(a) The director may not issue an insurance producer, a managing general agent, or a surplus lines broker license to a person if the director has reasonable cause to believe that the applicant for the license would, during the 12-month period immediately following issuance of the license, earn or receive an aggregate amount in commission, service fees, brokerage, or other valuable consideration, directly or indirectly, by whatever name called, represented by the controlled business that exceeds 50 percent of the aggregate amount of compensation, commission, service fees, brokerage, or other valuable consideration represented by all other insurance business that would be procured by or through the applicant.
(b) The vendor who is title holder of property being sold under an installment purchase contract is not considered to be the owner of the property for the purposes of this section.
(c) A licensee may not earn or receive an aggregate amount in commission, service fees, brokerage, or other valuable consideration, directly or indirectly, by whatever name called, represented by the controlled business that exceeds 50 percent of the aggregate amount in compensation, commission, service fees, brokerage, or other valuable consideration represented by all other insurance business in a calendar year.
(d) In addition to any other penalty provided by law, a person who violates this section is subject to the penalties provided under AS 21.27.440.
(e) "Controlled business" means insurance procured or to be procured by or through the person upon
(1) the life, person, or property of the person or those of the person's spouse or relatives by blood or marriage to the second degree;
(2) the life, person, or property of the employer or firm of the person, or of an officer, director, stockholder, or member of the employer or firm of the person, other than members of mutual insurers, or of a spouse of the employer, officer, director, stockholder, or member;
(3) the life, person, or property of the ward or employees of the person, or upon persons or property under the person's supervision or control as trustee under an indenture or decree, or as administrator or executor of an estate.
Section: Previous 21.27.010 21.27.020 21.27.025 21.27.030 21.27.040 21.27.050 21.27.060 21.27.070 21.27.080 21.27.090 21.27.100 21.27.110 21.27.115 21.27.120 21.27.130 NextLast modified: November 15, 2016