(a) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals. (b) Existing authorized reciprocal insurers shall, after July 1, 1966, comply with the provisions of this chapter, and shall make amendments to their subscribers’ agreement, power of attorney, policies, and other documents and accounts […]
(a) Except as provided in (c) of this section, a reciprocal insurer may, upon qualifying as provided for by this title, transact any kind or kinds of insurance defined by this title, other than life or title insurances. (b) The insurer may purchase reinsurance, and may grant reinsurance as to any kind of insurance it […]
(a) A reciprocal insurer shall (1) have and use a business name; the name must include the word “reciprocal” or “interinsurer” or “exchange” or “underwriters” or “underwriting” or “association”; (2) sue and be sued in its own name. (b) In addition to the requirements of (a) of this section, a cooperative insurer organized under AS […]
(a) [Repealed, § 223 ch 67 SLA 1992.] (b) The attorney-in-fact of a foreign or alien reciprocal insurer, that is authorized to transact insurance in this state, may not, by virtue of discharge of its duties as the attorney-in-fact with respect to the insurer’s transactions in this state, be considered to be doing business in […]
(a) A person may not act in the capacity of attorney-in-fact for a subscriber regarding a subject that is resident, located, or to be performed in this state or for a reciprocal insurer licensed to do business in this state unless the person is licensed under this chapter. The director may adopt regulations that establish […]
(a) A domestic reciprocal insurer formed in accordance with the provisions of this chapter shall have and maintain a surplus no less than an amount equal to the total of the capital and one-half of the surplus that would be required of a domestic stock insurer writing the same lines for which the reciprocal insurer […]
A cooperative insurer organized under AS 21.75.300 – 21.75.330, if it has otherwise complied with the applicable provisions of this chapter, may be authorized to transact insurance if it has and maintains surplus funds equal to one-half of the capital required for a domestic reciprocal insurer under AS 21.75.050(a) and such additional surplus as the […]
(a) Ten or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the director for a certificate of authority to transact insurance. (b) The proposed attorney-in-fact shall fulfill the requirements of and shall execute and file with the director when applying for a certificate of authority, a declaration […]
(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney-in-fact in the name of the insurer. (b) The director may refuse, suspend, or revoke the certificate of authority, in addition to other grounds, for failure of the attorney-in-fact to comply with a provision of this title.
(a) A subscriber’s agreement providing for an advisory committee consistent with AS 21.75.170 shall be executed by each subscriber and shall grant authority to the attorney-in-fact to manage the affairs of the reciprocal insurer. (b) The duties of the attorney-in-fact shall be specified in the subscriber’s agreement. The agreement shall be approved by the director […]
Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney-in-fact and the subscribers’ advisory committee. A modification may not be effective retroactively, or apply to an insurance contract issued before the modification.
(a) Concurrently with the filing of the declaration provided in AS 21.75.060, the attorney-in-fact of a domestic reciprocal insurer shall file with the director a bond in favor of this state for the benefit of all persons damaged as a result of a breach by the attorney-in-fact of the conditions of the bond as set […]
Action on the attorney-in-fact’s bond or to recover against a deposit made in lieu of the bond may be brought at any time by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and […]
An attorney-in-fact of a reciprocal insurer is subject to examination by order of the director under AS 21.06.120 and 21.06.140 – 21.06.160 for the purpose of determining compliance with this title relating to the operations of the reciprocal insurer or its attorney-in-fact that the director determines cannot be obtained by examination of the reciprocal insurer. […]
(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer’s attorney-in-fact at the principal offices of the attorney-in-fact or by serving the director as the insurer’s process agent under AS 21.09.180 and 21.09.190. (b) A judgment based upon legal process so served shall be binding upon each of the insurer’s […]
(a) The annual statement of a reciprocal insurer shall be made by its attorney-in-fact and filed with the director, as provided in AS 21.09.200. (b) The statement shall be supplemented by information that may be required by the director relative to the affairs and transactions of the attorney-in-fact insofar as they relate to the reciprocal […]
(a) The director may require a reciprocal insurer’s attorney-in-fact to file a quarterly financial statement as provided in AS 21.09.205. (b) A statement required under (a) of this section shall be supplemented by information that may be required by the director relative to the affairs and transactions of the attorney-in-fact that relate to the reciprocal […]
The attorney-in-fact or other parties may advance to a domestic reciprocal insurer upon reasonable terms the funds it may require from time to time in its operations. Sums advanced may not be treated as a liability of the insurer, and, except upon liquidation of the insurer, may not be withdrawn or repaid except out of […]
In determining the financial condition of a reciprocal insurer the director shall apply the following rules: (1) the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis shall be charged as liabilities; (2) the surplus deposits of subscribers shall be allowed as assets, except the premium deposits delinquent for […]
Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with and be a subscriber of a domestic, foreign, or alien reciprocal insurer. A corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers, and franchises […]
