Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.09.040 General eligibility of insurers.
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To qualify for and hold authority to transact insurance in this state an insurer shall comply with this title and with its charter powers and shall be an incorporated stock insurer, an incorporated mutual insurer, or a reciprocal insurer, all of the same general type as may be fo…
AS 21.09.050 Name of insurer.
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(a) An insurer may not be authorized to transact insurance in this state that has or uses a name so similar to that of another authorized insurer that the name is likely to mislead the public. (b) A life insurer may not be authorized that has or uses a name deceptively similar to…
AS 21.09.060 Combinations of insuring powers in one insurer.
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An insurer that otherwise qualifies may be authorized to transact any one kind or combination of kinds of insurance as defined in AS 21.12, except that (1) a life insurer may also grant annuities, but is not authorized to transact any other kind of insurance than health; except t…
AS 21.09.070 Capital funds required of foreign insurers and new domestic insurers.
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(a) To qualify for authority to transact any one kind of insurance as defined in AS 21.12, or combination of kinds of insurance as shown below, a foreign insurer, or a domestic insurer applying for its original certificate of authority in this state, after having withdrawn from t…
AS 21.09.080 Capital funds required of old domestic insurers.
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(a) In order for a domestic insurer to renew and continue the insurer's certificate of authority after January 1, 1992, the insurer must possess at least the basic capital, basic guarantee surplus, and additional maintained surplus required under AS 21.09.070(a). (b) [Repealed, §…
AS 21.09.090 Deposit requirement.
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(a) This section applies to all insurers. (b) The director may not authorize an insurer to transact insurance in this state unless it makes and thereafter maintains in trust in this state through the director for the protection of all its policyholders or of all its policyholders…
AS 21.09.100 Management and affiliations.
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The director may not grant or continue authority to transact insurance in this state to an insurer whose principal management personnel is found by the director for good cause shown to be untrustworthy or not of good character, or so lacking in insurance company managerial experi…
AS 21.09.110 Application for certificate of authority.
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(a) To apply for an original certificate of authority, an insurer shall file with the director its application, accompanied by the applicable fees set under AS 21.06.250, showing its name, location of its home office, or principal office in the United States if an alien insurer, …
AS 21.09.120 Issuance, refusal, and ownership of certificate.
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(a) If, upon completion of its application, the director finds that the insurer has met the requirements for and is entitled to a certificate under this title, the director shall issue to the insurer a proper certificate of authority; if the director does not so find, the directo…
AS 21.09.130 Continuance, expiration, reinstatement, and amendment of certificate.
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(a) A certificate of authority issued or renewed under this title continues in force as long as the insurer is entitled to it under this title and until suspended or revoked, or otherwise terminated, subject, however, to continuance of the certificate by the insurer each year by …
AS 21.09.135 Voluntary surrender of certificate of authority.
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(a) A foreign admitted insurer may apply for voluntary surrender of its certificate of authority and the director may accept the application, if the foreign admitted insurer (1) is in compliance with the applicable sections of this title, or the director waives in writing each co…
AS 21.09.140 Mandatory revocation or suspension of certificate.
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(a) The director shall suspend or revoke an insurer's certificate of authority (1) if the action is required by a provision of this title; (2) if the insurer no longer meets the requirements for the authority granted, on account of the insurer becoming impaired or insolvent or ot…
AS 21.09.150 Suspension or revocation for violations and special grounds.
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(a) The director may suspend or revoke an insurer's certificate of authority if, after a hearing, the director finds that the insurer has violated a lawful order of the director or a provision of this title other than those for which suspension or revocation is mandatory or has n…
AS 21.09.160 Notice of suspension or revocation and effect upon agent's authority.
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(a) Upon suspending or revoking an insurer's certificate of authority, the director shall immediately give notice to the insurer and shall also publish notice of the revocation in one or more newspapers of general circulation in this state. (b) The suspension or revocation shall …
AS 21.09.170 Duration of suspension, insurer's obligations, and reinstatement.
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(a) Suspension of an insurer's certificate of authority shall be for a fixed period of time determined by the director, or until the occurrence of a specific event necessary for remedying the reasons for suspension. The director may modify, rescind, or reverse a suspension under …
AS 21.09.175 Determination of impairment.
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If the director determines that an insurer transacting business in this state is impaired or in imminent danger of becoming impaired, the director may order an insurer to limit or change the insurer's business practices, increase the insurer's capital and surplus, or file additio…
AS 21.09.180 Director attorney for service of process.
