The following deposits of insurers when made through the director shall be accepted and held and are subject to the provisions of this chapter: (1) deposits required under this title for authority to transact insurance in this state; (2) deposits of domestic insurers when made under the laws of other states, provinces, and countries as […]
The deposits shall be held for purposes as follows: (1) deposits made in this state under AS 21.09.090 shall be held for the purpose stated in that section; (2) a deposit made in this state by a domestic insurer transacting insurance in another state, province, or country, in accordance with the laws of the other […]
(a) All deposits required under AS 21.09.090 for authority to transact insurance in this state shall consist of certificates of deposit or any combination of rated credit instruments of the United States, Canada, or a state of the United States. (b) Deposits of a domestic insurer held in this state under the laws of another […]
(a) Deposits made in this state under this title shall be made through the office of the director under custodial arrangements as required or approved by the director consistent with the purposes of the deposit, with an established safe deposit institution, bank, or trust company located in this state selected by the insurer with the […]
(a) The director shall give to the depositing insurer vouchers of all assets and securities deposited by it in this state through the director as provided in this title. (b) The director shall keep a record of the assets and securities comprising each deposit, showing as far as practical the amount and market value of […]
The director and the state are not liable for the safekeeping of a deposit by the depositary or custodian.
All securities not negotiable by delivery and deposited under this title shall be assigned to the director and successors in office. In the case of securities held under custodial arrangements outside this state under AS 21.24.040(c), the custodian’s receipt for the securities shall be delivered, if negotiable, or assigned to the director if thereby legal […]
The director may before acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the asset or security appraised by competent appraisers. The reasonable costs of the appraisal shall be borne by the insurer.
If the insurer remains solvent and is in compliance with this title it may (1) demand, receive, sue for, and recover the income from the assets or securities deposited; (2) exchange and substitute for the deposited assets or securities, or any part thereof, other eligible assets or securities of equivalent or greater value; (3) at […]
An insurer may deposit and have on deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title by no more than 20 percent of the required or permitted deposit or $50,000, whichever is the larger amount, for the purpose of absorbing fluctuations in the value of assets and […]
If the market value of assets and securities of an insurer held on deposit in this state, or in another state under custodial arrangements authorized by AS 21.24.040(c), falls below the amount required under this title, the insurer shall promptly deposit other or additional assets or securities eligible for deposit under this chapter and in […]
(a) Each deposit made in this state by an insurer under this title, including assets and securities held in another state under custodial arrangements permitted by AS 21.24.040(c), shall be held for as long as there is any outstanding liability of the insurer as to which the deposit was required. Each deposit required under AS […]
