Alaska § 21.36.255 - Premium return or credit.
Full text of Alaska Alaska Statutes § 21.36.255 — Premium return or credit., with citation guidance and answers to common questions.
§ 21.36.255. Premium return or credit.
(a) If an insurance policy is cancelled, rejected, or rescinded by the (1) insurer, the insurer shall return or credit any unearned premium paid to the agent or broker of record, or directly to the insured or premium finance company, if applicable; or
(2) insured, the insurer shall return or credit any unearned premium to the agent or broker of record or directly to the insured or premium finance company, if applicable, less a cancellation fee not to exceed 7.5 percent of the unearned premium; a cancellation fee may not be charged unless the fee is clearly stated in the policy; the insurer shall return or credit the unearned premium less a lawful cancellation fee (A) within 45 days of receipt of the request for cancellation or the effective date of cancellation, whichever is later; or
(B) if the policy is selected for audit, within 45 days of completion of an audit; the insurer shall perform and complete an audit within 45 days of receipt of the request for cancellation or the effective date of cancellation, whichever is later.
(b) Notwithstanding (a) of this section, if the insurer clearly indicates one or more of the following features in the policy, an insurer may issue a policy (1) whose premium is earned at a varying rate due to seasonality of exposure;
(2) that contains a minimum earned premium; or
(3) with a fluctuating premium base.
Frequently Asked Questions About Alaska § 21.36.255
What does Alaska Statutes § 21.36.255 cover?
Section 21.36.255 ("Premium return or credit.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 21.36.255?
A common citation format is "Alaska Statutes § 21.36.255" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 21.36.255 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.