In Alaska a person may not engage in the business of entering into premium finance agreements on insurance or otherwise act as a premium finance company unless he posts an Alaska premium finance company bond is approved for a license. Pursuant to Alaska statute, a”premium finance company” means a person engaged in the business of entering into premium finance agreements with borrowers or of acquiring premium finance agreements from insurance agents, brokers or other premium finance companies (A.S. 06.40.190). In Alaska the surety bond and application is submitted to the Division of Banking and Securities not ike most states where the licensing authorities are the respective departments of insurance. The Alaska premium finance company bond must be written in the amount of $5,000, and must guarantee that the licensee will faithfully conform to and abide by the provisions of this law and of all regulations lawfully adopted by the Department, and will pay to the state and to any person all money that may become due or owing to the state or to that person. The law further states thatIf at any time the Commissioner finds that the Alaska premium finance company bond is unsatisfactory for any reason, he commissioner may require the licensee to file, within 10 days after the receipt of a written demand for it, an additional bond in an amount that he chooses. Surety One, Inc., is the ‘No. 1’ surety resource for the bonding needs of the insurance and financial sector. We will issue these bonds for ALL qualified applicants regardless of temporary fluctuations in financial statements or credit condition. We also offer superlative fidelity bond coverages to protect against losses due to employee dishonesty. Visit the national surety leader at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Alaska premium finance company bond application or information about premium finance company surety bonds in any state where you may require one.
