Title 21 — Insurance
53 chapters · 1,244 sections in this title.
AS 21.69.310 Meetings of stockholders or members.
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(a) Meetings of stockholders or members of a domestic insurer shall be held in the city or town of its principal office or place of business. The meetings may be held, for good cause, in another location upon approval of the director. (b) A meeting of stockholders or members may …
AS 21.69.320 Proxies.
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The director shall adopt regulations concerning proxies, consents and authorizations in respect to securities issued by domestic insurance companies. The regulations adopted shall substantially conform to the recommendations of the National Association of Insurance Commissioners.
AS 21.69.330 Corrupt practices.
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The director shall adopt regulations regarding the conduct of meetings of shareholders and members of an insurer and the purchase, sale, and bartering of votes and proxies.
AS 21.69.340 Directors.
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(a) The affairs of every domestic insurer shall be managed by the number of directors fixed in the insurer's bylaws, which shall not be less than five or more than 21 directors. (b) Directors must be elected at the time and place, and for the terms, not exceeding three years, pro…
AS 21.69.350 Participation of policyholders in election of directors.
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The bylaws of a domestic stock life insurer may provide a plan for its policyholders to participate in the election of its directors.
AS 21.69.360 Bond of officers of mutual.
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(a) The president, secretary, and treasurer of a mutual insurer shall each file with the director and thereafter maintain in force as long as the person is an officer, a fidelity bond in the sum of $10,000 issued by an authorized corporate surety in favor of the insurer. In lieu …
AS 21.69.370 Prohibited pecuniary interest of officials.
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(a) An officer or director, or a member of a committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds may not deposit or invest the funds except in the insurer's corporate name; may not borrow the funds of the insure…
AS 21.69.380 Management and exclusive agency contracts.
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(a) A domestic insurer may not make a contract granting a person or permitting a person to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance busi…
AS 21.69.390 Home office and records.
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(a) Each domestic insurer shall have and maintain a place of business in this state, and shall keep in this state and in 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 sui…
AS 21.69.400 Vouchers for expenditures.
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(a) An insurer may not make a disbursement of $100 or more, unless evidenced by a voucher correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money. (b) If the disbursement is fo…
AS 21.69.410 Agreement not to sell property prohibited.
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An insurer may not enter into an agreement to withhold from sale any of its property. Disposition of an insurer's property shall be at all times within the control of its board of directors.
AS 21.69.420 Solicitations in other states.
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(a) A domestic insurer may not knowingly solicit insurance business in a reciprocating state in which it is not then licensed as an authorized insurer. (b) This section does not prohibit advertising through publication and radio, television, and other broadcasts originating outsi…
AS 21.69.430 Contingent liability of mutual members.
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(a) Each member of a domestic mutual insurer shall, except as provided with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be expressed in the policy and be i…
AS 21.69.440 Levy of contingent liability.
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(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it by this title for authority to transact the kinds of insurance being transacted and the deficiency is not cured from other so…
AS 21.69.450 Enforcement of contingent liability.
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(a) An assessment made by an insurer under AS 21.69.440 or 21.69.540 shall be considered to be prima facie correct. The amount of the assessment to be paid by each member as determined by the insurer shall be considered to be likewise prima facie correct. (b) The insurer shall no…
AS 21.69.460 Nonassessable policies, mutual insurers.
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(a) When possessing surplus funds in an amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the director's order so authorizing, extinguish the contingent liability…
AS 21.69.470 Nonassessable policies.
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The director shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer's assets are less than the sum of its liabilities and the surplus required for the authority, or if the insurer, by resolution of its boa…
AS 21.69.480 Participating policies.
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(a) If provided in its articles of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonpartici…
AS 21.69.490 Dividends to stockholders.
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(a) A domestic stock insurer may not pay a cash dividend to stockholders except out of that part of its available surplus funds that is derived from realized net profits on its business. (b) A stock dividend may be paid out of any available surplus funds in excess of the aggregat…
AS 21.69.500 Dividends to mutual policyholders.
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(a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds that represents net realized savings and net realized earnings in excess of the surplus required by law to be maint…
AS 21.69.510 Illegal dividends.
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(a) A director of a domestic stock or mutual insurer determined by the director, following an appropriate hearing as provided in AS 21.06.170 — 21.06.230, to have voted for or concurred in a declaration or payment of a dividend to stockholders or members other than as authorized …
AS 21.69.520 Borrowed surplus.
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(a) Subject to the director's prior written approval, a domestic stock or mutual insurer may borrow money to defray the expenses of its organization or provide it with surplus funds upon a written agreement that the money is required to be repaid only out of the insurer's surplus…
AS 21.69.530 Impairment of capital or assets.
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(a) If an insurer becomes impaired, the director shall determine the amount of deficiency and serve notice upon the insurer to make good the deficiency within 60 days after service of the notice. (b) The deficiency may be made good in cash or in assets eligible under AS 21.21 for…
AS 21.69.540 Assessment of stockholders or members.
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(a) An insurer receiving the director's notice mentioned in AS 21.69.530(a) (1) if a stock insurer, by resolution of its board of directors and subject to limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to …
AS 21.69.550 Directors' liability for losses during deficiency.
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The directors of the insurer shall be individually liable for losses incurred under policies issued by the insurer after expiration of the period provided in AS 21.69.530 for curing a deficiency of the insurer's capital stock or surplus and before the deficiency is cured.
AS 21.69.560 Stock transfer during impairment of capital.