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(a) Each insurer applying for authority to transact insurance in this state shall appoint the director as its attorney to receive service of legal process issued against it in this state. The appointment shall be made on a form designated and furnished by the director. The appoin…
AS 21.09.190 Service of process.
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(a) Duplicate copies of legal process against an insurer for whom the director is attorney under AS 21.09.180 shall be served upon the director, or upon a deputy of the director or other person in charge of the office during the absence of the director. At the time of service the…
AS 21.09.200 Annual statement; audited financial report.
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(a) Each authorized insurer shall annually, before March 2, file with the director or the director's designee a full and true statement of its financial condition, transactions, and affairs as of the preceding December 31. The reporting format for a given year is the most recentl…
AS 21.09.205 Quarterly statement.
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(a) The director may require an insurer to file quarterly financial statements. If required, the statements must follow for a given quarter the reporting format specified in the quarterly financial statement blank form and instructions most recently approved by the National Assoc…
AS 21.09.207 Statement of actuarial opinion and supporting documentation.
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(a) An insurer authorized to write property, casualty, surety, marine, wet marine, transportation, or mortgage guaranty insurance shall file annually with the director a statement of actuarial opinion, unless the insurer is exempt or otherwise not required to file an opinion in t…
AS 21.09.210 Tax on insurers.
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(a) Each authorized insurer, and each formerly authorized insurer with respect to premiums written while an authorized insurer in this state, shall file with the director, on or before March 1 in each year, a report of all insurance business written or contracted in the state, wi…
AS 21.09.220 Secs. 21.09.220 — 21.09.240. Resident agent's counter signature; exception; affidavit requirement. [Repealed, § 2 ch 41 SLA 1984.]
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[Repealed or reserved.]
AS 21.09.242 Cooperation with the Department of Health.
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(a) An insurer, including a pharmacy benefits manager, with respect to medical assistance programs under AS 47.07, shall cooperate with the Department of Health to (1) provide, with respect to an individual who is eligible for or is provided medical assistance under AS 47.07, on …
AS 21.09.245 Required notice.
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(a) If an insurer intends to change the insurer's name, domicile, or other information provided on the certificate of authority, the insurer shall file a notice of the change with the director within 30 days before or after the intended change takes effect. (b) If an insurer chan…
AS 21.09.247 Biographical affidavits.
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A domestic insurer shall file with the director a complete affidavit of biographical information not later than 30 days after the appointment of an officer or director of the insurer. If requested by the director, a foreign insurer shall file with the director an affidavit of bio…
AS 21.09.250 Prohibited acts.
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An insurer doing business in this state may not make, write, place, or cause to be made, written, or placed in this state a policy, duplicate policy, or contract of insurance of any kind or character, or general or floating policy upon persons or property resident, situated, or l…
AS 21.09.260 Penalties.
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An insurer that the director determines, following an appropriate hearing as provided in AS 21.06.170 — 21.06.230, has violated the provisions of AS 21.09.250 is subject to a civil penalty of not more than $2,500 for each violation. The director may suspend or revoke the license …
AS 21.09.270 Retaliation.
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(a) If, under the laws of another state or foreign country, taxes, licenses, and other fees, in the aggregate, and fines, penalties, deposit requirements, or other material obligations, prohibitions, or restrictions are or would be imposed upon Alaska insurers, or upon their agen…
AS 21.09.280 General agents. [Repealed, § 47 ch 51 SLA 1990.]
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[Repealed or reserved.]
AS 21.09.290 Risk retention groups.
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(a) A risk retention group formed in this state shall (1) comply with 15 U.S.C. 3901 — 3906 (Liability Risk Retention Act); and (2) qualify for and hold in good standing a certificate of authority under AS 21.09.010 — 21.09.320, limited to liability insurance only. (b) A risk ret…
AS 21.09.300 Disclosure of material transactions.
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(a) A domestic insurer shall file a report with the director disclosing a material acquisition and disposition of assets or a material nonrenewal, cancellation, or revision of ceded reinsurance agreements unless the acquisition and disposition of assets or material nonrenewal, ca…
AS 21.09.310 Authorization of United States branches of alien insurers and general requirements.
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(a) This section applies to all United States branches of alien insurers using this state as a state of entry to transact the business of insurance in the United States. Except as provided elsewhere in this title, a United States branch is subject to all state laws applicable to …
AS 21.09.320 Maintenance of records; production; civil penalty.
