Sec. 21.09.430. Contents of corporate governance annual disclosure.
(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 corporate governance structure, policies, and practices. The director may request additional information the […]
Sec. 21.09.440. Confidentiality.
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 the provisions of AS 21.06.060.
Sec. 21.09.450. Agreements with National Association of Insurance Commissioners and third-party consultants.
(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 assist the director in reviewing the insurer’s or insurance group’s corporate governance annual disclosure […]
Sec. 21.09.460. Penalties.
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 section if the insurer or insurance group demonstrates to the […]
Sec. 21.09.247. Biographical affidavits.
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 biographical information for the appointment of an officer or […]
Sec. 21.09.250. Prohibited acts.
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 located in this state, from or through […]
Sec. 21.09.260. Penalties.
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 of the insurer for a violation of AS 21.09.250, […]
Sec. 21.09.270. Retaliation.
(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 agents or representatives, that are in excess of the taxes, licenses, and other […]
Sec. 21.09.290. Risk retention groups.
(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 retention group shall submit with its application […]
Sec. 21.09.300. Disclosure of material transactions.
(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, cancellation, or revision of ceded reinsurance agreements have been submitted to the director for review, […]