Sec. 21.12.020. Reinsurance credit allowed a domestic ceding insurer.
(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 (g)(2) of this section, specify additional requirements relating to, or […]
Sec. 21.12.025. Assumption reinsurance.
(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 admitted insurer files the assumption agreement with the director and obtains approval to […]
Sec. 21.12.030. Definitions not mutually exclusive.
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 coverage may be reasonably included.
Sec. 21.12.040. Life insurance defined.
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 settlement of proceeds of life insurance. Transaction of life insurance does not include workers’ compensation […]