3 AAC 21 — Insurer - Financial (Article 1 to 10)

(a) In addition to the information expressly required to be included in Forms A - F, additional information must be provided if it is necessary to make the information contained in Forms A - F not misleading. A person may also file any exhibits in addition to those expressly requ…

An amendment must be filed in the format of the original form identifying only those items that are being amended. An amendment of Form A, B, C, D, or E must include on the top of the cover page the phrase: "Amendment No....... to:" and must indicate the date of the amendment and…

A person required to file a statement under AS 21.22.010 shall furnish the required information on Form A, made a part of this section in substantially the following form: FORM A STATEMENT REGARDING THE ACQUISITION OF CONTROL OF OR MERGER WITH A DOMESTIC INSURER _________________…

Each applicant shall promptly advise the director of any changes in the information furnished in Form A arising after the date upon which the information was furnished but before the director's disposition of the application. Notes 3 AAC 21.070 Eff. 6/30/77, Register 62 Authority…

(a) If the person being acquired is a domestic insurer solely because of the provisions of AS 21.22.010(j), the name of the domestic insurer on the cover page must be indicated substantially as in the following example: "ABC Insurance Company, a subsidiary of XYZ Holding Company.…

Except as provided in 3 AAC 21.110, an insurer required to file an annual registration statement under AS 21.22.060 shall furnish the required information on Form B, made part of this section in substantially the following form: FORM B INSURANCE HOLDING COMPANY SYSTEM ANNUAL REGI…

(a) An amendment to Form B must be filed with the division not later than 15 days after the end of any month in which there is a material change to the information provided in the annual registration statement. (b) An amendment to Form B must be filed in the format of the origina…

(a) An authorized insurer may file a registration statement on behalf of an affiliated insurer that is required to register under AS 21.22.060. A registration statement may include information not required by AS 21.22 regarding an insurer in the insurance holding company system e…

(a) A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not, upon taking some proposed action, control another person (referred to in this section as the "subject") must contain the following information:(1) the number…

(a) A request for approval of an extraordinary dividend or an extraordinary distribution to shareholders must include the following: (1) the amount of the proposed dividend; (2) the date established for payment of the dividend; (3) a statement as to whether the dividend is to be …

The factors set forth in AS 21.22.090 are not intended to be an exhaustive list. In determining the adequacy and reasonableness of an insurer's surplus, no single factor listed in AS 21.22.090 is controlling. The director, instead, will consider the net effect of all of these fac…

An insurer required to file a statement under AS 21.22.060 shall also furnish the required information on Form C, made a part of this section in substantially the following form: FORM C SUMMARY OF CHANGES TO REGISTRATION STATEMENT Filed with the Insurance Division/Department of t…

(a) An insurer required to give notice of a proposed transaction under AS 21.22.080-21.22.105 or desiring voluntary approval or preapproval of a transaction under AS 21 shall furnish the required information on Form D, made a part of this section in substantially the following fo…

A domestic insurer including any person controlling a domestic insurer required to file notice under AS 21.22.010, and a nondomiciliary insurer licensed to do business in this state required to file notice under AS 21.22.065 of a proposed merger or acquisition shall furnish the r…

In addition to the information required by 3 AAC 21.186, and if necessary to make a determination of the potential competitive impact of the proposed merger or acquisition, the director will, in the director's discretion, require an expert selected by the applicant and approved b…

The ultimate controlling person of an insurer required to file an enterprise risk report under AS 21.22.060(n) shall furnish the required information on Form F, made a part of this section in substantially the following form: FORM F ENTERPRISE RISK REPORT Filed with the Insurance…

(a) I In 3 AAC 21.010 - 3 AAC 21.195, unless the context requires otherwise, (1) "executive officer" means a chief executive officer, chief operating officer, chief financial officer, vice president, treasurer, secretary, controller and any other individual performing functions c…

The purpose of 3 AAC 21.201 - 3 AAC 21.399 is to protect the interests of insureds by promoting insurer solvency and financial strength, through a reasonable balance of the following objectives: (1) preservation of principal; (2) reasonable diversification as to type of investmen…

(a) The provisions of 3 AAC 21.201 - 3 AAC 21.399 apply to an investment and an investment practice of a domestic insurer and a United States branch of an alien insurer entered through this state. Except as provided in AS 21.42.315(c), the provisions of 3 AAC 21.201 - 3 AAC 21.39…

(a) An insurer may acquire, hold, or invest in an investment or engage in an investment practice as set out in 3 AAC 21.201 - 3 AAC 21.399. An investment that does not conform to 3 AAC 21.201 - 3 AAC 21.399 is not an admitted asset. (b) Subject to (c) of this section, an insurer …

(a) The board of directors of an insurer shall adopt a written plan for acquiring, holding, and investing in an investment and for engaging in an investment practice. The written plan must specify guidelines as to the quality, maturity, and diversification of investments and must…

(a) Before engaging in a derivative transaction, an insurer shall establish, and submit to the director for approval, written guidelines that will be used for effecting and maintaining derivative transactions. The guidelines must (1) specify insurer objectives for engaging in der…

(a) An insurer may not, directly or indirectly (1) acquire, hold, or invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in 3 AAC 21.221; (2) acquire, hold, or invest in an obligation …

(a) Except as provided in (d) of this section, and without the prior written approval of the director that will be given only if the transaction is consistent with the purposes of 3 AAC 21.201 - 3 AAC 21.399 as stated in 3 AAC 21.201 and is in the public interest, an insurer may …

