Title 21 — Insurance
53 chapters · 1,244 sections in this title.
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 21.21.600 Definitions. [Repealed, § 84 ch 81 SLA 2001.]
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[Repealed or reserved.]
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…
AS 21.22.110 Examination.
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(a) In addition to the director's authority to examine insurers under AS 21.06.120 — 21.06.170, the director may examine an insurer registered under AS 21.22.060 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer b…
AS 21.22.115 Supervisory colleges.
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(a) With respect to an insurer registered under AS 21.22.060, and in accordance with (c) of this section, the director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine th…
AS 21.22.117 Group-wide supervision of internationally active insurance groups.
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(a) The director may act as the group-wide supervisor for an internationally active insurance group in accordance with this section. However, the director may acknowledge another regulatory official as the group-wide supervisor if the internationally active insurance group (1) do…
AS 21.22.120 Confidentiality.
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(a) All information, documents, holding company analyses, insurer profile summaries, and copies of the information and documents obtained by or disclosed to the director or any other person in the course of an examination or investigation made under AS 21.22.110 and all informati…
AS 21.22.130 Regulations.
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The director may adopt regulations to carry out the provisions of this chapter.
AS 21.22.140 Injunctions.
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If it appears to the director that an insurer or a director, officer, employee, or agent of an insurer has violated or is about to violate this chapter or a regulation adopted or an order issued by the director under this chapter, the director may apply to the superior court in t…
AS 21.22.150 Voting of certain securities prohibited.
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(a) A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter may not be voted at a shareholders' meet…
AS 21.22.160 Sequestration of voting securities.
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(a) If a person has acquired or is proposing to acquire voting securities in violation of this chapter or a regulation adopted or an order issued by the director under this chapter, the insurer or the director may make an application in the superior court in the first judicial di…
AS 21.22.170 Civil penalties for violations.
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(a) An insurer failing, without just cause, to file a registration statement required under this chapter shall be required, after notice and hearing under AS 21.06.170 — 21.06.240, to pay a $200 fine for each day the insurer fails to file the registration. The maximum penalty und…
AS 21.22.175 Criminal penalties.
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(a) An insurer or a director, officer, employee, or agent of an insurer who knowingly violates this chapter is guilty of a class C felony. (b) A director, officer, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made a false…
AS 21.22.180 Receivership.
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(a) If it appears to the director that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, sharehold…
AS 21.22.190 Revocation, suspension, or nonrenewal of insurer's authority.
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If the director finds, after giving notice and an opportunity to be heard, that a person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of its policyholders or the public, the director may suspend, revoke, or r…
AS 21.22.200 Definitions.
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In this chapter, unless the context requires otherwise, (1) “acquisition” means an agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes the acquisition of voting securities, …
AS 21.23.010 Risk management framework.
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An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a r…
AS 21.23.020 Own risk and solvency assessment requirement.
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Unless exempted under AS 21.23.040, an insurer or the insurance group of which the insurer is a member shall conduct an own risk and solvency assessment consistent with the own risk and solvency assessment guidance manual (1) annually; and (2) when significant changes to the risk…
AS 21.23.030 Own risk and solvency assessment summary report.
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[Repealed or reserved.]
AS 21.23.040 Exemptions.
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(a) An insurer is exempt from the requirements AS 21.23.010 — 21.23.090 if (1) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation a…
AS 21.23.050 Contents of own risk and solvency assessment summary report.
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(a) The own risk and solvency assessment summary report under AS 21.23.030 must be prepared in compliance with the own risk and solvency assessment guidance manual, subject to the requirements of (b) of this section. The insurer shall maintain documentation and supporting informa…
AS 21.23.060 Confidentiality.
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Documents, materials, or other information, including the own risk and solvency assessment summary report, that are obtained by, created by, or disclosed to the director or another person under this chapter are confidential and are considered trade secrets and proprietary busines…
AS 21.23.070 Penalties.
