Alaska Administrative Code

(a) Before transacting the business of insurance in this state, a risk retention group shall submit to the director (1) a completed registration form that shall include the following information: (A) each state in which the risk retention group is chartered or licensed to do busi…

The initial registration fee set by 3 AAC 31.060(a) must accompany each registration form. The annual continuation fee set by 3 AAC 31.060(a) must accompany each continuation application. Notes 3 AAC 24.030 Eff. 8/23/89, Register 111 As of Register 169 (April 2004), the regulatio…

(a) A risk retention group may only transact the business of liability insurance. (b) At least 30 days before a domestic risk retention group may transact business in this state, any other state, or upon a subject or risk that is resident, located, or to be performed in this or a…

The initial registration is valid until December 31 of the year in which it was made. An annual continuation application must be filed with the director in accordance with 3 AAC 24.060 to maintain the registration in force. Notes 3 AAC 24.050 Eff. 4/12/91, Register 118 Authority:…

(a) A registration is valid from January 1 through December 31 of each year. In order to continue the registration for the next year, the following must be filed with the director by December 31: (1) continuation application on a form prescribed by the director; (2) the annual co…

As used in 3 AAC 24.010 - 3 AAC 24.290, (1) "risk retention group" means any entity meeting the definition of a risk retention group in 15 U.S.C. 3901(a)(4), as amended as of October 27, 1986 (Liability Risk Retention Act); (2) "domestic risk retention group" means a risk retenti…

The purpose of 3 AAC 24.300 - 3 AAC 24.590 is to establish, consistent with 15 U.S.C. 3901 - 3906, as amended as of October 27, 1986 (Liability Risk Retention Act), a procedure for the registration of purchasing groups that seek to transact the business of insurance in Alaska, or…

A person transacting the business of insurance as or on behalf of a purchasing group formed under and in compliance with 15 U.S.C. 3901 - 3906, as amended as of October 27, 1986 (Liability Risk Retention Act), shall, at all times, transact business in compliance with federal and …

(a) Before transacting the business of insurance in this state, a purchasing group shall submit to the director (1) a completed registration form that shall include the following information: (A) the state of domicile; (B) the dates of its incorporation and formation as a purchas…

The initial registration fee set by 3 AAC 31.060(a) must accompany the registration forms. The annual continuation fee set by 3 AAC 31.060(a) must accompany each continuation application. Notes 3 AAC 24.320 Eff. 8/23/89, Register 111 As of Register 169 (April 2004), the regulatio…

A purchasing group transacting insurance before 8/23/89 on a risk or subject resident, located or to be performed in Alaska, has 30 days after that date in which to comply with 3 AAC 24.300 - 3 AAC 24.590. Notes 3 AAC 24.330 Eff. 8/23/89, Register 111 Authority:AS 21.03.010 AS 21…

The initial registration is valid until December 31 of the year in which it was made. An annual continuation application must be filed with the director in accordance with 3 AAC 24.350 to maintain the registration in force. Notes 3 AAC 24.340 Eff. 4/12/91, Register 118 Authority:…

(a) A registration is valid from January 1 through December 31 of each year. In order to continue the registration for the next year, the following must be filed with the director by December 31: (1) continuation application on a form prescribed by the director; (2) the annual co…

As used in 3 AAC 24.300 - 3 AAC 24.590, (1) "purchasing group" means any entity meeting the definition of a purchasing group in 15 U.S.C. 3901(a)(5), as amended as of October 27, 1986 (Liability Risk Retention Act); (2) "transact" means the same as in AS 21.97.900; (3) "transacti…

(a) Insurance may be procured through a surplus lines broker from an eligible nonadmitted insurer only if the producing broker(1) determines through a diligent search that the particular policy terms or conditions that are material to the insured cannot be obtained from an insure…

(a) Workers' compensation insurance required by statute may be procured only from an insurer holding a valid certificate of authority to write workers' compensation insurance in this state. (b) Upon written application by the insured to the director, stating the specific reasons,…

Notes 3 AAC 25.030 Eff. 8/28/91, Register 119; am 10/21/92, Register 124; am 4/3/94, Register 129; repealed 6/11/2006, Register 178 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the pri…

(a) A producing broker and the surplus lines broker shall retain in the insured's file an acceptable form of documentation to establish that the producing broker and the surplus lines broker have complied with AS 21.34.020 and 3 AAC 25.010(a). An acceptable form of documentation …

(a) After a hearing held under AS 21.06.180-21.06.230, the director will issue an order that lists the kinds of insurance that may be placed with a nonadmitted insurer that appears on the eligible list published under AS 21.34.050. (b) The director will hold a hearing and issue a…

(a)An eligible surplus lines insurer shall include in each policy an Alaska surplus lines policyholder notice regarding nonrenewal and premium increase, in a format approved by the director. (b) A licensed surplus lines broker shall ensure that the required notice is part of each…

The prompt delivery of the evidence of insurance required by AS 21.34.100 means not later than 30 days after the date the coverage is bound. Evidence of insurance includes subsequent endorsements and company audits related to a policy. Notes 3 AAC 25.060 Eff. 8/28/91, Register 11…

(a) A nonadmitted insurer may not issue a notice of cancellation for nonpayment of premium until after the written notice requirement of AS 21.34.110 has been satisfied. (b) The written notice requirement of AS 21.34.110 may be satisfied by the surplus lines broker providing to t…

