Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.78.010 Jurisdiction of delinquency proceedings.
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(a) The court is vested with exclusive original jurisdiction of delinquency proceedings under this chapter, and is authorized to make all necessary and proper orders to carry out the purposes of this chapter. (b) Except as provided under AS 21.24, delinquency proceedings under th…
AS 21.78.020 Commencement of delinquency proceedings.
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(a) A delinquency proceeding may not be commenced under this chapter unless commenced by the director. A court does not have jurisdiction to entertain, hear, or determine a delinquency proceeding commenced by a person other than the director. (b) The director shall commence the p…
AS 21.78.030 Injunctions and orders.
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(a) A receiver appointed in a proceeding under this chapter may at any time apply for, and a court may grant, a restraining order, preliminary or permanent injunction, or other order considered necessary to prevent (1) the transaction of further business; (2) the transfer of prop…
AS 21.78.040 Grounds for rehabilitation.
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(a) The director may apply to the court for an order appointing the director as receiver of and directing the director to rehabilitate a domestic insurer when the insurer (1) is impaired or insolvent; (2) has refused to submit any of its books, records, accounts, or affairs to re…
AS 21.78.050 Grounds for liquidation.
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The director may apply to the court for an order appointing the director as receiver, if an appointment of the director as receiver is not then in effect, and directing the director to liquidate the business of a domestic insurer or of the United States branch of an alien insurer…
AS 21.78.060 Grounds for conservation, foreign insurers.
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The director may apply to the court for an order appointing the director as receiver or ancillary receiver, and directing the director to conserve the assets in this state, of a foreign insurer upon (1) any of the grounds specified in AS 21.78.040 or 21.78.050; or (2) the ground …
AS 21.78.070 Grounds for conservation, alien insurers.
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The director may apply to the court for an order appointing the director as receiver or ancillary receiver, and directing the director to conserve the assets within this state, of an alien insurer upon (1) any of the grounds specified in AS 21.78.040 or 21.78.050; (2) the ground …
AS 21.78.080 Grounds for ancillary liquidation.
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The director may apply to the court for an order appointing the director as ancillary receiver of and directing the director to liquidate the business of a foreign insurer having assets, business, or claims in this state upon the appointment in the domiciliary state of the insure…
AS 21.78.090 Order of rehabilitation.
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(a) An order to rehabilitate a domestic insurer must require the director to take immediate possession of the property of the insurer and to conduct its business, and to take steps toward removal of the causes and conditions that have made rehabilitation necessary as the court ma…
AS 21.78.100 Order of liquidation, domestic insurers.
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(a) An order to liquidate the business of a domestic insurer must require the director to take immediate possession of the property of the insurer, to liquidate its business, to deal with the insurer's property and business in the director's name as director of insurance or in th…
AS 21.78.110 Order of liquidation, alien insurers.
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An order to liquidate the business of a United States branch of an alien insurer having trusteed assets in this state shall be in the same terms as those prescribed for domestic insurers, except that the assets of the business of the United States branch shall be the only assets …
AS 21.78.120 Order of conservation or ancillary liquidation of foreign or alien insurers.
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(a) An order to conserve the assets of a foreign or alien insurer must require the director to take immediate possession of the property of the insurer in this state and to conserve it, subject to the further direction of the court. (b) An order to liquidate the assets in this st…
AS 21.78.130 Conduct of delinquency proceedings against domestic and alien insurers.
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(a) When under this chapter a receiver is to be appointed in delinquency proceeding for a domestic or alien insurer, the court shall appoint the director as the receiver. The court shall order the director immediately to take possession of the assets of the insurer and to adminis…
AS 21.78.140 Conduct of delinquency proceedings against foreign insurers.
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(a) When under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the director as ancillary receiver. The director shall file a petition requesting the appointment on the grounds set…
AS 21.78.150 Claims of nonresidents against domestic insurers.
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(a) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. The claims must be filed on or before…
AS 21.78.160 Claims against foreign insurers.
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(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside in this state may file claims either with the ancillary receiver, if any, appointed in this state, or with the domiciliary receiver. The clai…
AS 21.78.170 Form of claim.
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(a) All claims against an insurer against which delinquency proceedings have been begun must set out in reasonable detail the amount of the claim, or the basis upon which the amount can be ascertained, the facts upon which the claim is based, and the priorities asserted, if any. …
AS 21.78.180 Priority of certain claims.
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(a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if like claims are preferred under the laws of this state. Claims owing to residents or nonresidents shall be given equal priority o…
AS 21.78.190 Attachment and garnishment of assets.
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During the pendency of delinquency proceedings in this or a reciprocal state, an action or proceeding in the nature of an attachment, garnishment, or execution may not be commenced or maintained in the courts of this state against the delinquent insurer or its assets. A lien obta…
AS 21.78.200 Uniform Insurers Liquidation Act.
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(a) AS 21.78.020, 21.78.030, 21.78.130 — 21.78.190 and 21.78.330(1) — (4) and (6) — (12) constitute and may be referred to as the Uniform Insurers Liquidation Act. (b) The Uniform Insurers Liquidation Act shall be interpreted and construed to effectuate its general purpose to mak…
AS 21.78.210 Deposit of money collected.
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The money collected by the director in a proceeding under this chapter shall be from time to time deposited in one or more state or national banks, savings banks, and in the case of the insolvency or voluntary liquidation of a depositary that is an institution organized and super…
AS 21.78.220 Exemption from fees.
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The director shall not be required to pay a fee to a public officer in this state for filing, recording, issuing a transcript or certificate, or authenticating a paper or instrument pertaining to the exercise by the director of any of the powers or duties conferred upon the direc…
AS 21.78.230 Borrowing on pledge of assets.
