Title 21, Insurance
53 chapters · 1,250 sections in this title.
AS 21.75.010 Applicability.
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(a) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. (b) Existing authorized reciprocal insurers shall, after July 1, 1966, comply with the provisions of this chapter, and shall make amen…
AS 21.75.020 Insuring powers of reciprocals.
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(a) Except as provided in (c) of this section, a reciprocal insurer may, upon qualifying as provided for by this title, transact any kind or kinds of insurance defined by this title, other than life or title insurances. (b) The insurer may purchase reinsurance, and may grant rein…
AS 21.75.030 Name, suits.
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(a) A reciprocal insurer shall (1) have and use a business name; the name must include the word reciprocal or interinsurer or exchange or underwriters or underwriting or association; (2) sue and be sued in its own name. (b) In addition to the requirements of (a) of th…
AS 21.75.040 Attorney-in-fact.
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(a) [Repealed, § 223 ch 67 SLA 1992.] (b) The attorney-in-fact of a foreign or alien reciprocal insurer, that is authorized to transact insurance in this state, may not, by virtue of discharge of its duties as the attorney-in-fact with respect to the insurer's transactions in thi…
AS 21.75.045 Licensing of attorneys-in-fact.
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(a) A person may not act in the capacity of attorney-in-fact for a subscriber regarding a subject that is resident, located, or to be performed in this state or for a reciprocal insurer licensed to do business in this state unless the person is licensed under this chapter. The di…
AS 21.75.050 Surplus funds required.
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(a) A domestic reciprocal insurer formed in accordance with the provisions of this chapter shall have and maintain a surplus no less than an amount equal to the total of the capital and one-half of the surplus that would be required of a domestic stock insurer writing the same li…
AS 21.75.055 Surplus funds for cooperative insurers.
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A cooperative insurer organized under AS 21.75.300 21.75.330, if it has otherwise complied with the applicable provisions of this chapter, may be authorized to transact insurance if it has and maintains surplus funds equal to one-half of the capital required for a domestic reci…
AS 21.75.060 Organization of reciprocal insurer.
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(a) Ten or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the director for a certificate of authority to transact insurance. (b) The proposed attorney-in-fact shall fulfill the requirements of and shall execute and file wit…
AS 21.75.070 Certificate of authority.
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(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney-in-fact in the name of the insurer. (b) The director may refuse, suspend, or revoke the certificate of authority, in addition to other grounds, for failure of the attorney-in-fact to comply w…
AS 21.75.080 Authority of attorney-in-fact.
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(a) A subscriber's agreement providing for an advisory committee consistent with AS 21.75.170 shall be executed by each subscriber and shall grant authority to the attorney-in-fact to manage the affairs of the reciprocal insurer. (b) The duties of the attorney-in-fact shall be sp…
AS 21.75.090 Modifications.
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Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney-in-fact and the subscribers' advisory committee. A modification may not be effective retroactively, or apply to an insurance…
AS 21.75.100 Attorney-in-fact's bond.
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(a) Concurrently with the filing of the declaration provided in AS 21.75.060, the attorney-in-fact of a domestic reciprocal insurer shall file with the director a bond in favor of this state for the benefit of all persons damaged as a result of a breach by the attorney-in-fact of…
AS 21.75.110 Action on bond.
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Action on the attorney-in-fact's bond or to recover against a deposit made in lieu of the bond may be brought at any time by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond …
AS 21.75.115 Examination of an attorney-in-fact.
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An attorney-in-fact of a reciprocal insurer is subject to examination by order of the director under AS 21.06.120 and 21.06.140 21.06.160 for the purpose of determining compliance with this title relating to the operations of the reciprocal insurer or its attorney-in-fact that …
AS 21.75.120 Service of process.
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(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney-in-fact at the principal offices of the attorney-in-fact or by serving the director as the insurer's process agent under AS 21.09.180 and 21.09.190. (b) A judgment based upon le…
AS 21.75.130 Annual statement.
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(a) The annual statement of a reciprocal insurer shall be made by its attorney-in-fact and filed with the director, as provided in AS 21.09.200. (b) The statement shall be supplemented by information that may be required by the director relative to the affairs and transactions of…
AS 21.75.135 Quarterly statements.
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(a) The director may require a reciprocal insurer's attorney-in-fact to file a quarterly financial statement as provided in AS 21.09.205. (b) A statement required under (a) of this section shall be supplemented by information that may be required by the director relative to the a…
AS 21.75.140 Contributions to insurer.
