# AK Insurance Bulletin B00-07: Promissory Note Fraud Alert

> Alaska · Agency guidance · In force

URL: https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-07

## Section

- **Citation:** AK Insurance Bulletin B00-07
- **Heading:** Promissory Note Fraud Alert
- **Jurisdiction:** Alaska
- **Kind:** Agency guidance
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Alaska Division of Insurance Bulletins / Promissory Note Fraud Alert

## Text

BULLETIN B 00-07
To: All Insurance Licensees and Other Interested Parties
Re: Promissory Note Fraud Alert
Recently the Division of Insurance was notified by the North American Securities
Administrators Association (NASAA), which represents state securities regulators, of their
serious concerns relating to the nationwide sale of fraudulent promissory notes.
Promissory notes are investments that typically involve a loan to a company by an investor in
exchange for a fixed amount of periodic income. These notes are often sold by insurance
producers (agents) who promise high interest rates, but the notes are in fact very risky and often
fraudulent. The producers may not realize that the promissory notes are securities.
All promissory notes sold in this state, if not legally exempt from registration, must be properly
registered with the Alaska Division of Banking, Securities, and Corporations. Any person who
sells these notes must be licensed as a security broker with the Alaska Division of Banking,
Securities, and Corporations and the National Association of Securities Dealers.
We ask insurance producers to use extreme caution and, before selling any promissory note, to
contact the Alaska Division of Banking, Securities, and Corporations (dbsc@alaska.gov or
telephone (907) 465-2521) or NASAA (www.nasaa.org or telephone (813) 272-2565) to confirm
that the note is properly registered or legally exempt from registration.
The division will work closely with the Division of Banking, Securities, and Corporations to
monitor and take the appropriate administrative action against any person found to be engaging
in fraudulent practices concerning promissory notes.
DATED: August 14, 2000

Robert A. Lohr
Director of Insurance

## Nearby sections

- [AK Insurance Bulletin B00-04 House Bill 419, Workers' Compensation Benefits Increases](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-04.md)
- [AK Insurance Bulletin B00-05 White List for Surplus Lines](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-05.md)
- [AK Insurance Bulletin B00-06 Notice of Changes to Alaska Statutes Pertaining to Insurance Law](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-06.md)
- [AK Insurance Bulletin B00-07 Promissory Note Fraud Alert](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-07.md)
- [AK Insurance Bulletin B00-08 Title Insurance Regulation](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-08.md)
- [AK Insurance Bulletin B00-09 Survey on Health Insurance](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-09.md)
- [AK Insurance Bulletin B00-10 Residual Market Application Fee](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-10.md)
- [AK Insurance Bulletin B00-11 Enforcement of Gramm-Leach-Bliley Privacy Regulations](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-11.md)
- [AK Insurance Bulletin B00-12 2001 Workers' Compensation Loss Costs](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-12.md)
- [AK Insurance Bulletin B00-13 Subscription Policies](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-13.md)
- [AK Insurance Bulletin B01-01 Alaska Small Employer Insurance Activity Report](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2001-01.md)
- [AK Insurance Bulletin B01-02 Eligible Surplus Lines Insurers in the State of Alaska](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2001-02.md)
- [AK Insurance Bulletin B01-03 Filing Requirements for Insurance Company Financial Statements](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2001-03.md)
- [AK Insurance Bulletin B01-04 Summary Document and Disclaimer Concerning Coverage, Limitations, and Exclusions Under the Alaska Life and Health Insurance Guaranty Association Act](https://www.frixlaw.com/law-library/statutes/AK_INS_B_2001-04.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/AK_INS_B_2000-07. Check the current official text before relying on it. Not legal advice.