The surplus lines tax required by AS 21.34.180 and the filing fee required by AS 21.34.190 must be collected for the full amount of premium charged for a policy that includes any portion of coverage procured through a surplus lines broker from a nonadmitted insurer unless the sur…

(a) Repealed 6/11/2006. (b) In addition to the information required by AS 21.34.080, a surplus lines broker shall include the following information in the report of each surplus lines insurance transaction on a form prescribed by the director: (1) the policy term and policy numbe…

(a) The quarterly report required of a surplus lines broker by AS 21.34.170 shall be filed electronically in the location required by the director. Filing of the quarterly report must occur on or before the corresponding due date under AS 21.34.170. The quarterly report must be s…

(a) If new information exists that will change a previously filed quarterly report under AS 21.34.170, the surplus lines broker shall file an amended quarterly report for the period in which the transaction occurred. (b) A surplus lines broker who fi les an amended quarterly repo…

Notes 3 AAC 25.110 Eff. 8/28/91, Register 119; am 6/11/2006, Register 178; repealed 9/4/2014, Register 211, October 2014 Authority:AS 21.06.090 AS 21.34.180 AS 21.34.190 AS 21.34.250 State regulations are updated quarterly; we currently have two versions available. Below is a com…

(a) Insurance may be procured through an Alaska licensed surplus lines broker from a risk retention group, as defined in 3 AAC 24.290, that does not hold a certificate of authority from this state only if the risk retention group is currently properly registered with the division…

For the purpose of determining whether insurance on a vessel is wet marine and transportation insurance under AS 21.34 or surplus lines insurance, the division will accept file documentation of a vessel's gross registered tons as evidence of displacement tons. Notes 3 AAC 25.130 …

(a) The director will place a fo reign surplus lines insurer on the list of eligible surplus lines insurers if the insurer (1) meets the requirements of AS 21.34.040(c)(1) or (2); and (2) provides certification to the director that the insurer is authorized to write the kind of i…

Publication of the list of eligible surplus lines insurers required under AS 21.34.050 may be accomplished by placing the most current list on the division's Internet website. Notes 3 AAC 25.150 Eff. 6/11/2006, Register 178 Authority:AS 21.06.090 AS 21.34.050 AS 21.34.250 State r…

In this chapter, (1) "exempt commercial purchaser" has the meaning given in AS 21.34.900; (2) "home state" has the meaning given in AS 21.34.900. (3) "surplus lines broker" means (A) a firm or agency licensed under AS 21.27.790; or (B) an individual that is (i) licensed under AS …

(a) The purpose of 3 AAC 26.010 - 3 AAC 26.300 is to define minimum standards for claim settlement acts and practices. (b) Violation of a standard is an unfair or deceptive act and is prohibited. (c) Violation of a standard with such frequency as to indicate a general business pr…

3 AAC 26.010 - 3 AAC 26.300 apply to all persons transacting a business of insurance who participate in the investigation, adjustment, negotiation, or settlement of a claim under all types of insurance. Notes 3 AAC 26.020 Eff. 5/6/89, Register 110 In 2010 the revisor of statutes,…

(a) Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a claim under any type of insurance must document each action taken on a claim. The documentation must contain all notes, work papers, documents and…

(a) Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a first-party claim must: (1) within 10 working days after receipt of notification of a claim, give written acknowledgement to the first-party claim…

(a) Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a claim shall promptly undertake the investigation of a claim after notification of the claim is received, and shall complete the investigation with…

Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a claim: (1) shall fully disclose to a first-party claimant all relevant benefits and other provisions of coverage under which a claim may be covered; (…

(a) Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a first-party claim: (1) shall advise a first-party claimant in writing of the acceptance or denial of the claim within 15 working days after receip…

An insurer may include an arbitration provision in an insurance contract subject to the following: (1) the insurer and the insured must agree to the arbitration provision; (2) the arbitration provision must describe the manner for (A) initiating the arbitration process; and (B) a…

(a) A person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a first-party or third-party motor vehicle claim shall (1) apply one of the following settlement methods if coverage provides for the adjustment of a …

(a) A person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a first-party or third-party property claim shall (1) apply one of the following settlement methods if coverage provides for the adjustment of a claim…

Any person transacting a business of insurance who participates in the investigation, adjustment, negotiation, or settlement of a workers' compensation claim: (1) may not require a claimant to travel unreasonably for medical care, rehabilitation services, or any other purpose; (2…

(a) A person who provides coverage in this state for health care services or supplies on an expense incurred basis for which benefits are based on an amount that is less than the actual amount billed for the health care services or supplies shall (1) for a vaccine covered by an i…

In this chapter, (1) "claim" means notice that an event, act or omission has occurred which may result in injury or damage for which an insured may be legally obligated to pay; (2) "claimant" means a first-party claimant, a third-party claimant, or both, and includes the claimant…

(a) The following acts constitute unfair discrimination between individuals of the same class when based solely on blindness or partial blindness: (1) refusing to insure; (2) refusing to continue to insure; (3) limiting the amount, extent, or kind of insurance coverage available;…

(a) The provisions of 3 AAC 26.430 - 3 AAC 26.449 apply to a solicitation or sale of a life insurance or annuity product by an insurer or insurance producer to an active duty service member of the United States armed forces, except for a solicitation or sale involving(1) consumer…