Alaska: premium trust account rules
What Alaska requires of insurance producers holding premium funds, and what happens when those funds are diverted.
Citation
§§ 21.27.360; 21.27.620
Source chart last reviewed this jurisdiction: 2/25
What the jurisdiction requires
All funds shall be received by the licensee as a fiduciary and shall be promptly accounted for and paid to the person entitled to the money. All money collected for the account of an insurer shall be held by the managing general agent as a fiduciary, and all payments on behalf of the insurer shall be held by the managing general agent as a fiduciary.
Penalties for diversion
Anyone found to have diverted funds is subject to suspension or revocation of all licenses and a civil penalty not to exceed $50,000 for each violation.
This reference is not legal advice. Citations and summaries are transcribed from the NAIC's Fiduciary Responsibilities—Premiums chart (Spring 2025) and reflect that chart's own review dates, which vary by jurisdiction. Statutes change, and the chart may lag the current code. Confirm the current text of any provision with the jurisdiction's insurance department or your own counsel before relying on it.
Tie out a Alaska trust account
Tie your premium trust account out three ways — bank, ledger and what you owe — with Alaska's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.
Trust account reconciliation worksheetKeep your trust account provably in balance
Policy Balance Hub tracks premium held in trust against what you owe each carrier, so the reconciliation an examiner asks for already exists.