(a) All funds received under a solicitation permit shall be deposited and held in escrow in a bond or trust company under an agreement approved by the director. Funds deposited may not be withdrawn, except

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 21.69.150

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
(1) for the payment of promotion and organization expenses as authorized by the solicitation permit;
(2) for the purpose of making a deposit with the director required for the issuance of a certificate of authority to an insurer;
(3) if the proposed organization is not to be an insurer, upon completion of payments on stock or syndicate subscriptions made under the solicitation permit and deposit or appropriation of the funds to the purposes specified in the solicitation permit; or
(4) for making refunds as provided in Alaska Stat. § 21.69.190.
(b) When the director has issued a certificate of authority to an insurer the funds remaining in escrow for its account shall be released to the insurer.
  Previous section
Next section  
 Chapter 69 Contents