Title 21 — Insurance
53 chapters · 1,244 sections in this title.
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…
AS 21.79.010 Purpose.
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The purpose of this chapter is to protect, subject to certain limitations, the persons specified in AS 21.79.020(a) against failure in the performance of contractual obligations under life, health, and annuity policies, plans, or contracts specified in AS 21.79.020(b) because of …
AS 21.79.020 Scope.
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(a) This chapter applies to a policy and contract specified in (b) of this section and to a person who (1) except for a nonresident certificate holder under a group policy or contract, is the beneficiary, assignee, or payee, including health care providers rendering services cove…
AS 21.79.025 Liability limits.
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(a) The benefits for which the association may become liable may not exceed the lesser of (1) the contractual obligations for which the member insurer is liable or would have been liable if it were not an impaired or insolvent insurer; (2) with respect to any one life, regardless…
AS 21.79.030 Construction.
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(a) This chapter shall be construed to achieve the purposes set out in AS 21.79.010. (b) This chapter is intended to provide coverage to a person who is a resident of this state and, in special circumstances, to a nonresident. In order to avoid duplicate coverage, if a person who…
AS 21.79.040 Association established.
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(a) There is established as a nonprofit legal entity the Alaska Life and Health Insurance Guaranty Association. Each member insurer shall be a member of the association as a condition of the insurer's authority to transact insurance, a hospital or medical service corporation busi…
AS 21.79.050 Board of governors.
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(a) The Board of Governors of the association consists of not less than seven nor more than 11 representatives of member insurers. The director may appoint two individuals as members of the board to represent the public. Terms of office for board members shall be established in t…
AS 21.79.060 Powers and duties of the association.
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(a) If a member insurer becomes impaired, the association may, with the approval of the director and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, (1) guarantee, assume, reissue, reinsure, or provide f…
AS 21.79.070 Assessments.
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(a) For the purpose of providing funds necessary to carry out the powers and duties of the association, the Board of Governors shall by resolution assess the member insurers, separately for each account, at a time and for an amount that the board finds necessary. Assessments are …
AS 21.79.080 Plan of operation.
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(a) The association shall submit to the director a plan of operation and any amendments to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments take effect on the written approval of the plan by the director or 30 …
AS 21.79.090 Powers and duties of the director.
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(a) Upon request of the board, the director shall provide the association with a statement of the premiums in the appropriate states for each member insurer. (b) The director may (1) after notice and hearing as provided in AS 21.06.180 — 21.06.230, suspend or revoke the certifica…
AS 21.79.100 Prevention of insolvencies.
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(a) The director shall notify, by mail, the commissioner, director, or superintendent of insurance of the other states, territories of the United States, and the District of Columbia within 30 days after the date on which the following actions are taken against a member insurer: …
AS 21.79.110 Miscellaneous provisions.
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(a) This chapter does not reduce the liability for unpaid assessments of an insured of an impaired or insolvent insurer operating under an insurance policy with assessment liability. (b) The association shall keep records of meetings relating to its activities. Records of meeting…
AS 21.79.120 Examination of the association, annual report.
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The association may be examined by the director. The board shall submit to the director, not later than July 1 of each year, a certified financial report for the preceding calendar year in a form approved by the director and a report of its activities during the preceding calenda…
AS 21.79.130 Tax exemption.
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The association is exempt from payment of all fees and taxes levied by the state or its political subdivisions, other than real property taxes.
AS 21.79.140 Civil immunity.
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The association and its agents and employees, members of the Board of Governors, member insurers, and agents and employees of member insurers, and the director and the director's representatives are not civilly liable, and a cause of action of any nature may not arise, for an act…
AS 21.79.150 Stay of proceedings; default judgment.
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Proceedings involving an insolvent insurer shall be stayed at least 180 days after the date of a final order of liquidation, rehabilitation, or conservation in order to allow the association to exercise a power or duty authorized under this chapter. If a default judgment is enter…
AS 21.79.160 Prohibited advertisement of insurance sales; required notice.
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(a) A person, including a member insurer, agent, or affiliate of a member insurer, may not make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any new…
AS 21.79.170 Determination of principal place of business.
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The principal place of business of a plan sponsor consisting of (1) a single employer or an employee organization is that state in which the plan sponsor exercises the direction, control, and coordination of the operations of the entity, as determined by the association in its re…
AS 21.79.180 Determination of residency of certain individuals.