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A transfer of the stock of a domestic insurer made during the existence of an impairment of the insurer's capital does not release the stockholder making the transfer from liability as a stockholder of the insurer that accrued before the transfer.
AS 21.69.570 Mutualization of stock insurers.
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(a) A stock insurer other than a title insurer may become a mutual insurer under the plan and procedure that may be approved by the director after a hearing. (b) The director may not approve a plan, procedure, or mutualization unless (1) it is equitable to stockholders and policy…
AS 21.69.580 Converting mutual insurer.
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A mutual insurer may not be converted to a stock insurer.
AS 21.69.590 Mergers and consolidations of stock insurers.
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(a) A domestic stock insurer may merge or consolidate with one or more domestic or foreign stock insurers authorized to transact insurance in this state, by complying with the applicable provisions of the statutes of this state governing the merger or consolidation of stock corpo…
AS 21.69.600 Mergers and consolidations, mutual insurers.
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(a) A domestic mutual insurer may not merge or consolidate with a stock insurer. (b) A domestic mutual insurer may merge or consolidate with another mutual insurer under the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit,…
AS 21.69.610 Reinsurance for stock insurers.
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(a) Notwithstanding (b) of this section, a domestic stock insurer may reinsure a portion or all of its insurance in force or a major class of its insurance with another insurer by a reinsurance agreement. A reinsurance agreement shall be filed with the director within 30 days aft…
AS 21.69.620 Reinsurance for mutual insurers.
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(a) A domestic mutual insurer may reinsure a portion or all of its business in force or a portion or all of a major class of its business with another insurer, stock or mutual, by a reinsurance agreement. A reinsurance agreement shall be filed with the director within 30 days aft…
AS 21.69.630 Mutual member's share of assets on liquidation.
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(a) Upon the liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to existing persons who were its members…
AS 21.69.640 Extinguishment of unused corporate charters.
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(a) The corporate charter of a corporation formed under the laws of this state more than three years before July 1, 1966, for the purpose of becoming an insurer, which corporation, within the three-year period, has not actively engaged in business as a domestic insurer under a ce…
AS 21.69.645 Redomestication.
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(a) An insurer organized under the laws of another state and admitted to do business in this state may become a domestic insurer of this state by complying with the requirements of this title relative to the organization and licensing of a domestic insurer and by designating its …
AS 21.69.648 Voluntary surrender of certificate of authority.
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To voluntarily surrender the certificate of authority of a domestic insurer, a request shall be made to the director to extinguish the certificate of authority six months before the planned effective date of the extinguishment of the charter. Before the request is granted, the di…
AS 21.69.650 National emergency provisions.
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The legislature declares that it is desirable for the general welfare and in particular for the welfare of insurance beneficiaries, policyholders, injured claimants, and others that the business of domestic insurers be continued notwithstanding the event of a national emergency. …
AS 21.69.660 Adoption of emergency bylaws.
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The board of directors of a domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during a national emergency and which may, notwithstanding any differ…
AS 21.69.670 Provisions in lieu of emergency bylaws.
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If the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions become effective upon the occurrence of a national emergency: (1) Three directors constitute a quorum for the transaction of business at all meetings of the board. (2) A vac…
AS 21.69.680 Succession of corporate officers during national emergency.
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At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of a national emergency and in the event of the death or incapacity of the president, the secretary, or the treasurer of the insurer, the officers, or any of them, shall be succ…
AS 21.69.690 Relocation of home office during national emergency.
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At any time the board of directors of a domestic insurer may, by resolution, provide that in the event of a national emergency the home office or principal place of business of the insurer shall be at the location named or described in the resolution. The resolution may provide f…
AS 21.69.700 Stock insurer defined.
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A domestic “stock” insurer is an incorporated insurer with capital divided into shares and owned by its stockholders.
AS 21.69.710 Mutual insurer defined.
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A domestic “mutual” insurer is an incorporated insurer without capital stock, and the governing body of which is elected by the policyholders.
AS 21.72.010 Applicability.
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(a) This chapter applies only to benevolent associations. (b) The provisions of this title do not apply to an association unless contained or referred to in this chapter.
AS 21.72.020 New benevolent associations prohibited.
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(a) A benevolent association may not transact or be authorized to transact business in this state unless it lawfully had authority to transact business as an association immediately before July 1, 1966. (b) A new benevolent association may not be organized or formed in this state…
AS 21.72.030 Amendments filed with director.
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Each benevolent association shall promptly file with the director a copy, certified to by its president and secretary, of each of the following: (1) if incorporated, any amendment of articles of incorporation or of bylaws; (2) if not incorporated, any amendment of articles of ass…
AS 21.72.040 Officers.
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(a) Each benevolent association shall be in charge of its officers, and may not have more than five officers. (b) The treasurer and any other officer having charge of funds of a benevolent association shall each be bonded in the amount of $5,000, executed to the state, joint and …
AS 21.72.050 Agents license.
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Agents for a benevolent association may be appointed in accordance with AS 21.27, and shall be subject to the applicable provisions of that chapter, except as provided in AS 21.72.060. An agent may not be appointed if there are less than three officers in charge of the associatio…
AS 21.72.060 Officers as agents.
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No more than five officers of a benevolent association may act for the association without obtaining a license as an agent. The officers shall be subject to the jurisdiction of the director in the same manner as though they were licensed as agents under AS 21.27.
AS 21.72.070 Receipts for payment to association.
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Every benevolent association shall issue a receipt or other evidence of payment to each person making a payment of any kind to the association.