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 […]
Sec. 21.80.020. Applicability.
This chapter applies to all kinds of direct insurance written by an admitted insurer, except that this chapter does not apply to the following: (1) life, annuity, health, or disability insurance; (2) residual value, mortgage guaranty, or financial guaranty of other forms of insurance offering protection against investment risks; (3) bonding obligations, including fidelity or […]
Sec. 21.80.030. Construction.
This chapter shall be construed to effect the purposes under AS 21.80.010, which constitute an aid and guide to interpretation.
Sec. 21.80.040. Creation of association.
(a) There is created a nonprofit incorporated legal entity to be known as the Alaska Insurance Guaranty Association. All insurers defined as member insurers in AS 21.80.180 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a […]
Sec. 21.80.050. Board of governors.
(a) The board of governors of the association consists of not fewer than five nor more than nine members as specified in and serving terms as established in the plan of operation. The director may appoint two individuals as members of the board to represent the public. The insurer members of the board shall be […]
Sec. 21.80.060. Powers and duties of the association.
(a) The association (1) is obligated to pay covered claims existing before the order of liquidation and arising within 30 days after the order of liquidation, or before the policy expiration date if less than 30 days after the order of liquidation, or before the insured replaces the policy or causes its cancellation if the […]
Sec. 21.80.070. Plan of operation.
(a) The association shall submit to the director a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments become effective upon approval in writing by the director. If the association fails to submit suitable amendments to the plan, […]
Sec. 21.80.080. Duties and powers of the director.
(a) The director shall (1) notify the association of the existence of an insolvent insurer no later than three days after the director receives notice of the determination of the insolvency; (2) upon request of the board of governors, provide the association with a statement of the net direct written premiums of each member insurer. […]
Sec. 21.80.090. Effect of paid claims.
(a) A person recovering under this chapter is considered to have assigned the person’s rights under the policy to the association to the extent of the recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the same extent as the person would have been […]