Alaska Administrative Code

(a) The director will not recognize a person or firm as a qualified independent certified public accountant if the person or firm (1) is not in good standing with the American Institute of Certified Public Accountants and in each state in which the person or firm is licensed to p…

An insurer may apply in writing to the director for approval to file consolidated or combined audited financial statements instead of separate audited financial statements if the insurer is part of a group of insurance companies that uses a pooling or 100 percent reinsurance agre…

The audit of the insurer's financial statement must be conducted in accordance with generally accepted auditing standards and include an understanding of internal control sufficient to plan the audit. For those insurers required to file a report of internal control over financial…

(a) The notification requirements of the independent certified public accountant and the insurer under AS 21.09.200 ( l) must be completed within five working days after the determination or notice of determination. (b) If an independent certified public accountant becomes aware …

(a) The report on any unremediated material weakness in internal control over financial reporting required under AS 21.09.200(h) must describe each unremediated material weakness noted by the independent certified public accountant during the course of the audit of the financial …

The independent certified public accountant shall furnish to the insurer for submission with the annual audited financial report a letter stating (1) that the accountant is independent with respect to the insurer and conforms to the standards of the accountant's profession as con…

(a) An insurer required to file an annual audited financial report under AS 21.09.200(g) shall require the accountant to make available for review by division examiners all work papers prepared in the conduct of the accountant's audit and all communications related to the audit b…

Actions prohibited under AS 21.36.060 include actions taken to coerce, manipulate, mislead, or fraudulently influence an accountant (1) to issue or reissue a report on an insurer's financial statement that is not warranted due to material violations of accounting practices prescr…

Upon written application by an insurer, the director may grant an exemption from compliance with 3 AAC 21.705 - 3 AAC 21.799 if, after review of the application, the director finds that compliance with 3 AAC 21.705 - 3 AAC 21.799 would be a financial or organizational hardship fo…

(a) For a Canadian or British insurer, the annual audited financial report required under AS 21.09.200(g) is the annual statement of total business on the form filed by the insurer with its supervisory authority duly audited by an independent chartered accountant. (b) For a Canad…

(a) The audit committee of an entity that (1) controls an insurer may be the insurer's audit committee required under AS 21.09.200 at the election of the controlling person; or (2) controls a group of insurers may be the audit committee required under AS 21.09.200 for one or more…

(a) An insurer that is required to file an annual audited financial report, and that has annual direct written and assumed premium of $500,000,000 or more as reported in the last annual financial statement filed under AS 21.09.200(a), excluding premiums reinsured with the Federal…

(a) An insurer is exempt from the requirements of this section if the insurer (1) has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federa…

(a) An insurer, or the insurance group of which the insurer is a member, required to file a corporate governance annual disclosure under AS 21.09.400-AS 21.09.460, shall, no later than June 1 of each calendar year, submit to the director a corporate governance annual disclosure t…

(a) The insurer or insurance group shall be as descriptive as possible in completing the corporate governance annual disclosure, with inclusion of attachments or example documents that are used in the governance process. (b) The corporate governance annual disclosure must describ…

In 3 AAC 21.705 - 3 AAC 21.799, unless the context requires otherwise, (1) "accountant" or "independent certified public accountant" means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants an…

The purpose of 3 AAC 21.800 - 3 AAC 21.845 is to establish: (1) requirements for a statement of actuarial opinion submitted under AS 21.18.110(m) and for a memorandum prepared under AS 21.18.110(q); and (2) requirements and qualifications for the appointment of an appointed actua…

(a) The provisions of 3 AAC 21.800 - 3 AAC 21.845 apply to all insurers and fraternal benefit societies transacting the business of life insurance, annuities, or health insurance in this state and to all insurers and fraternal benefit societies that reinsure life insurance, annui…

(a) A "qualified actuary" is an individual who (1) is a member in good standing of the American Academy of Actuaries; (2) meets the qualification standards of the American Academy of Actuaries to sign statements of actuarial opinion for an annual statement of a company; (3) is fa…

(a) A company shall attach to the inside front cover of the annual statement filed each year, the statement of a qualified actuary entitled "statement of actuarial opinion" that expresses an opinion relating to reserves and related actuarial items held in support of policies and …

Notes 3 AAC 21.820 Eff. 9/1/96, Register 139; repealed 1/1/2005, Register 172 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

Notes 3 AAC 21.825 Eff. 9/1/96, Register 139; repealed 1/1/2005, Register 172 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be…

(a) A statement of actuarial opinion must contain the following: (1) an opening paragraph, in substantially the following form, that identifies the appointed actuary, lists the actuary's qualifications, and indicates the relationship between the actuary and the company for whom t…

(a) An appointed actuary shall prepare a memorandum that describes the analysis done in support of the actuary's opinion regarding the reserves covered in an actuarial opinion prepared under 3 AAC 21.830. The memorandum must be made available for examination upon request of the d…

(a) Repealed 1/1/2005. (b) Repealed 1/1/2005. (c) An appropriate allocation of assets equal to the interest maintenance reserve of the annual statement must be used in the asset adequacy analysis. The analysis of risks regarding asset default may include an appropriate allocation…

