Sec. 21.80.150. Immunity.
There is no liability on the part of and a cause of action of any nature may not arise against a member insurer, the association or its agents or employees, the board of governors or a person serving as an alternate or substitute representative of a governor, or the director or representatives of the director […]
Sec. 21.80.160. Stay of proceedings and reopening of default judgments.
All proceedings in which the insolvent insurer is a party or is obligated to defend a party in a court in this state shall, subject to waiver by the board of governors of the association in specific cases involving covered claims, be stayed for 90 days or additional time as ordered by a court from […]
Sec. 21.80.180. Definitions.
In this chapter, unless the context requires otherwise, (1) “account” means any one of the three accounts created by AS 21.80.040(a); (2) “affiliate of an insolvent insurer” means a person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December 31 […]
Sec. 21.80.190. Short title.
This chapter may be known and cited as the Alaska Insurance Guaranty Association Act.
Sec. 21.80.100. Nonduplication of recovery.
(a) A person having a claim against an insurer, whether or not the insurer is a member insurer, under a provision in an insurance policy other than a policy of an insolvent insurer that is also a covered claim is required to exhaust first the person’s right under the policy. An amount payable on a […]
Sec. 21.80.110. Prevention of insolvencies.
The board of governors may (1) upon a majority vote, make recommendations to the director regarding matters generally related to improving or enhancing regulation for insurer solvency; or (2) at the conclusion of an insurer insolvency in which the association was obligated to pay covered claims, prepare a report on the history and causes of […]
Sec. 21.80.120. Examination of the association.
The association is subject to examination and regulation by the director. The board of governors shall submit, not later than June 30 of each year, a certified financial report for the preceding calendar year in a form approved by the director.
Sec. 21.80.130. Tax exemption.
The association is exempt from payment of all fees and all taxes levied by the state or any of its subdivisions except taxes levied on real or personal property.
Sec. 21.80.140. Recognition of assessments in surcharge rates.
The rates and premiums charged for insurance policies to which this chapter applies may include surcharge rates sufficient to offset the adjusted assessments made under this chapter and paid to the association by member insurers, and these surcharge rates may not be considered excessive because they contain an amount reasonably calculated to offset the full […]
Sec. 21.80.010. Purposes.
The purposes of this chapter are to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and, to the extent provided in this chapter, to minimize financial loss to claimants or policyholders because of the insolvency of an insurer, and to provide an association to […]