Licensing Requirements: Surplus lines brokers are required to be licensed under Alaska law. Alaska Stat. § 21.27.010(a).To qualify for issuance or renewal of a resident surplus lines broker license, an
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All money, except that made payable
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? An insurance producer appointed as a client’s broker may
A producer may not charge a fee unless the fee is based on a written agreement signed by the client, containing (1) the appointment by the client naming the insurance producer as
What entities are covered? Covered person: A “(A) person doing business; (B) governmental agency; or (C) person with more than 10 employees.” § 45.48.090(2). A “covered person” who “owns or
