of licenses.

   (a) The director may deny issuance of or not renew a license or may suspend or revoke a license issued under this chapter for any of the following:
        (1) a cause for which issuance of the license or its renewal could have been denied had it then existed and been known to the director;
        (2) a violation or participation in a violation of a provision of this title;
        (3) wilful misrepresentation or fraud by the licensee or applicant to obtain or attempt to obtain a license;
        (4) misappropriation, conversion to personal use, or illegally withholding money required to be held in a fiduciary capacity by a licensee or applicant;
        (5) with intent to deceive, material misrepresentation of the terms or effect of an insurance contract by a licensee or applicant;
        (6) twisting in violation of AS 21.36.050 or rebating in violation of AS 21.36.100 by a licensee or applicant;
        (7) conviction of a felony;
        (8) the conduct of affairs under a license if the licensee exhibits conduct considered by the director to reflect incompetence or untrustworthiness, or to be a source of potential injury and loss to the public;
        (9) the licensee or applicant dealing with, or attempting to deal with, or to exercise a power relative to, insurance outside the scope of the license of the licensee or applicant;
        (10) a licensee or applicant engaging in or about to engage in an unfair or fraudulent insurance transaction;
        (11) suspension or revocation of a license in another jurisdiction;
        (12) forgery of another's name to an application for insurance by a licensee or applicant;
        (13) accepting insurance business from a person not licensed as required by this title if the applicant or licensee knew or should have known that the person was unlicensed.
   (b) The license of a firm and its compliance officer may be denied, nonrenewed, suspended, or revoked for a violation or cause that relates to a person representing or acting on behalf of the firm.

Authorities

21.27.110;21.27.270;21.27.420;21.59.200

Notes

Implemented As

3 AAC 23.790

References

3 AAC 23.790
AS 21.27.110 Term of appointment.
AS 21.27.270 Licensing of nonresidents.
AS 21.27.420 Procedure for suspending, revoking, or conditioning a license.
AS 21.59.200 Examination, investigations, enforcement, and penalties.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 25, 26 ch 29 SLA 1987; am Sec. 41 ch 51 SLA 1990; am Sec. 88 ch 67 SLA 1992; am Sec. 42 ch 81 SLA 2001; am Sec. 29 ch 30 SLA 2009)