Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.12.070 Casualty insurance defined.
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(a) Casualty insurance includes (1) vehicle insurance: insurance against loss of or damage to a land vehicle or aircraft or a draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, from any hazard or cause, and a…
AS 21.12.080 Surety insurance defined.
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Surety insurance includes (1) fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust; (2) insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, un…
AS 21.12.090 Marine, wet marine, and transportation insurance defined.
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(a) “Marine insurance” includes (1) insurance against any and all kinds of loss or damage to (A) vessels, craft, aircraft, cars, automobiles, and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, money, bullion, preciou…
AS 21.12.100 Title insurance defined. [Repealed, § 8 ch 120 SLA 1974. For current law see AS 21.66.480.]
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[Repealed or reserved.]
AS 21.12.110 Mortgage guaranty insurance defined.
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Mortgage guaranty insurance includes insurance against financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument c…
AS 21.12.120 [Renumbered as AS 21.12.020(i).]
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[Repealed or reserved.]
AS 21.12.130 Commercial insurance defined.
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Commercial insurance is any line of property insurance, as defined in AS 21.12.060, or casualty insurance, as defined in AS 21.12.070, that is for business and professional interests, whether for profit, nonprofit, or public in nature. For purposes of filing rates under AS 21.39.…
AS 21.14.010 Risk based capital reports.
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(a) A domestic insurer shall, on or before March 1, submit to the director a report of its risk based capital covering the previous calendar year. The report must be in a form and contain the information required by risk based capital instructions. A domestic insurer required to …
AS 21.14.015 Other powers and duties not limited.
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The requirements of this chapter supplement other provisions of this title and do not preclude or limit other powers or duties of the director.
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…
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 21.18.090 Loss reserves, liability insurance, and workers' compensation. [Repealed, § 53 ch 96 SLA 2004.]
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[Repealed or reserved.]
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 21.18.120 Secs. 21.18.120 — 21.18.150. Valuation of bonds; other securities, property, and purchase money mortgages. [Repealed, § 84 ch 81 SLA 2001.]
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[Repealed or reserved.]
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 21.21.030 Secs. 21.21.030 — 21.21.250. [Repealed, § 84 ch 81 SLA 2001.]
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[Repealed or reserved.]
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 21.21.260 Secs. 21.21.260 — 21.21.310. [Repealed, § 84 ch 81 SLA 2001.]
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[Repealed or reserved.]
AS 21.21.320 [Repealed, § 3 ch 69 SLA 1980.]
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[Repealed or reserved.]
AS 21.21.321 Secs. 21.21.321 — 21.21.400. [Repealed, § 84 ch 81 SLA 2001.]
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[Repealed or reserved.]