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Article 2. Corporate Governance Annual Disclosure. (a) A foreign insurer shall keep at its principal place of business a complete record of its assets, transactions, and affairs in accordance with the methods and systems that are customary or suitable to the kind of business tran…
AS 21.09.400 Corporate governance annual disclosure scope.
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(a) AS 21.09.400 — 21.09.460 do not prescribe or impose a corporate governance standard or internal procedure beyond that required under AS 10. Nothing in AS 21.09.400 — 21.09.460 limits the director's authority or the rights or obligations of a third party. (b) AS 21.09.400 — 21…
AS 21.09.410 Disclosure requirement.
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(a) An insurer, or an insurance group of which the insurer is a member, shall submit to the director not later than June 1 of each calendar year a corporate governance annual disclosure that contains the information described in AS 21.09.430(b). In the event the director requests…
AS 21.09.420 Regulations and orders.
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To carry out the provisions of AS 21.09.400 — 21.09.460, the director may (1) adopt regulations, including regulations substantially similar to the regulations under the National Association of Insurance Commissioners' Corporate Governance Annual Disclosure Model Regulation; and …
AS 21.09.430 Contents of corporate governance annual disclosure.
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(a) An insurer or insurance group may have discretion in responding to a corporate governance annual disclosure inquiry if the insurer's or insurance group's disclosure contains the material necessary for the director to gain an understanding of the insurer's or insurance group's…
AS 21.09.440 Confidentiality.
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Documents, materials, or other information, including a corporate governance annual disclosure, in the possession or control of the division that are obtained by, created by, or disclosed to the director or any person under AS 21.09.400 — 21.09.460 are confidential and subject to…
AS 21.09.450 Agreements with National Association of Insurance Commissioners and third-party consultants.
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(a) The director may retain, at the insurer's or insurance group's expense and as consistent with this section, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff, as may be reasonably necessary to …
AS 21.09.460 Penalties.
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Each day an insurer or insurance group fails, without just cause, to file the corporate governance annual disclosure in the time required under AS 21.09.410(a), the insurer or insurance group shall pay $1,000, not to exceed $365,000. The director may reduce the penalty under this…
AS 21.12.010 Limit of risk.
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(a) An insurer may not retain a risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders. (b) In this section a “subject of insurance” as to insurance against fire and ha…
AS 21.12.020 Reinsurance credit allowed a domestic ceding insurer.
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(a) Credit for reinsurance transactions is allowed a domestic ceding insurer as either an asset or a deduction from liability because of reinsurance ceded only when the reinsurer meets the requirements of (1) — (7) of this subsection. The director may, by regulation adopted under…
AS 21.12.025 Assumption reinsurance.
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(a) A nondomestic admitted insurer may not carry out an agreement of assumption reinsurance with a nonadmitted insurer that would transfer Alaska policyholders unless (1) the nonadmitted insurer applies for and obtains a certificate of authority from the director; or (2) the admi…
AS 21.12.030 Definitions not mutually exclusive.
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It is intended that certain insurance coverages may come within the definitions of two or more kinds of insurance as defined in this chapter, and the inclusion of coverage within one definition does not exclude it from the definition of another kind of insurance coverage if the c…
AS 21.12.040 Life insurance defined.
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Life insurance is insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits for death or dismemberment by accident or accidental means, additional benefits for the insured's disability, and optional modes of …
AS 21.12.050 Health and health care insurance defined.
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(a) Health insurance is insurance of human beings (1) against bodily injury, disablement, or death by accident or accidental means; (2) against the resulting expenses of the injury, disablement, or death; (3) against disablement or expense resulting from sickness or childbirth; (…
AS 21.12.052 Disability insurance defined.
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Disability insurance is insurance that provides periodic income payments when income is interrupted or terminated because of disability resulting from sickness, injury, or dismemberment, or a combination of sickness, injury, or dismemberment.
AS 21.12.055 Annuities and annuity contract defined.
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(a) Annuities means all agreements to make periodical payments if the making or continuance of all or some of a series of payments or the amount of a payment is dependent upon the continuance of human life, except payments made under AS 21.12.040. The business of annuities is con…
AS 21.12.060 Property insurance defined.
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Property insurance is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause, and against loss consequential upon the loss or damage, other than noncontract…