(a) AS 21.09.400 – 21.09.460 do not prescribe or impose a corporate governance standard or internal procedure beyond that required under AS 10. Nothing in AS 21.09.400 – 21.09.460 limits the director’s authority or the rights or obligations of a third party. (b) AS 21.09.400 – 21.09.460 apply to an insurer domiciled in this state.
(a) An insurer, or an insurance group of which the insurer is a member, shall submit to the director not later than June 1 of each calendar year a corporate governance annual disclosure that contains the information described in AS 21.09.430(b). In the event the director requests an insurer to submit a disclosure under (c) […]
To carry out the provisions of AS 21.09.400 – 21.09.460, the director may (1) adopt regulations, including regulations substantially similar to the regulations under the National Association of Insurance Commissioners’ Corporate Governance Annual Disclosure Model Regulation; and (2) issue orders necessary to implement the provisions.
(a) An insurer or insurance group may have discretion in responding to a corporate governance annual disclosure inquiry if the insurer’s or insurance group’s disclosure contains the material necessary for the director to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. The director may request additional information the […]
Documents, materials, or other information, including a corporate governance annual disclosure, in the possession or control of the division that are obtained by, created by, or disclosed to the director or any person under AS 21.09.400 – 21.09.460 are confidential and subject to the provisions of AS 21.06.060.
(a) The director may retain, at the insurer’s or insurance group’s expense and as consistent with this section, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director’s staff, as may be reasonably necessary to assist the director in reviewing the insurer’s or insurance group’s corporate governance annual disclosure […]
Each day an insurer or insurance group fails, without just cause, to file the corporate governance annual disclosure in the time required under AS 21.09.410(a), the insurer or insurance group shall pay $1,000, not to exceed $365,000. The director may reduce the penalty under this section if the insurer or insurance group demonstrates to the […]
