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Alaska Statutes, Title 21

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Your Policy Risk Impact Agent

Alaska/Statutes

← All Alaska coverage

Title 21, Insurance

53 chapters · 1,082 sections in this title.

All chapters in Title 211,082 Ch 27, Producers, Agents, Administrators, B…76 Ch 69, Organization and Corporate Procedures.73 Ch 36, Trade Practices and Frauds.70 Ch 42, The Insurance Contract.67 Ch 78, Rehabilitation and Liquidation.48 Ch 09, Authorization, Corporate Governance …42 Ch 84, Fraternal Benefit Societies.42 Ch 66, Title Insurance Companies.36 Ch 75, Reciprocal and Cooperative Insurers.36 Ch 51, Health Insurance Policies.35 Ch 87, Hospital and Medical Service Corpora…34 Ch 86, Health Maintenance Organizations.33 Ch 45, Life Insurance and Annuities.32 Ch 06, The Director of Insurance.29

1,082 sections·Filtered byTitle 21✕

AS 21.14.020 Company action level event.
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If a company action level event occurs, the affected insurer shall submit to the director a plan under AS 21.14.060.
AS 21.14.030 Regulatory action level event.
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(a) If a regulatory action level event occurs, the director shall (1) require the affected insurer to submit a plan or a revised plan under AS 21.14.060; if the level event is caused by the insurer's failure to adhere to a previously filed plan or revised plan that has been accep…
AS 21.14.040 Authorized control level event.
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If an authorized control level event occurs, the director shall take the action necessary (1) under AS 21.14.030(a) against the insurer; or (2) to place the insurer under regulatory control under AS 21.78.
AS 21.14.050 Mandatory control level event.
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(a) If a mandatory control level event occurs for a domestic insurer, the director shall take the action necessary to place the insurer under regulatory control under AS 21.78 or, if a fraternal benefit society, under AS 21.84. (b) Notwithstanding (a) of this section, the directo…

Showing 101–150 of 1,082

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AS 21.14.060 Risk based capital plan.

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(a) If a plan is required under this chapter or by order of the director in response to an event described under AS 21.14.020 — 21.14.050, the plan must be a financial plan that includes (1) identification of the conditions that contribute to the level event; (2) a proposal for c…

AS 21.14.070 Foreign insurers.

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(a) A foreign insurer shall, upon the written request of the director, submit to the director a report described under AS 21.14.010 not later than (1) 15 days from the receipt by the foreign insurer of a request, if the report has already been filed with the domiciliary state; (2…

AS 21.14.080 Hearings.

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(a) An insurer may request a hearing to challenge an action of the director or request a stay of the director's action as provided under AS 21.06.180 — 21.06.240. (b) An insurer shall request a hearing under (a) of this section within 15 days after the director's notice of (1) an…

AS 21.14.090 Confidentiality; restrictions on use.

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(a) Except as provided in AS 21.06.060 and this subsection, a report required under AS 21.14.010, a plan required under AS 21.14.060, the results or report of an examination or analysis of an insurer performed under this chapter, and a corrective order issued by the director are …

AS 21.14.100 Penalty for violation.

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(a) An insurer shall pay to the division $100 for each day the insurer fails to file a report, and $1,000 for each day the insurer fails to file a plan or revised plan in conformance with the requirements of this chapter. (b) If a report, plan, or revised plan has not been filed …

AS 21.14.110 Exemptions.

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(a) The director may exempt from the application of this chapter a domestic property and casualty insurer that (1) writes direct business only in this state; (2) writes direct annual premiums of $2,000,000 or less; and (3) does not assume reinsurance in excess of five percent of …

AS 21.14.120 Notices.

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All notices by the director to an insurer that may result in regulatory action under this chapter are effective upon mailing if mailed by registered or certified mail or, in the case of any other transmission, upon the director's transmission of the notice.

AS 21.14.130 Regulations.

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The director may adopt regulations to implement this chapter.

AS 21.14.200 Definitions.

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In this chapter, (1) “adjusted report” means a risk based capital report that has been adjusted by the director under AS 21.14.010; (2) “authorized control level event” means (A) a report, an adjusted report that has not been challenged, or an adjusted report for which a challeng…

AS 21.18.010 Allowable assets.

