Sec. 21.79.010. Purpose.
The purpose of this chapter is to protect, subject to certain limitations, the persons specified in AS 21.79.020(a) against failure in the performance of contractual obligations under life, health, and annuity policies, plans, or contracts specified in AS 21.79.020(b) because of the impairment or insolvency of the member insurer that issued the policies, plans, or […]
Sec. 21.79.020. Scope.
(a) This chapter applies to a policy and contract specified in (b) of this section and to a person who (1) except for a nonresident certificate holder under a group policy or contract, is the beneficiary, assignee, or payee, including health care providers rendering services covered under health insurance policies or certificates, of a person […]
Sec. 21.79.025. Liability limits.
(a) The benefits for which the association may become liable may not exceed the lesser of (1) the contractual obligations for which the member insurer is liable or would have been liable if it were not an impaired or insolvent insurer; (2) with respect to any one life, regardless of the number of policies or […]
Sec. 21.79.030. Construction.
(a) This chapter shall be construed to achieve the purposes set out in AS 21.79.010. (b) This chapter is intended to provide coverage to a person who is a resident of this state and, in special circumstances, to a nonresident. In order to avoid duplicate coverage, if a person who would otherwise receive coverage under […]
Sec. 21.79.040. Association established.
(a) There is established as a nonprofit legal entity the Alaska Life and Health Insurance Guaranty Association. Each member insurer shall be a member of the association as a condition of the insurer’s authority to transact insurance, a hospital or medical service corporation business, or a health maintenance organization business in this state. The association […]
Sec. 21.79.050. Board of governors.
(a) The Board of Governors of the association consists of not less than seven nor more than 11 representatives of member insurers. The director may appoint two individuals as members of the board to represent the public. Terms of office for board members shall be established in the plan of operation submitted under AS 21.79.080. […]
Sec. 21.79.060. Powers and duties of the association.
(a) If a member insurer becomes impaired, the association may, with the approval of the director and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, (1) guarantee, assume, reissue, reinsure, or provide for the guarantee, assumption, reissuance, or reinsurance of the policies or contracts […]
Sec. 21.79.070. Assessments.
(a) For the purpose of providing funds necessary to carry out the powers and duties of the association, the Board of Governors shall by resolution assess the member insurers, separately for each account, at a time and for an amount that the board finds necessary. Assessments are authorized when a resolution is passed and are […]
Sec. 21.79.080. Plan of operation.
(a) The association shall submit to the director a plan of operation and any amendments to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments take effect on the written approval of the plan by the director or 30 days after receipt by the director if not […]
Sec. 21.79.090. Powers and duties of the director.
(a) Upon request of the board, the director shall provide the association with a statement of the premiums in the appropriate states for each member insurer. (b) The director may (1) after notice and hearing as provided in AS 21.06.180 – 21.06.230, suspend or revoke the certificate of authority to transact business in this state […]