(a) Except as otherwise provided in 3 AAC 21.201 - 3 AAC 21.399, a life and health insurer may not acquire, hold, or invest in, directly or indirectly through an investment subsidiary, an investment under 3 AAC 21.201 - 3 AAC 21.399 if, as a result of and after giving effect to t…

(a) Notwithstanding 3 AAC 21.231(a), a life and health insurer may(1) acquire, hold, or invest in a rated credit instrument that is issued, assumed, guaranteed, or insured by (A) the United States; (B) a government-sponsored enterprise of the United States if the instrument of th…

(a) A life and health insurer may acquire, hold, or make an investment in an investment pool that invests only in an investment(1) that a life and health insurer may acquire under 3 AAC 21.201 - 3 AAC 21.399, if the life and health insurer's proportionate interest in the amount i…

(a) A life and health insurer may acquire, hold, or invest in an equity interest in a business entity organized under the laws of a domestic jurisdiction. (b) A life and health insurer may not acquire an investment under this section if, as a result of and after giving effect to …

(a) Subject to the requirements in (b) of this section, a life and health insurer may acquire, hold, or invest in tangible personal property or an equity interest located or used wholly or in part within a domestic jurisdiction either directly or indirectly through a limited part…

(a) A life and health insurer may acquire, hold, or invest in an obligation secured by a mortgage on real estate situated within a domestic jurisdiction either directly or indirectly through a limited partnership interest or general partnership interest not otherwise prohibited b…

(a) A life and health insurer may enter into a securities lending, repurchase, reverse repurchase, or dollar roll transaction with a business entity if the life and health insurer's board of directors adopts a written plan that is consistent with the requirements of the written p…

(a) Subject to the limitations in 3 AAC 21.231, a life and health insurer may acquire, hold, or invest in a foreign investment or engage in an investment practice with a person of or in a foreign jurisdiction, if (1) the investment is of substantially the same type that a life an…

(a) A life and health insurer may, directly or indirectly through an investment subsidiary, engage in a derivative transaction under the following conditions: (1) a life and health insurer may use a derivative instrument to engage in a hedging transaction or in an income generati…

A life and health insurer may lend to a policyholder on the security of the cash surrender value of the policyholder's policy a sum not exceeding the legal reserve that the life and health insurer is required to maintain on the policy. Notes 3 AAC 21.276 Eff. 12/28/2001, Register…

(a) Except as provided in this section, a life and health insurer may not, without first fulfilling the obligations imposed under this section, (1) invest in an otherwise qualifying investment issued by or due from an affiliated party; (2) purchase from an affiliated party an oth…

(a) Solely for the purpose of acquiring an investment that exceeds the quantitative limitations of 3 AAC 21.231 - 3 AAC 21.266, a life and health insurer may acquire, hold, or make an investment or engage in an investment practice described in 3 AAC 21.261. However, under this su…

(a) Subject to all other limitations and requirements of 3 AAC 21.201 - 3 AAC 21.399, a property and casualty insurer or an accident and health insurer shall maintain an amount at least equal to 100 percent of adjusted loss reserves and loss adjustment expense reserves, 100 perce…

(a) Except as otherwise provided in 3 AAC 21.201 - 3 AAC 21.399, a property and casualty insurer may not acquire, hold, or invest in, directly or indirectly through an investment subsidiary, an investment under 3 AAC 21.201 - 3 AAC 21.399 if, as a result of and after giving effec…

(a) Notwithstanding 3 AAC 21.325(a), a property and casualty insurer may(1) acquire, hold, or invest in a rated credit instrument that is issued, assumed, guaranteed, or insured by (A) the United States; (B) a government-sponsored enterprise of the United States if the instrument…

(a) A property and casualty insurer may acquire, hold, or make an investment in an investment pool that invests only in investments (1) that a property and casualty insurer may acquire under 3 AAC 21.201 - 3 AAC 21.399, if the property and casualty insurer's proportionate interes…

(a) A property and casualty insurer may acquire, hold, or invest in an equity interest in a business entity organized under the laws of a domestic jurisdiction. (b) A property and casualty insurer may not acquire an investment under this section if, as a result of and after givin…

(a) Subject to the requirements in (b) of this section, a property and casualty insurer may acquire, hold, or invest in tangible personal property or an equity interest located or used wholly or in part within a domestic jurisdiction either directly or indirectly through a limite…

(a) A property and casualty insurer may acquire, hold, or invest in an obligation secured by a mortgage on real estate situated within a domestic jurisdiction either directly or indirectly through a limited partnership interest or general partnership interest not otherwise prohib…

(a) A property and casualty insurer may enter into a securities lending, repurchase, reverse repurchase, or dollar roll transaction with a business entity if the property and casualty insurer's board of directors adopts a written plan that is consistent with the requirements of t…

(a) Subject to the limitations in 3 AAC 21.325, a property and casualty insurer may acquire, hold, or invest in a foreign investment or engage in an investment practice with a person of or in a foreign jurisdiction, if (1) the investment is of substantially the same type that a p…

(a) A property and casualty insurer may, directly or indirectly through an investment subsidiary, engage in a derivative transaction under the following conditions: (1) a property and casualty insurer may use a derivative instrument to engage in a hedging transaction or in an inc…

(a) Except as provided in this section, a property and casualty insurer may not, without first fulfilling the obligation imposed under this section, (1) invest in an otherwise qualifying investment issued by or due from an affiliated party; (2) purchase from an affiliated party a…