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An insurer shall pay $1,000 for each day the insurer fails to file the report within the time required in AS 21.23.030(a), not to exceed $365,000. The director may reduce the penalty under this section if the insurer demonstrates to the director that the imposition of the penalty…
AS 21.23.080 Regulations.
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The director may adopt regulations to implement, define, and enforce the provisions AS 21.23.010 — 21.23.090.
AS 21.23.090 Definitions.
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Article 2. Insurance Data Security. In AS 21.23.010 — 21.23.090, (1) “insurance group” means those insurers and affiliates included in an insurance holding company system as defined in AS 21.22.200; (2) “insurer” has the meaning given in AS 21.97.900, except that it does not incl…
AS 21.23.240 Purpose and construction.
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(a) AS 21.23.240 — 21.23.399 establish the exclusive state standard for data security for licensees and govern the investigation and notification of a cybersecurity event. (b) AS 21.23.240 — 21.23.399 may not be construed to (1) create or imply a private cause of action for viola…
AS 21.23.250 Risk assessment.
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(a) A licensee shall conduct a risk assessment commensurate with the size and complexity of the licensee and in consideration of the nature and scope of the licensee's activities to evaluate the security and confidentiality of nonpublic information used by or in the possession or…
AS 21.23.260 Information security program.
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(a) [Effective January 1, 2026.] A licensee shall develop, implement, and maintain a comprehensive written information security program based on the licensee's risk assessment conducted under AS 21.23.250(a). A licensee shall designate one or more employees, an outside vendor, or…
AS 21.23.270 Investigation of cybersecurity event.
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(a) If a licensee becomes aware that a cybersecurity event has or may have occurred, the licensee or an outside vendor or third-party service provider designated to act on behalf of the licensee shall promptly investigate the cybersecurity event. During the investigation, if the …
AS 21.23.280 Notification of cybersecurity event.
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(a) Unless a federal law enforcement official instructs the licensee not to distribute information regarding a cybersecurity event, a licensee shall notify the director as soon as possible and not later than three business days after the licensee determines that a cybersecurity e…
AS 21.23.290 Confidentiality.
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(a) Any document, material, or information in the possession or control of the division that is provided by a licensee or an employee or agent acting on behalf of a licensee under AS 21.23.260(f) or 21.23.280(b)(2) — (5), (8), (10), or (11) or that is obtained by the director in …
AS 21.23.300 Applicability.
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(a) AS 21.23.250 and 21.23.260 do not apply to (1) a licensee, including an independent contractor, with fewer than 10 employees; (2) a licensee if the licensee is an employee, agent, representative, or designee of another licensee covered by an information security program. (b) …
AS 21.23.310 Enforcement; penalties.
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(a) In addition to the director's power to examine or investigate under AS 21.06.120, the director may examine and investigate the affairs of a licensee to determine whether the licensee is or has been in violation of AS 21.23.240 — 21.23.399. The director shall conduct an examin…
AS 21.23.399 Definitions.
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In AS 21.23.240 — 21.23.399, (1) “consumer” means an individual who is a resident of the state and whose nonpublic information is in a licensee's possession or control; (2) “cybersecurity event” (A) means an event resulting in unauthorized access to or disruption or misuse of an …
AS 21.24.010 Authorized deposits of insurers.
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The following deposits of insurers when made through the director shall be accepted and held and are subject to the provisions of this chapter: (1) deposits required under this title for authority to transact insurance in this state; (2) deposits of domestic insurers when made un…
AS 21.24.020 Purpose of deposits.
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The deposits shall be held for purposes as follows: (1) deposits made in this state under AS 21.09.090 shall be held for the purpose stated in that section; (2) a deposit made in this state by a domestic insurer transacting insurance in another state, province, or country, in acc…
AS 21.24.030 Securities eligible for deposits.
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(a) All deposits required under AS 21.09.090 for authority to transact insurance in this state shall consist of certificates of deposit or any combination of rated credit instruments of the United States, Canada, or a state of the United States. (b) Deposits of a domestic insurer…