Title 21, Insurance

The director may adopt regulations to carry out the provisions of this chapter.

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…

(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…

(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…

(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…

(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…

(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…

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…

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, …

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…

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…

(a) If requested by the director, an insurer shall submit an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessment guidance manual that is applicable to the insurer or …

(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…

(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…

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…

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…

The director may adopt regulations to implement, define, and enforce the provisions AS 21.23.010 — 21.23.090.

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 include agencies, authorities, or instru…

(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…

(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…

(a) 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 a third-party service provid…

(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 …

(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…

(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 …

(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) …

(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…

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 …

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…

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…

(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…

(a) Deposits made in this state under this title shall be made through the office of the director under custodial arrangements as required or approved by the director consistent with the purposes of the deposit, with an established safe deposit institution, bank, or trust company…

(a) The director shall give to the depositing insurer vouchers of all assets and securities deposited by it in this state through the director as provided in this title. (b) The director shall keep a record of the assets and securities comprising each deposit, showing as far as p…

The director and the state are not liable for the safekeeping of a deposit by the depositary or custodian.

All securities not negotiable by delivery and deposited under this title shall be assigned to the director and successors in office. In the case of securities held under custodial arrangements outside this state under AS 21.24.040(c), the custodian's receipt for the securities sh…

The director may before acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the asset or security appraised by competent appraisers. The reasonable costs of the appraisal shall be borne by the insurer.

If the insurer remains solvent and is in compliance with this title it may (1) demand, receive, sue for, and recover the income from the assets or securities deposited; (2) exchange and substitute for the deposited assets or securities, or any part thereof, other eligible assets …

An insurer may deposit and have on deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title by no more than 20 percent of the required or permitted deposit or $50,000, whichever is the larger amount, for the purpose of absor…

If the market value of assets and securities of an insurer held on deposit in this state, or in another state under custodial arrangements authorized by AS 21.24.040(c), falls below the amount required under this title, the insurer shall promptly deposit other or additional asset…

(a) Each deposit made in this state by an insurer under this title, including assets and securities held in another state under custodial arrangements permitted by AS 21.24.040(c), shall be held for as long as there is any outstanding liability of the insurer as to which the depo…

(a) Except as provided otherwise in this chapter, a person may not act as or represent to be an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, third-party administrator, pharmacy benefits manage…

(a) For the protection of the people of this state, the director may not issue or renew a license except in compliance with this chapter and may not issue a license to a person, or to be exercised by a person, found by the director to be untrustworthy, incompetent, or who has not…

(a) A licensee shall notify the director in writing not later than 30 days after a change in residence, place of business, legal name, fictitious name or alias, mailing address, electronic mailing address, telephone number, or compliance officer. A licensee shall report to the di…

(a) The director may not issue an insurance producer, a managing general agent, or a surplus lines broker license to a person if the director has reasonable cause to believe that the applicant for the license would, during the 12-month period immediately following issuance of the…

(a) Application for a license shall be made to the director upon forms prescribed by the director. As a part of or in connection with the application, the applicant shall furnish information concerning the applicant's identity, personal history, experience, business record, purpo…

(a) Except as provided in this chapter, an applicant for an individual license and a compliance officer applicant for a firm license shall, before the issuance of the license, personally take and pass, to the satisfaction of the director, an examination that tests the knowledge a…

(a) The answers of the applicant to an examination shall be written by the applicant under the director's supervision, and the written examination may be supplemented by oral examination at the director's discretion. (b) The director shall give examinations at the times and place…