Alaska Premium Financing Act Bond Guide
If you’re applying for a premium finance company license in Alaska, you’ll need this surety bond.
Bond Overview
- Purpose: To protect customers who purchase insurance premium loans if the lender acts illegally
- Who Needs It: All companies providing insurance premium financing in Alaska
- Regulating Body: The Alaska Department of Commerce, Community, and Economic Development
- Required Coverage: $10,000
- Premium Rate: $100 for a 1-year term
Keep reading to learn how to navigate the bonding process for your insurance premium financing company.
What Is an Alaska Premium Financing Act Bond?
An Alaska insurance premium finance company bond protects customers who purchase insurance premium loans if the business breaks financial industry regulations or acts illegally.
The Alaska Department of Commerce, Community, and Economic Development requires this bond as part of the licensing process for insurance premium financing providers in the state.
How Much Do Premium Financing Bonds Cost in Alaska?
A $10,000 Alaska insurance premium finance company bond costs a flat rate of $100 for a 1-year term. No credit check required!
Click below to buy your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Premium Financing Act Bond?
The Alaska Department of Commerce, Community, and Economic Development (DCCED) requires this bond for companies that issue loans to help other businesses or individuals pay for insurance premiums.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Alaska insurance premium finance company bond instantly online. Just enter your information and checkout in minutes.
We’ll email you the bond shortly after purchase. Be sure to file the bond with the Alaska Department of Commerce, Community, and Economic Development as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does an Alaska Premium Financing Company Bond Work?
As with all surety bonds, an insurance premium finance company bond creates a legal contract between three parties:
- Principal: You, the insurance premium finance company filing the bond
- Obligee: The Alaska DCCED requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the Alaska Premium Financing Act.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your insurance premium finance company bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
