AS 21.27.380: License renewal, expiration, and reinstatement.

(a) Except as provided in this title, the director may renew a license biennially on a date set by the director if the licensee continues to be qualified under this chapter and, on or before the license expiration date, meets all renewal requirements established by regulation, submits a renewal application, and pays the renewal license fees set under AS 21.06.250 for each license authority to the director. A licensee is responsible for knowing the date that a license expires and for renewing a license before expiration. The director shall notify the licensee of the license renewal 30 days before the renewal date.

(b) If a license is not renewed on or before the renewal date set by the director, the license expires. A licensee may not act as or represent to be an insurance producer, managing general agent, reinsurance intermediary broker, third-party administrator, pharmacy benefits manager, reinsurance intermediary manager, surplus lines broker, or independent adjuster during the time a license has expired. The director may reinstate an expired license if the person continues to qualify for the license and pays renewal license fees and a delayed renewal penalty. Reinstatement does not exempt a person from a penalty provided by law for transacting business while unlicensed. A license may not be renewed if it has expired for two years or longer.

(c) If a licensee does not wish to renew a license issued under this chapter, the licensee shall surrender the license to the director on or before the close of business of the renewal date in the manner prescribed in AS 21.27.460.

(d) The director shall send a notice of license expiration stating the reason for the expiration to a licensee at the licensee's most current electronic mail address or mailing address on record with the director.

(e) A trainee license issued to an independent adjuster shall be for a term not to exceed 12 months and may not be renewed.

(f) [Repealed, § 14 ch 6 SLA 2012.]