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The attorney-in-fact or other parties may advance to a domestic reciprocal insurer upon reasonable terms the funds it may require from time to time in its operations. Sums advanced may not be treated as a liability of the insurer, and, except upon liquidation of the insurer, may …
AS 21.75.150 Determination of financial condition.
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In determining the financial condition of a reciprocal insurer the director shall apply the following rules: (1) the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis shall be charged as liabilities; (2) the surplus deposits …
AS 21.75.160 Who may be subscribers.
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Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with and be a subscriber of a domestic, foreign, or alien reciprocal insurer. A corporation now or hereafter organized under the laws of …
AS 21.75.170 Subscriber's advisory committee.
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(a) The subscriber's advisory committee shall meet at least annually and shall consist of not less than nine individuals elected by the subscribers, at least two-thirds of whom are subscribers or officers or directors of subscriber corporations and, except for a reciprocal insure…
AS 21.75.180 Subscribers' liability.
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(a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and proportionate liability, and not joint. (b) Except as to a nonassessable policy each subscriber shall have a contingen…
AS 21.75.190 Subscribers' liability on judgment.
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(a) An action may not lie against a subscriber upon an obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days. (b) The judgment shall be binding upon each subscriber only in the proportion which the …
AS 21.75.200 Assessments.
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(a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable under the terms of their policies by the attorney-in-fact upon approval in advance by the subscribers' advisory committee and the director; or by the director in liquidation o…
AS 21.75.210 Time limit for assessments.
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A subscriber of a domestic reciprocal insurer having contingent liability is liable for and shall pay the subscriber's share of any assessment, as computed and limited under this chapter, if (1) while the subscriber's policy is in force or within one year after its termination, t…
AS 21.75.220 Aggregate liability.
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A single policy or subscriber as to the policy may not be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year, in excess of the amount provided for in the power of attorney or in the su…
AS 21.75.230 Nonassessable policies.
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(a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital and surplus required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney-in-fact and as approved by the subscrib…
AS 21.75.240 Distribution of savings.
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A reciprocal insurer may from time to time return to its subscribers any unused premiums, savings, or credits accruing to their accounts. The distribution may not unfairly discriminate between classes of risks, or policies, or between subscribers, but this does not prevent retros…
AS 21.75.250 Subscribers' share in assets.
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Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of contributions of the attorney-in-fact or other persons to its surplus made as provided in AS 21.75.140, and the return of an unuse…
AS 21.75.260 Merger or conversion.
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(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on the merger after due notice and the approval of the director of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual i…
AS 21.75.270 Financial impairment; determination of insolvency.
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(a) If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than a liability on account of funds contributed by the attorney-in-fact or others, and to maintain the required surplus, its attorney-in-fact shall immediately make up the …
AS 21.75.280 [Renumbered as AS 21.75.900(2).]
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[Repealed or reserved.]
AS 21.75.290 [Renumbered as AS 21.75.900(3).]
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Article 2. Cooperative Insurance Coverage.
AS 21.75.300 Cooperative insurance.
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(a) The director shall, by regulation, provide a general plan for the implementation of cooperative insurance coverage limited to the risks defined in AS 21.75.330. (b) The regulations adopted under (a) of this section must include (1) procedures whereby not less than the number …
AS 21.75.310 Certificate of authority of cooperative insurer.
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If the director is satisfied that the plan of insurance and other information provided by petitioners under AS 21.75.300 permits a sound insurance operation and complies with all other applicable requirements for a certificate of authority, the director shall issue a certificate …
AS 21.75.320 Applicable provisions of law.
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Except as otherwise specifically provided, the provisions of AS 21.75.010 21.75.270 and 21.75.900(2) and (3) are applicable to cooperative insurers.
AS 21.75.330 Coverage.
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(a) A cooperative insurer organized under AS 21.75.300 is authorized to transact only property insurance, limited to physical damage of (1) licensed private passenger motor vehicles; (2) single-family residences, and related structures; (3) multiple dwellings of not more than fou…
AS 21.75.340 Definitions. [Repealed, § 62 ch 21 SLA 1991.]
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Article 3. General Provisions.
AS 21.75.900 Definition.
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In this chapter, (1) material transaction means a transaction, other than a claim payment, involving more than one-half of one percent of the reciprocal insurer's admitted assets as of December 31 of the prior year; (2) reciprocal insurance is that resulting from an interexch…