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Home » US Law » 2022 Alaska Statutes » Title 21. Insurance » Chapter 14. Risk Based Capital for Insurers

Sec. 21.14.010. Risk based capital reports.

(a) A domestic insurer shall, on or before March 1, submit to the director a report of its risk based capital covering the previous calendar year. The report must be in a form and contain the information required by risk based capital instructions. A domestic insurer required to submit a report under this subsection shall […]

Sec. 21.14.030. Regulatory action level event.

(a) If a regulatory action level event occurs, the director shall (1) require the affected insurer to submit a plan or a revised plan under AS 21.14.060; if the level event is caused by the insurer’s failure to adhere to a previously filed plan or revised plan that has been accepted by the director, the […]

Sec. 21.14.040. Authorized control level event.

If an authorized control level event occurs, the director shall take the action necessary (1) under AS 21.14.030(a) against the insurer; or (2) to place the insurer under regulatory control under AS 21.78.

Sec. 21.14.050. Mandatory control level event.

(a) If a mandatory control level event occurs for a domestic insurer, the director shall take the action necessary to place the insurer under regulatory control under AS 21.78 or, if a fraternal benefit society, under AS 21.84. (b) Notwithstanding (a) of this section, the director may delay taking action under AS 21.78 or, if […]

Sec. 21.14.060. Risk based capital plan.

(a) If a plan is required under this chapter or by order of the director in response to an event described under AS 21.14.020 – 21.14.050, the plan must be a financial plan that includes (1) identification of the conditions that contribute to the level event; (2) a proposal for corrective action that the insurer […]

Sec. 21.14.070. Foreign insurers.

(a) A foreign insurer shall, upon the written request of the director, submit to the director a report described under AS 21.14.010 not later than (1) 15 days from the receipt by the foreign insurer of a request, if the report has already been filed with the domiciliary state; (2) 60 days from the receipt […]

Sec. 21.14.080. Hearings.

(a) An insurer may request a hearing to challenge an action of the director or request a stay of the director’s action as provided under AS 21.06.180 – 21.06.240. (b) An insurer shall request a hearing under (a) of this section within 15 days after the director’s notice of (1) an adjusted risk based capital […]

Sec. 21.14.090. Confidentiality; restrictions on use.

(a) Except as provided in AS 21.06.060 and this subsection, a report required under AS 21.14.010, a plan required under AS 21.14.060, the results or report of an examination or analysis of an insurer performed under this chapter, and a corrective order issued by the director are confidential and may not be made public by […]

Sec. 21.14.100. Penalty for violation.

(a) An insurer shall pay to the division $100 for each day the insurer fails to file a report, and $1,000 for each day the insurer fails to file a plan or revised plan in conformance with the requirements of this chapter. (b) If a report, plan, or revised plan has not been filed in […]

Sec. 21.14.110. Exemptions.

(a) The director may exempt from the application of this chapter a domestic property and casualty insurer that (1) writes direct business only in this state; (2) writes direct annual premiums of $2,000,000 or less; and (3) does not assume reinsurance in excess of five percent of direct premiums written. (b) The director may exempt […]

Sec. 21.14.120. Notices.

All notices by the director to an insurer that may result in regulatory action under this chapter are effective upon mailing if mailed by registered or certified mail or, in the case of any other transmission, upon the director’s transmission of the notice.

Sec. 21.14.200. Definitions.

In this chapter, (1) “adjusted report” means a risk based capital report that has been adjusted by the director under AS 21.14.010; (2) “authorized control level event” means (A) a report, an adjusted report that has not been challenged, or an adjusted report for which a challenge has been rejected, that is filed under AS […]