Title 21 — Insurance

53 chapters · 1,244 sections in this title.

1,244 sectionsFiltered byTitle 21

AS 21.24.040 Depositary or custodian.
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(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…
AS 21.24.050 Record of deposits.
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(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…
AS 21.24.060 Liability of director and state.
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The director and the state are not liable for the safekeeping of a deposit by the depositary or custodian.
AS 21.24.070 Assignment, conveyance of assets or securities.
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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…
AS 21.24.080 Appraisal.
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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.
AS 21.24.090 Rights of insurer during solvency.
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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 …
AS 21.24.100 Excess deposits.
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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…
AS 21.24.110 Levy upon deposit. [Repealed, § 14 ch 62 SLA 1982. For current law see AS 09.38.025(b).]
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[Repealed or reserved.]
AS 21.24.120 Deficiency of deposit.
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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…
AS 21.24.130 Duration and release of deposit.
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(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…
AS 21.27.010 License required.
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(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, or independent adjuster in this state or relative t…
AS 21.27.020 General qualifications for license.
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(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…
AS 21.27.025 Required notice of licensee.
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(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…
AS 21.27.030 Controlled business disqualification.
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(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…
AS 21.27.040 Application for license.
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(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…
AS 21.27.050 One filing of personal data sufficient. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.060 Examination of applicants and licensees.
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(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…
AS 21.27.070 Scope of examination. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.080 Examinations.
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(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…
AS 21.27.090 Secs. 21.27.090 , 21.27.095. Qualifications for licensing; licensing of general agents. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.100 Appointment of insurance producer, managing general agent, and reinsurance intermediary manager; acts of agent.
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(a) An appointment is required to be made in accordance with this section when one or more of the following has occurred: (1) an admitted insurer appoints a managing general agent in this state or relative to a subject resident, located, or to be performed in this state; (2) a ma…
AS 21.27.110 Term of appointment.
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(a) An appointment under AS 21.27.100 continues in force until the appointment is terminated in writing. (b) If an insurer, reinsurer, or authorized representative discovers information showing that the appointee whose appointment was terminated has engaged in an activity identif…
AS 21.27.115 Lines of authority.
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If a person has met the applicable requirements of AS 21.27.020 and 21.27.270, the director shall issue a license for one or more of the following lines of authority: (1) life insurance coverage on natural persons; in this paragraph, “life insurance coverage” (A) includes benefit…
AS 21.27.120 Revocation of appointment. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.130 Form and content of licenses.
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(a) A license must be in the form the director prescribes and must set out (1) the name and address of the licensee and, if the licensee is required to have a place of business, the physical address of the place of business; (2) the type, class, and lines of authority the license…
AS 21.27.140 Firm licenses.
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(a) A firm shall have a firm license, the scope of which includes all lines and classes of authority of each individual employee of the firm. (b) A firm may not be licensed as an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary…
AS 21.27.150 Limited licenses.
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(a) The director may issue a (1) travel insurance limited producer license to a person who is appointed under AS 21.27.100 and who sells travel insurance; in this paragraph, “travel insurance” has the meaning given in AS 21.27.152; (2) title insurance limited producer license to …
AS 21.27.152 Travel insurance.
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(a) A person that makes, arranges, or offers travel services may transact travel insurance by offering, issuing for delivery, issuing, or renewing travel insurance to its customers on behalf of and under the direction of a person holding a travel insurance limited producer licens…
AS 21.27.160 Scope of licenses.
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An insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster is only required to have one license inclusive of all kinds or combination of kinds or all classes or combination of cla…
AS 21.27.170 Insurance vending machines license. [Repealed, § 82 ch 81 SLA 2001.]
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[Repealed or reserved.]
AS 21.27.180 Scope of broker license. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.27.190 Bond.
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(a) In addition to any other requirements in this title, a bond required under this title or an alternative indemnity permitted under this section shall meet the following requirements: (1) it shall be continuous in form; (2) it shall remain in force until the licensee is release…
AS 21.27.200 Secs. 21.27.200 , 21.27.210. Broker's authority and commissions; agent-broker combinations. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.215 Employment contracts.
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(a) A firm may enter into an employment contract with a licensed individual to conduct business under the supervision of and in the name of the firm. The employment contract must be in writing and must specify the lines and classes of authorities of the individual and the firm. T…
AS 21.27.220 Secs. 21.27.220 , 21.27.230. Solicitor's qualifications; application for solicitor's license. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.27.240 Secs. 21.27.240 — 21.27.260. Fee for and custody of solicitor's license; limitations; employer's responsibility. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.270 Licensing of nonresidents.
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(a) In accordance with P.L. 106-102 (Gramm-Leach-Bliley Act), the director shall issue a license to a nonresident license applicant on terms that are reciprocal with those of the applicant's home state. Notwithstanding any contrary provision of this chapter, the director may by o…
AS 21.27.275 Alien licensees.
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The director may issue a license authorized by this chapter to a nonresident of this state who does not have a home state if that person meets all the requirements of this chapter for that license applicable to a resident of this state applying for the same license.
AS 21.27.280 Director as agent for service of process. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.290 Secs. 21.27.290 , 21.27.300. Adjuster's qualifications; contents of license. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.27.310 Secs. 21.27.310 , 21.27.320. Trainee adjusters; agent or general agent as adjuster; nonresident adjusters. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]
AS 21.27.330 Place of business.
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(a) A person licensed under this chapter shall have and maintain at least one place of business that is physically accessible to the public in this state unless the person holds a nonresident license and principally conducts transactions in another state. However, the nonresident…
AS 21.27.340 Public display of license. [Repealed, § 94(a) ch 23 SLA 2011.]
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[Repealed or reserved.]
AS 21.27.350 Records of licensees.
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(a) A licensee shall document each action taken in regard to an insurance transaction. The documentation must contain all notes, work papers, documents, and similar material, and be in sufficient detail that relevant events, the dates of those events, and all persons participatin…
AS 21.27.360 Reporting and accounting for premiums and premium taxes and fees.
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(a) A licensee involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as a premium for the contract. The amount charged shall be shown in the contract and in the records of the licensee. (b) Except as p…
AS 21.27.365 Deposit or surety bond in place of fiduciary account. [Repealed, § 83 ch 81 SLA 2001.]
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[Repealed or reserved.]
AS 21.27.370 Sharing compensation.
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(a) Except as provided in (c) and (d) of this section, a licensee may not compensate a person, other than a licensee who is acting within the scope of the person's license, for transacting insurance in this state or relative to a risk resident, located, or to be performed in this…
AS 21.27.380 License renewal, expiration, and reinstatement.
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(a) Except as provided in this title, the director may renew a license biennially on a date set by the director if the licensee continues to be qualified under this chapter and, on or before the license expiration date, meets all renewal requirements established by regulation, su…
AS 21.27.390 Temporary license.
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(a) The director may issue a temporary license only to a person who, except for experience, training, or the taking of an examination, meets all qualifications for a permanent license and if the person is (1) the surviving spouse, next of kin, or the administrator or executor of …
AS 21.27.400 Temporary license limitations. [Repealed, § 223 ch 67 SLA 1992.]
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[Repealed or reserved.]