Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.69.510 Illegal dividends.
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(a) A director of a domestic stock or mutual insurer determined by the director, following an appropriate hearing as provided in AS 21.06.170 — 21.06.230, to have voted for or concurred in a declaration or payment of a dividend to stockholders or members other than as authorized …
AS 21.69.520 Borrowed surplus.
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(a) Subject to the director's prior written approval, a domestic stock or mutual insurer may borrow money to defray the expenses of its organization or provide it with surplus funds upon a written agreement that the money is required to be repaid only out of the insurer's surplus…
AS 21.69.530 Impairment of capital or assets.
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(a) If an insurer becomes impaired, the director shall determine the amount of deficiency and serve notice upon the insurer to make good the deficiency within 60 days after service of the notice. (b) The deficiency may be made good in cash or in assets eligible under AS 21.21 for…
AS 21.69.540 Assessment of stockholders or members.
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(a) An insurer receiving the director's notice mentioned in AS 21.69.530(a) (1) if a stock insurer, by resolution of its board of directors and subject to limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to …
AS 21.69.550 Directors' liability for losses during deficiency.
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The directors of the insurer shall be individually liable for losses incurred under policies issued by the insurer after expiration of the period provided in AS 21.69.530 for curing a deficiency of the insurer's capital stock or surplus and before the deficiency is cured.
AS 21.69.560 Stock transfer during impairment of capital.
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A transfer of the stock of a domestic insurer made during the existence of an impairment of the insurer's capital does not release the stockholder making the transfer from liability as a stockholder of the insurer that accrued before the transfer.
AS 21.69.570 Mutualization of stock insurers.
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(a) A stock insurer other than a title insurer may become a mutual insurer under the plan and procedure that may be approved by the director after a hearing. (b) The director may not approve a plan, procedure, or mutualization unless (1) it is equitable to stockholders and policy…
AS 21.69.580 Converting mutual insurer.
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A mutual insurer may not be converted to a stock insurer.
AS 21.69.590 Mergers and consolidations of stock insurers.
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(a) A domestic stock insurer may merge or consolidate with one or more domestic or foreign stock insurers authorized to transact insurance in this state, by complying with the applicable provisions of the statutes of this state governing the merger or consolidation of stock corpo…
AS 21.69.600 Mergers and consolidations, mutual insurers.
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(a) A domestic mutual insurer may not merge or consolidate with a stock insurer. (b) A domestic mutual insurer may merge or consolidate with another mutual insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit,…
AS 21.69.610 Reinsurance for stock insurers.
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(a) Notwithstanding (b) of this section, a domestic stock insurer may reinsure a portion or all of its insurance in force or a major class of its insurance with another insurer by a reinsurance agreement. A reinsurance agreement shall be filed with the director within 30 days aft…
AS 21.69.620 Reinsurance for mutual insurers.
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(a) A domestic mutual insurer may reinsure a portion or all of its business in force or a portion or all of a major class of its business with another insurer, stock or mutual, by a reinsurance agreement. A reinsurance agreement shall be filed with the director within 30 days aft…
AS 21.69.630 Mutual member's share of assets on liquidation.
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(a) Upon the liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to existing persons who were its members…
AS 21.69.640 Extinguishment of unused corporate charters.
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(a) The corporate charter of a corporation formed under the laws of this state more than three years before July 1, 1966, for the purpose of becoming an insurer, which corporation, within the three-year period, has not actively engaged in business as a domestic insurer under a ce…
AS 21.69.645 Redomestication.
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(a) An insurer organized under the laws of another state and admitted to do business in this state may become a domestic insurer of this state by complying with the requirements of this title relative to the organization and licensing of a domestic insurer and by designating its …
AS 21.69.648 Voluntary surrender of certificate of authority.
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To voluntarily surrender the certificate of authority of a domestic insurer, a request shall be made to the director to extinguish the certificate of authority six months before the planned effective date of the extinguishment of the charter. Before the request is granted, the di…
AS 21.69.650 National emergency provisions.
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The legislature declares that it is desirable for the general welfare and in particular for the welfare of insurance beneficiaries, policyholders, injured claimants, and others that the business of domestic insurers be continued notwithstanding the event of a national emergency. …
AS 21.69.660 Adoption of emergency bylaws.
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The board of directors of a domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during a national emergency and which may, notwithstanding any differ…
AS 21.69.670 Provisions in lieu of emergency bylaws.
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If the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions become effective upon the occurrence of a national emergency: (1) Three directors constitute a quorum for the transaction of business at all meetings of the board. (2) A vac…
AS 21.69.680 Succession of corporate officers during national emergency.
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At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of a national emergency and in the event of the death or incapacity of the president, the secretary, or the treasurer of the insurer, the officers, or any of them, shall be succ…
AS 21.69.690 Relocation of home office during national emergency.
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At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of a national emergency the home office or principal place of business of the insurer shall be at the location named or described in the resolution. The resolution may provide f…
AS 21.69.700 Stock insurer defined.
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A domestic “stock” insurer is an incorporated insurer with capital divided into shares and owned by its stockholders.
AS 21.69.710 Mutual insurer defined.
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A domestic “mutual” insurer is an incorporated insurer without capital stock, and the governing body of which is elected by the policyholders.