In addition to any other obligations imposed by the contract with the department, if the department enters into a contract with a person to provide program accounts, the financial contractor shall
(1) provide program accounts that comply with the federal authorizing law;
(2) take the action necessary to keep the program in compliance with the requirements of this chapter and to manage the program accounts in compliance with the federal authorizing law;
(3) keep adequate records of each program account and keep each program account segregated from other program accounts;
(4) as requested by the department, compile the information contained in statements required to be prepared under AS 06.65.210 and provide the statements and the compiled material to the department;
(5) provide the department with access to the books and records of the financial contractor to the extent needed to determine compliance with the contract, this chapter, and the federal authorizing law;
(6) hold program accounts for the benefit of the program account owner;
(7) be audited, at least annually, by a firm of certified public accountants acceptable to the department and provide the results of the audits to the department;
(8) upon request of the department, provide the department with copies of all filings and reports related to the program made by the financial contractor during the contract or while the financial contractor holds program accounts;
(9) upon request of the department, make available to the department for review the results of periodic examinations of the financial contractor by a state or federal banking, insurance, or securities agency, except to the extent that the report is confidential under state or federal law; and
(10) ensure that the descriptions of the program in the media that the financial contractor uses to promote the program are consistent with a marketing plan developed for the program.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 65. Alaska Savings Program for Eligible Individuals
Sec. 06.65.010. Program authorized.
Sec. 06.65.020. General department duties.
Sec. 06.65.030. Modification of program.
Sec. 06.65.040. Additional department powers.
Sec. 06.65.050. Contracting authority; procurement exemption.
Sec. 06.65.060. Investment oversight.
Sec. 06.65.070. Financial contractor obligations.
Sec. 06.65.080. Additional audits.
Sec. 06.65.090. Contract termination; nonrenewal.
Sec. 06.65.100. Eligible individuals.
Sec. 06.65.110. Representative of eligible individual.
Sec. 06.65.120. Program account ownership.
Sec. 06.65.130. Number of program accounts.
Sec. 06.65.140. Program account application.
Sec. 06.65.150. Program account establishment fee.
Sec. 06.65.160. Program account contributions.
Sec. 06.65.170. Limited investment direction.
Sec. 06.65.180. Change of designated beneficiary.
Sec. 06.65.190. Distributions for qualified expenses.
Sec. 06.65.200. Rollover distribution.
Sec. 06.65.220. Preparation and filing.
Sec. 06.65.230. Separate accounting.
Sec. 06.65.250. Use as security.
Sec. 06.65.260. No state obligation.
Sec. 06.65.270. Confidentiality.
Sec. 06.65.280. Exchange of information.
Sec. 06.65.290. Treatment under means test programs.
Sec. 06.65.300. Deposit from permanent fund dividend.
Sec. 06.65.310. Program expense fund.
Sec. 06.65.320. Medicaid claims.
Sec. 06.65.330. Governing law.