(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:

lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 21.27.410

  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Fiduciary: A trustee, executor, or administrator.
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(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 Alaska Stat. § 21.36.050 or rebating in violation of Alaska Stat. § 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.
  Previous section
Next section  
 Article 1 Contents