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A citizen of the United States that is either a (1) resident of a foreign country, or (2) resident of a United States possession, territory, or protectorate that does not have an association similar to the association created by this chapter is, for purposes of this chapter, a re…
AS 21.79.900 Definitions.
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In this chapter, (1) “account” means an account created under AS 21.79.040; (2) “association” means the Alaska Life and Health Insurance Guaranty Association; (3) “authorized assessment” means an assessment approved by a resolution by the board that will be called immediately or …
AS 21.79.990 Short title.
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This chapter may be cited as the Alaska Life and Health Insurance Guaranty Association Act.
AS 21.80.010 Purposes.
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The purposes of this chapter are to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and, to the extent provided in this chapter, to minimize financial loss to claimants or policyholders because of the inso…
AS 21.80.020 Applicability.
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This chapter applies to all kinds of direct insurance written by an admitted insurer, except that this chapter does not apply to the following: (1) life, annuity, health, or disability insurance; (2) residual value, mortgage guaranty, or financial guaranty of other forms of insur…
AS 21.80.030 Construction.
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This chapter shall be construed to effect the purposes under AS 21.80.010, which constitute an aid and guide to interpretation.
AS 21.80.040 Creation of association.
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(a) There is created a nonprofit incorporated legal entity to be known as the Alaska Insurance Guaranty Association. All insurers defined as member insurers in AS 21.80.180 shall be and remain members of the association as a condition of their authority to transact insurance in t…
AS 21.80.050 Board of governors.
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(a) The board of governors of the association consists of not fewer than five nor more than nine members as specified in and serving terms as established in the plan of operation. The director may appoint two individuals as members of the board to represent the public. The insure…
AS 21.80.060 Powers and duties of the association.
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(a) The association (1) is obligated to pay covered claims existing before the order of liquidation and arising within 30 days after the order of liquidation, or before the policy expiration date if less than 30 days after the order of liquidation, or before the insured replaces …
AS 21.80.070 Plan of operation.
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(a) The association shall submit to the director a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments become effective upon approval in writing by the dir…
AS 21.80.080 Duties and powers of the director.
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(a) The director shall (1) notify the association of the existence of an insolvent insurer no later than three days after the director receives notice of the determination of the insolvency; (2) upon request of the board of governors, provide the association with a statement of t…
AS 21.80.090 Effect of paid claims.
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(a) A person recovering under this chapter is considered to have assigned the person's rights under the policy to the association to the extent of the recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the associat…
AS 21.80.095 Prohibited claims.
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An insurer, reinsurer, insurance pool, or underwriting association may not assert a claim against a person insured under a policy issued by an insolvent insurer except for an amount not covered by the claims limit established under AS 21.80.060.
AS 21.80.100 Nonduplication of recovery.
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(a) A person having a claim against an insurer, whether or not the insurer is a member insurer, under a provision in an insurance policy other than a policy of an insolvent insurer that is also a covered claim is required to exhaust first the person's right under the policy. An a…
AS 21.80.110 Prevention of insolvencies.
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The board of governors may (1) upon a majority vote, make recommendations to the director regarding matters generally related to improving or enhancing regulation for insurer solvency; or (2) at the conclusion of an insurer insolvency in which the association was obligated to pay…
AS 21.80.120 Examination of the association.
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The association is subject to examination and regulation by the director. The board of governors shall submit, not later than June 30 of each year, a certified financial report for the preceding calendar year in a form approved by the director.
AS 21.80.130 Tax exemption.
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The association is exempt from payment of all fees and all taxes levied by the state or any of its subdivisions except taxes levied on real or personal property.
AS 21.80.140 Recognition of assessments in surcharge rates.
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The rates and premiums charged for insurance policies to which this chapter applies may include surcharge rates sufficient to offset the adjusted assessments made under this chapter and paid to the association by member insurers, and these surcharge rates may not be considered ex…
AS 21.80.150 Immunity.
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There is no liability on the part of and a cause of action of any nature may not arise against a member insurer, the association or its agents or employees, the board of governors or a person serving as an alternate or substitute representative of a governor, or the director or r…
AS 21.80.160 Stay of proceedings and reopening of default judgments.
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All proceedings in which the insolvent insurer is a party or is obligated to defend a party in a court in this state shall, subject to waiver by the board of governors of the association in specific cases involving covered claims, be stayed for 90 days or additional time as order…
AS 21.80.170 Termination and distribution of funds. [Repealed, § 12 ch 52 SLA 1990.]
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[Repealed or reserved.]