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Current as of January 01, 2022 | Updated by FindLaw Staff
(a) A firm may enter into an employment contract with a licensed individual to conduct business under the supervision of and in the name of the firm. The employment contract must be in writing and must specify the lines and classes of authorities of the individual and the firm. The individual and the firm shall retain a copy of the contract and shall reply in writing within three working days to an inquiry of the director regarding any business transacted by the individual and the firm.
(b) The firm shall examine the credentials of the individual to determine that the individual is licensed to conduct the kinds of business described in the contract.
(c) A licensed individual may, if authorized by the firm and an insurer for which the firm is an agent, issue on the firm's behalf contracts of insurance in accordance with a written agency employment contract.
(d) A firm shall be responsible for the actions of an individual transacting insurance under the firm's employment contracts. In any disciplinary proceeding under this title, the existence of the employment contract shall be prima facie evidence that the firm knew of the activities of the individual.
(e) The individual and the firm shall maintain a current list of all of their respective contracts that identifies, for each contract, the parties to the contract, the parties' mailing addresses, electronic mailing addresses, and telephone numbers, and the parties' license numbers, and the effective and termination dates of employment.
(f) A licensee shall retain the records of an employment contract and make the records available for examination and inspection by the director, at any business time during the five years immediately following the date of the termination of the employment contract unless the director orders a longer period of retention. If the licensee assumes the business of another licensee or former licensee by merger, purchase, or otherwise, the requirements of AS 21.27.350(c) apply.
Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.27.215. Employment contracts - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-27-215/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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