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In a determination of the financial condition of an insurer, the following assets are allowed: (1) assets that are wholly and exclusively owned by the insurer and that are registered, recorded, or held under the insurer's name; (2) premiums, not more than three months past due, e…

AS 21.18.020 Assets as deductions from liabilities.

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Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to the insurer as prescribed by the d…

AS 21.18.030 Assets not allowed.

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In addition to assets excluded by the application of AS 21.18.010, all nonadmitted assets and all other assets of doubtful value or character included as ledger or nonledger assets in a statement by an insurer to the director, or in an examiner's report to the director, shall als…

AS 21.18.040 Disallowance of transactions; deceptions.

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(a) The director shall disallow as an asset or as a credit against liabilities any reinsurance found by the director, after a hearing, to have been arranged for the purpose principally of deception as to the ceding insurer's financial condition as of the date of any financial sta…

AS 21.18.050 Reserves and liabilities, in general.

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In a determination of the financial condition of an insurer, liabilities to be charged against its assets shall include (1) the amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims incurred on or before the date of s…

AS 21.18.060 Unearned premium reserve.

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(a) Except as otherwise provided in AS 21.18.070, an insurer shall maintain an unearned premium reserve on all policies in force against loss or damage to property, including loss or damage under general casualty or surety insurance. (b) The director may require that the reserves…

AS 21.18.070 Unearned premium reserve for marine and transportation insurance.

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As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be considered unearned and the director may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the d…

AS 21.18.073 Unearned premium reserve for title insurance.

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In addition to an adequate reserve as to outstanding losses as required under AS 21.18.050, a title insurer shall establish, segregate, and maintain an unearned premium reserve as required by the director.

AS 21.18.075 Bail bond reserve.

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In place of the unearned premium reserve required on surety bonds under AS 21.18.060, the department may require a surety insurer or limited surety insurer to set up and maintain a reserve on all bail bonds or other single premium bonds without a definite expiration date, furnish…

AS 21.18.080 Reserve standards for health insurance.

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(a) The adequacy of health insurance reserves must be determined based on the sum of policy reserves determined under AS 21.18.082, claim reserves determined under AS 21.18.084, and premium reserves determined under AS 21.18.086. (b) Reserve adequacy must be determined by a prosp…

AS 21.18.082 Policy reserves for health insurance.

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(a) Except as provided in (b) of this section, policy reserves are required for all individual and group health insurance policies or groups of policies (1) with level premiums or with a gross premium pricing structure at time of issue that results in future benefits exceeding th…

AS 21.18.084 Claim reserves for health insurance.

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(a) Claim reserves are required for all incurred and unpaid claims on all health insurance policies. (b) Claim expense reserves are required for the estimated expense of settlement of all incurred and unpaid claims. (c) Claim reserves for prior valuation years must be tested for …

AS 21.18.086 Premium reserves for health insurance.

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(a) Unearned premium reserves must be established for the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation. (b) Due and unpaid premiums that are carried as an asset in the annual statement must be treated as p…

AS 21.18.100 Increase of reserves.

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If loss experience shows that an insurer's loss reserves or reserves for incurred but not reported losses, however computed or estimated, are inadequate, the director shall require the insurer to maintain loss reserves or reserves for incurred but not reported losses in the incre…

AS 21.18.110 Standard valuation law — Life insurance.

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(a) The director shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies, annuity and pure endowment contracts, and deposit-type contracts of every life insurer doing business in this state iss…

AS 21.18.112 Standard valuation for policies and contracts issued on or after the operative date of the valuation manual.

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(a) The director shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every insurer issue…

AS 21.18.160 Regulations.

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The director may adopt regulations to implement this chapter.

AS 21.18.170 Valuation of investments.

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For the purposes of this chapter, the value or amount of an investment acquired, held, or invested in or an investment practice engaged in under this title, unless otherwise specified in this title, must be the value at which assets of an insurer are required to be reported for a…

AS 21.18.900 Definitions.

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In this chapter, (1) “accident and health insurance” means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or a medical condition or a contract as may be specified in the valuation manual; (2) “admitted …

AS 21.21.010 Scope.

