Sec. 21.22.080. Transactions within an insurance holding company system.
Material transactions by registered insurers with their affiliates are subject to the following standards: (1) the terms shall be fair and reasonable; (2) charges or fees for services performed shall be reasonable; (3) expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; (4) the […]
Sec. 21.22.085. Transactions involving a domestic insurer requiring director review.
(a) Transactions involving a domestic insurer and a person in its insurance holding company system, including amendments or modifications of affiliate agreements previously filed under AS 21.22.080 that are subject to a materiality standard in (1) – (7) of this subsection, may not be entered into unless the insurer has notified the director in writing […]
Sec. 21.22.090. Adequacy of surplus.
For the purposes of this chapter, in determining whether an insurer’s surplus as regards policyholders is reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: (1) the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, […]
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, […]