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For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer under this chapter, the director may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness and …
AS 21.78.240 Date rights fixed on liquidation.
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The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers, and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date on which the order directing the liquidation of…
AS 21.78.250 Fraudulent transfers before petition.
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(a) A transfer made, or an obligation incurred, by an insurer within one year before the filing of a successful petition for rehabilitation or liquidation under this chapter is fraudulent as to then existing and future creditors if made or incurred without fair consideration, or …
AS 21.78.251 Fraudulent transfer after petition.
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(a) After a petition for rehabilitation or liquidation has been filed, a transfer of the real property of the insurer made to a person acting in good faith is valid against the receiver if made for a present fair equivalent value, or, if not made for a present fair equivalent val…
AS 21.78.252 Voidable preferences and liens.
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(a) A transfer of property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made by the insurer within one year before the filing of a successful petition for liquidation under this chapter, the effect of which might be to enable the cre…
AS 21.78.253 Claims of holders of void or voidable rights.
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(a) A claim of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance that is voidable under this chapter may not be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance…
AS 21.78.260 Priority of distribution.
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The priority of distribution of claims from an insurer's estate is in accordance with the order in which each class of claims is set out in this section. Every claim in each class must be paid in full, or adequate money retained for payment, before the members of the next class m…
AS 21.78.270 Setoffs and counterclaims.
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(a) Except as provided in (b) of this section and in AS 21.78.271, a mutual debt or mutual credit between an insurer and another person in connection with an action or proceeding under this chapter shall be set off, and only the balance may be allowed or paid. (b) A setoff or cou…
AS 21.78.271 Recovery of premiums owed.
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(a) An (1) insurance producer, premium finance company, or any other person, other than the insured, responsible for the payment of a premium is obligated to pay an unpaid earned premium due the insurer at the time of the declaration of insolvency, as shown on the records of the …
AS 21.78.272 Reinsurer's liability.
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The amount recoverable by the receiver from reinsurers may not be reduced as a result of delinquency proceedings, regardless of a provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor does not diminish the reinsurer's obli…
AS 21.78.280 Special claims.
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(a) A contingent and unliquidated claim may not share in a distribution of the assets of an insurer that has been adjudicated to be insolvent by an order made under this chapter, except that the claim shall be considered, if properly presented, and may be allowed to share if (1) …
AS 21.78.281 Special provisions for third-party claims.
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(a) If a third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the receiver. (b) Whether or not the third party files a claim, the insured may file a claim on the insured's own behalf in the liquidation. If th…
AS 21.78.290 Notice to creditors and others.
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(a) Unless the court directs otherwise, the receiver shall give or cause to be given notice of the liquidation order as soon as possible after the date of the entry of the order of liquidation (1) by first class mail and telephone, to the insurance director, commissioner, or supe…
AS 21.78.291 Duties of agents.
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(a) A person who receives notice in the form prescribed in AS 21.78.290 that an insurer that the person represents as an agent is the subject of a liquidation order, shall, within 15 days after receipt of that notice, give written notice of the liquidation order as provided in th…
AS 21.78.292 Filing of claims.
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(a) Proof of a claim shall be filed with the receiver, in the form required by AS 21.78.170, on or before the last day for filing specified in the notice required under this chapter, except that proof of a claim for cash surrender value or other investment value in life insurance…
AS 21.78.293 Receiver's recommendation to the court.
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(a) The receiver shall review all claims filed in the liquidation and shall make further investigation that the receiver considers necessary. The receiver may compound, compromise, or negotiate the amount for which a claim will be recommended to the court, unless the receiver is …
AS 21.78.294 Distribution of assets.
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Under the direction of the court, the receiver shall distribute assets in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, incl…
AS 21.78.295 Unclaimed and withheld money.
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(a) All unclaimed money that is subject to distribution and remains in the receiver's hands when the receiver is ready to apply to the court for discharge, including the amount distributable to a creditor, shareholder, member, or other person who is unknown and cannot be found, s…
AS 21.78.296 Termination of proceedings.
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(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the receiver shall apply to the court for discharge. The court may grant the discharge and make additional orders the court considers appropriate. (b)…
AS 21.78.297 Reopening liquidation.
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After the liquidation proceeding has been terminated and the receiver discharged, the director or an interested party may at any time petition the court to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is…
AS 21.78.298 Disposition of records during and after termination of liquidation.
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If it appears to the director that the records of an insurer that is in the process of liquidation, or is completely liquidated, are no longer useful, the director may recommend to the court, and the court shall direct, which records should be retained for future reference and wh…
AS 21.78.300 Report and petition for assessment.
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Within three years after the date of the entry of an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer, the director may make and file a report and petition to the court setting out (1) the reasonable value of the assets of the i…
AS 21.78.310 Order and levy of assessment.
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(a) Upon the filing and reading of the report and petition provided for in AS 21.78.300, the court, ex parte, may order the director to assess all members or subscribers of the insurer who may be subject to the assessment, in the aggregate amount the court finds reasonably necess…
AS 21.78.320 Assessment prima facie correct.
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(a) An assessment of a subscriber or member of an insurer made by the director under the order of court fixing the aggregate amount of the assessment against all members or subscribers and approving the classification and formula made by the director under AS 21.78.310 shall be p…
AS 21.78.325 Recovery from affiliates.
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(a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order has a right to recover on behalf of the insurer (1) from a parent corporation or holding company or person or affiliate who otherwise controlled the in…
AS 21.78.330 Definitions.
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In this chapter, (1) “delinquency proceeding” means a proceeding commenced against an insurer under this chapter for the purpose of liquidating, rehabilitating, reorganizing, or conserving the insurer; (2) “domiciliary state” means the state in which an insurer is incorporated or…