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This chapter applies only to an investment and investment practice of a domestic insurer and a United States branch of an alien insurer entered through this state. This chapter does not apply to separate accounts of a life insurer.

AS 21.21.020 Eligible investments.

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(a) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only the eligible investments prescribed in this chapter. (b) [Repealed, § 85 ch 50 SLA 1990.] (c) Eligibility of an investment shall be determined as of the date of its making…

AS 21.21.255 Regulation of securities held by insurers.

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As provided under 15 U.S.C. 77r-1(b) and (c) (Secondary Mortgage Market Enhancement Act of 1984), securities that are purchased, held, or invested in by an insurer are subject to AS 21.18.170 and regulations adopted under AS 21.21.420, and other applicable provisions of this titl…

AS 21.21.410 Custodian of insurer assets.

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(a) The custodian for assets, securities, or investments of the insurer may be only a bank, trust company, securities firm, or clearing corporation that is properly authorized by the insurer and approved by the director. (b) When securities are deposited with a clearing corporati…

AS 21.21.420 Regulations.

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The director shall adopt regulations regarding insurance company investments that are consistent with the defined limits standards for investments of the National Association of Insurance Commissioners.

AS 21.22.010 Filing requirements for acquisition of control of or merger with domestic insurer.

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(a) Until the provisions of (b) of this section have been fulfilled, a person may not (1) unless the person is an issuer, make a tender or an offer for or a request or an invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquir…

AS 21.22.020 Content of statement for acquisition or merger filing.

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(a) The statement to be filed with the director under AS 21.22.010 shall be made under oath or affirmation and must contain the following information: (1) the name and address of each person by whom or on whose behalf the merger or other acquisition of control referred to in AS 2…

AS 21.22.030 Hearing, findings, and approval.

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(a) The director shall approve a merger or other acquisition of control referred to in AS 21.22.010 unless, after a public hearing, the director finds that (1) after the change of control, the domestic insurer referred to in AS 21.22.010 would not be able to satisfy the requireme…

AS 21.22.040 Mailings to shareholders and expenses.

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All statements, amendments, or other material filed under AS 21.22.010, and all notices of public hearings held under AS 21.22.030, shall be mailed by the insurer to its shareholders within five business days after the insurer has received those statements, amendments, other mate…

AS 21.22.050 Jurisdiction and consent to service.

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The courts of this state are given jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under this chapter and over all actions involving that person arising out of violations of this chapter, a…

AS 21.22.060 Registration required.

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(a) Except as provided in (c) of this section, an insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the director. An insurer that is subject to registration under this section shall register not…

AS 21.22.065 Acquisitions involving change of control.

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(a) Unless exempted in (j) of this section, this section applies to any acquisition in which there is a change in control of an insurer authorized to do business in this state. (b) If an acquisition violates the standards established in (d) and (f) of this section, the director m…

AS 21.22.070 Review by director.

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If at any time the director determines that any material transaction entered into between an insurer and any of its affiliates does not meet the standards set out in AS 21.22.080, the director may, after hearings conducted in accordance with AS 21.06, require the insurer and the …

AS 21.22.080 Transactions within an insurance holding company system.

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Material transactions by registered insurers with their affiliates are subject to the following standards: (1) the terms shall be fair and reasonable; (2) charges or fees for services performed shall be reasonable; (3) expenses incurred and payment received shall be allocated to …

AS 21.22.085 Transactions involving a domestic insurer requiring director review.

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(a) Transactions involving a domestic insurer and a person in its insurance holding company system, including amendments or modifications of affiliate agreements previously filed under AS 21.22.080 that are subject to a materiality standard in (1) — (7) of this subsection, may no…

AS 21.22.090 Adequacy of surplus.

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For the purposes of this chapter, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: (1) the size of…

AS 21.22.100 Dividends and other distributions.

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(a) A domestic insurer may not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until (1) 30 days after the director has received notice of the declaration of the dividend or distribution and has not within that period disapproved it…

AS 21.22.105 Management of domestic insurers subject to registration.

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(a) Notwithstanding the control of a domestic insurer by any person, the officers and directors of the insurer may not be relieved of an obligation or liability to which the officers and directors would otherwise be subject to by law, and the insurer shall be managed so as to ass…