Title 21, Insurance

(a) Except for a multiple employer welfare arrangement, health care insurance and disability insurance may be placed in and written by a nonadmitted insurer if (1) the director finds it is in the best interest of the public and issues an order to that effect; and (2) the insuranc…

(a) Coverage may be placed in a nonadmitted insurer by a surplus lines broker only if (1) at the time of placement, the nonadmitted insurer meets all the requirements of this section; and (2) the surplus lines broker is licensed under AS 21.27. (b) The nonadmitted insurer must es…

(a) In addition to meeting the requirements of AS 21.34.040, a nonadmitted insurer shall be considered an eligible surplus lines insurer if it appears on the most recent list of eligible surplus lines insurers published by the director. The list is to be published at least semian…

Only that portion of a risk eligible for export for which the full amount of coverage is not procurable from eligible surplus lines insurers may be placed with another nonadmitted insurer that does not appear on the list of eligible surplus lines insurers published under AS 21.34…

(a) If after a review of a nonadmitted insurer and consideration of factors including quality of management, capital and surplus of a parent company, underwriting profit, investment income trends, trade practices, reserving practices, company record, and reputation within the ind…

(a) A surplus lines broker shall execute and file with the report required by AS 21.34.170 a written report, which shall be kept confidential, regarding each surplus lines insurance transaction occurring in the preceding period. The report must include (1) the name and address of…

(a) A surplus lines association of surplus lines brokers may be formed to (1) facilitate and encourage compliance by its members with the laws of this state and the regulations relative to surplus lines insurance; (2) attend National Association of Insurance Commissioners meeting…

(a) When surplus lines insurance is placed, the surplus lines broker shall promptly deliver to the named insured or the producing broker the policy or, if the policy is not then available, a cover note, binder, or other evidence of insurance. The cover note, binder, or other evid…

(a) A contract of insurance placed by a surplus lines broker under this chapter is not binding upon the insured and a premium charged is not due and payable until (1) the surplus lines broker has notified the insured in writing, a copy of which shall be maintained by the surplus …

Insurance contracts procured under this chapter shall be valid and enforceable as to all parties.

A payment of premium to a surplus lines broker acting for a person other than itself in negotiating, continuing, or reviewing a policy of insurance under this chapter, is considered to be payment to the insurer, notwithstanding conditions or stipulations in the policy or contract…

A surplus lines broker licensed by this state may originate surplus lines insurance or accept surplus lines insurance from another surplus lines broker licensed by this state or a producing broker licensed by this state as to the kind and class of insurance involved. The surplus …

(a) A surplus lines broker shall file with the director, on forms prescribed by the director, a report of all surplus lines insurance, by type of insurance as required to be reported in the annual statement that must be filed with the director by admitted insurers. The report mus…

(a) In addition to collecting the full amount of gross premiums written by an insurer for surplus lines insurance, the surplus lines broker shall collect and pay to the director a tax of 2.7 percent on the net premium, which is the total gross premiums written, less any return pr…

(a) The fee for filing the statement under AS 21.34.180(e) is an amount equal to one percent on gross premium charged less any return premiums as reported on the statement. The surplus lines broker shall pay the fee at the time of filing the statement and in a form and manner req…

(a) If the tax collectible under AS 21.34.180 or the fee collectible under AS 21.34.190 by a surplus lines broker is not paid within the time prescribed, the tax, fee, or both, and late payment fees, along with appropriate penalties, may be collected by distraint or by an action …

(a) A surplus lines insurer may be sued upon a cause of action arising in this state under a surplus lines insurance contract made by it or evidence of insurance issued or delivered by the surplus lines broker under the procedure provided in AS 21.33. A policy issued by the surpl…

(a) In addition to any other penalty provided by law, a person that the director determines under AS 21.06.170 — 21.06.240 has violated the provisions of this chapter is subject to (1) a civil penalty equal to the compensation promised, paid or to be paid, directly or indirectly,…

If any provision of this chapter, or the application of a provision of this chapter to any person or circumstance, is held invalid, the remainder of the chapter and the application of that provision to persons or circumstances, other than those as to which it is held invalid, sha…

The director may adopt regulations to implement, define, and enforce the provisions of this chapter.

In this chapter, (1) “affiliate” or “affiliated” means, with respect to an insured, any entity that controls, is controlled by, or is under common control with the insured; (2) “affiliated group” means any group of entities that are all affiliated; (3) “capital” means money paid …