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. 21.22.100. Dividends and other distributions.
(a) A domestic insurer may not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until (1) 30 days after the director has received notice of the declaration of the dividend or distribution and has not within that period disapproved its payment; or (2) the director has approved its payment within […]
Sec. 21.22.010. Filing requirements for acquisition of control of or merger with domestic insurer.
(a) Until the provisions of (b) of this section have been fulfilled, a person may not (1) unless the person is an issuer, make a tender or an offer for or a request or an invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the […]
Sec. 21.22.020. Content of statement for acquisition or merger filing.
(a) The statement to be filed with the director under AS 21.22.010 shall be made under oath or affirmation and must contain the following information: (1) the name and address of each person by whom or on whose behalf the merger or other acquisition of control referred to in AS 21.22.010 is to be effected, […]
Sec. 21.22.030. Hearing, findings, and approval.
(a) The director shall approve a merger or other acquisition of control referred to in AS 21.22.010 unless, after a public hearing, the director finds that (1) after the change of control, the domestic insurer referred to in AS 21.22.010 would not be able to satisfy the requirements for the issuance of a license to […]
Sec. 21.22.040. Mailings to shareholders and expenses.
All statements, amendments, or other material filed under AS 21.22.010, and all notices of public hearings held under AS 21.22.030, shall be mailed by the insurer to its shareholders within five business days after the insurer has received those statements, amendments, other materials, or notices. The expenses of mailing shall be borne by the person […]
Sec. 21.22.050. Jurisdiction and consent to service.
The courts of this state are given jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under this chapter and over all actions involving that person arising out of violations of this chapter, and each person is considered to have performed acts […]