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 […]
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 […]
Sec. 21.22.060. Registration required.
(a) Except as provided in (c) of this section, an insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the director. An insurer that is subject to registration under this section shall register not later than 15 days after the […]