In 3 AAC 21.800 - 3 AAC 21.845, unless the context requires otherwise, (1) "actuarial opinion" means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy test performed under 3 AAC 21.800 - 3 AAC 21.845;…

(a) An agreement between an authorized insurer and a custodian must require that (1) a security certificate held by the custodian for the insurer be held separate from other security certificates owned by the custodian or other customers of the custodian; (2) a security held indi…

(a) An insurer may deposit securities with an affiliated insurer if the securities are deposited in accordance with a written agreement authorized by the board of directors of the depositing insurer, or by an authorized committee of the board of directors of the depositing insure…

A custodian required to produce an affidavit under 3 AAC 21.865(a) (11) when securities held by the custodian have not been redeposited elsewhere must use the following form, substituting the judicial district for the county if the affidavit is executed in this state: FORM A CUST…

A custodian required to produce an affidavit under 3 AAC 21.865(a) (11) when securities are on deposit with The Depository Trust Company or a similar entity must use the following form, substituting the judicial district for the county if the affidavit is executed in this state: …

A custodian required to produce an affidavit under 3 AAC 21.865(a) (11) when securities are evidenced by book-entry at a Federal Reserve Bank must use the following form, substituting the judicial district for the county if the affidavit is executed in this state: FORM C CUSTODIA…

A foreign bank acting as a custodian, a United States custodian's foreign agent, or a foreign clearing corporation may only hold foreign securities or securities required by a foreign country in order for the insurer to do business in that country. A United States custodian must …

(a) Failure to comply with 3 AAC 21.865 - 3 AAC 21.899 will result in the treatment of an insurer's securities as nonadmitted assets for purposes of each financial statement filed with the director. (b) If an insurer entered into a custody agreement before August 31, 2008, the in…

In 3 AAC 21.865 - 3 AAC 21.899, unless the context requires otherwise, (1) "affiliate" or "affiliated" has the meaning given in AS 21.22.200; (2) "agent" means a national bank, state bank, trust company, or broker-dealer that maintains an account in its name in a clearing corpora…

The provisions of 3 AAC 21.900 - 3 AAC 21.949 apply to a life insurance policy issued on or after January 1, 2011 except for (1) an individual life insurance policy issued in accordance with and as a result of the exercise of a reentry provision contained in the original life ins…

(a) An insurer, (1) for policies issued before January 1, 2009, may elect to use the 1980 CSO valuation tables with select mortality factors or other valuation mortality tables under 3 AAC 28.600 - 3 AAC 28.690 as the minimum mortality standard for basic reserves for one or more …

(a) Basic reserves for policies with guaranteed non-level gross premiums or guaranteed non-level benefits, other than universal life insurance policies, must be the larger of segmented reserves and unitary reserves subject to the following: (1) segmented reserves and unitary rese…

(a) For a policy with guaranteed non-level gross premiums or guaranteed non-level benefits, other than a universal life policy, and with an unusual pattern of guaranteed cash surrender values,(1) the reserves held before the first unusual guaranteed cash surrender value may not b…

(a) Basic reserves for a secondary guarantee in a universal life insurance policy with a secondary guarantee must equal the segmented reserves for the secondary guarantee period in the policy and, in calculating the segments and the segmented reserves, (1) the segments are determ…

(a) For purposes of 3 AAC 21.900 - 3 AAC 21.949, the contract segmentation method (1) is the method in which the amount of time from issuance of a policy to the mandatory expiration of a policy is divided into successive segments, with the length of each segment determined under …

(a) Segmented reserves are equal to the present value of all future guaranteed benefits minus the present value of all future net premiums to the mandatory expiration date of a policy subject to the following: (1) the reserves must be calculated using segments produced by the con…

In 3 AAC 21.900 - 3 AAC 21.949, (1) "basic reserves" means reserves calculated in accordance with AS 21.18.110(b)(2); (2) "deficiency reserves" means the larger of the following amounts:(A) zero; (B) minimum reserves calculated in accordance with AS 21.18.110(b)(4), minus basic r…

(a) Every applicant for license by the division of insurance shall furnish his or her fingerprints to the director of the division. (b) Every applicant shall be fingerprinted by a qualified, duly authorized person. The fee, if any, charged for this service must be paid by the app…

Notes 3 AAC 23.020 Eff. 6/30/73, Register 46; repealed 3/11/98, Register 145 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 23.030 Repealed 11/5/92. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compar…

Notes 3 AAC 23.040 Repealed 11/5/92. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compar…

Notes 3 AAC 23.050 Repealed 7/1/89. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare…

Notes 3 AAC 23.060 Repealed 11/5/92. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compar…

(a) An examination score is valid for one year after the date of the examination for a license applicant who has not completed the application process and who has not obtained licensure. (b) After one year from the date of the examination, an applicant described in (a) of this se…

An applicant for licensure who previously held a license issued by the director which was revoked for any reason must take any required examination for the type of license for which the applicant has applied as the director does not consider the applicant to be fully qualified an…