Sec. 21.22.150. Voting of certain securities prohibited.
(a) A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter may not be voted at a shareholders’ meeting or be counted for quorum purposes, […]
Sec. 21.22.160. Sequestration of voting securities.
(a) If a person has acquired or is proposing to acquire voting securities in violation of this chapter or a regulation adopted or an order issued by the director under this chapter, the insurer or the director may make an application in the superior court in the first judicial district or the superior court in […]
Sec. 21.22.170. Civil penalties for violations.
(a) An insurer failing, without just cause, to file a registration statement required under this chapter shall be required, after notice and hearing under AS 21.06.170 – 21.06.240, to pay a $200 fine for each day the insurer fails to file the registration. The maximum penalty under this subsection is $50,000. The director may reduce […]
Sec. 21.22.175. Criminal penalties.
(a) An insurer or a director, officer, employee, or agent of an insurer who knowingly violates this chapter is guilty of a class C felony. (b) A director, officer, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made a false statement, false report, or false […]
Sec. 21.22.180. Receivership.
(a) If it appears to the director that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the director may proceed as […]
Sec. 21.22.190. Revocation, suspension, or nonrenewal of insurer’s authority.
If the director finds, after giving notice and an opportunity to be heard, that a person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of its policyholders or the public, the director may suspend, revoke, or refuse to renew the insurer’s license or authority […]
Sec. 21.22.200. Definitions.
In this chapter, unless the context requires otherwise, (1) “acquisition” means an agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes the acquisition of voting securities, assets, bulk reinsurance, and mergers; (2) “affiliate” or “affiliated” means a person who directly, or […]
Sec. 21.22.105. Management of domestic insurers subject to registration.
(a) Notwithstanding the control of a domestic insurer by any person, the officers and directors of the insurer may not be relieved of an obligation or liability to which the officers and directors would otherwise be subject to by law, and the insurer shall be managed so as to assure the insurer’s separate operating identity […]
Sec. 21.22.110. Examination.
(a) In addition to the director’s authority to examine insurers under AS 21.06.120 – 21.06.170, the director may examine an insurer registered under AS 21.22.060 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, by any entity or combination of entities […]
Sec. 21.22.115. Supervisory colleges.
(a) With respect to an insurer registered under AS 21.22.060, and in accordance with (c) of this section, the director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine the insurer’s compliance with this chapter. The director may (1) initiate […]