reglab/housing_qa huggingface dataset:
AK Stat § 21.14.010 (2021)
2021 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 file the report with (1) the National Association of Insurance Commissioners; and (2) the insurance regulatory agency in each state in which the insurer is authorized to transact business if the insurance regulatory agency has requested the report in writing from the insurer; a report requested under this paragraph must be delivered (A) not later than 15 days after the receipt of a request if the report has already been filed with the director; or (B) at the time the report is filed with the director, if the report has not yet been filed with the director. (b) An insurer's risk based capital shall be determined under the formula contained in the risk based capital instructions. (c) If a domestic insurer files a report that the director determines to be inaccurate, the director may adjust the report to correct the inaccuracy. The director shall notify the insurer of an adjustment and the reason for it. (d) [Repealed, § 34 ch 52 SLA 2015.]  (e) [Repealed, § 34 ch 52 SLA 2015.]
AK Stat § 21.14.015 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|Sec. 21.14.015. Other powers and duties not limited.

The requirements of this chapter supplement other provisions of this title and do not preclude or limit other powers or duties of the director.
AK Stat § 21.14.020 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|Sec. 21.14.020. Company action level event.

If a company action level event occurs, the affected insurer shall submit to the director a plan under AS 21.14.060.
AK Stat § 21.14.030 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 director may exempt the insurer from this requirement; (2) perform whatever examination, analysis, or review of the assets, liabilities, and operations of the insurer that the director determines necessary; and (3) issue a corrective order specifying the action that the insurer is required to take to eliminate the level event. (b) The director may retain an actuary, investment expert, or other consultant as may be necessary to review the insurer's risk based capital plan or revised risk based capital plan, to examine or analyze the assets, liabilities, and operations of the insurer, or to formulate a corrective order with respect to the insurer. The affected insurer or affiliated person shall pay the fees, reasonable costs, and expenses of a person retained by the director under this subsection as ordered by the director.
AK Stat § 21.14.040 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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.
AK Stat § 21.14.050 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 a fraternal benefit society, under AS 21.84 for up to 90 days after the mandatory control level event occurs, if the director finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period. (c) Notwithstanding (a) of this section, the director may allow a property and casualty insurer that is running off its business by writing no new business and by only renewing ongoing business to the extent required by law or by contract, but continuing to collect premiums and pay claims as they come due on existing business to continue the runoff under the director's supervision without placing the insurer under regulatory control under AS 21.78.
AK Stat § 21.14.070 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 by the foreign insurer of a request, if the report is not required to be filed with the domiciliary state; or (3) the date on which the report is filed with the domiciliary state or 60 days from receipt by the foreign insurer of the request, whichever is earlier, if the report is required to be filed but has not already been filed with the domiciliary state. (b) Within 15 days after receiving a written request from the director, a foreign insurer shall submit to the director a copy of a plan that is filed with an insurance regulatory agency of another state. (c) The director may require a foreign insurer to file a plan under AS 21.14.060, if (1) a company action level event, regulatory action level event, or authorized control level event occurs with respect to a foreign insurer as determined under (A) the risk based capital statute applicable in the domiciliary state of the insurer; or (B) this chapter, if a risk based capital statute is not in force in the domiciliary state that is substantially similar to this chapter; or (2) the insurance regulatory agency of the domiciliary state of the foreign insurer fails to require the foreign insurer to file a plan in the manner specified under that state's risk based capital statute. (d) If a foreign insurer fails to file a plan with the director as required under this section, the director may order the insurer to stop writing new insurance business in this state. (e) If a mandatory control level event occurs that involves a foreign insurer, the director may apply to a court under AS 21.78 for the liquidation of property of the foreign insurer that is located in this state, unless a domiciliary receiver has been appointed for the foreign insurer under the rehabilitation and liquidation statute applicable in the foreign insurer's domiciliary state.
AK Stat § 21.14.080 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 report under AS 21.14.010; (2) an unsatisfactory risk based capital plan or revised risk based capital plan; (3) a regulatory action level event based on an unsatisfactory risk based capital plan or revised risk based capital plan; (4) the insurer's failure to adhere to its risk based capital plan or revised risk based capital plan and the failure has a substantial adverse effect on the insurer's ability to eliminate the company action level event in accordance with its plan or revised plan; or (5) a corrective order applicable to the insurer.
AK Stat § 21.14.090 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 the director or another person. Information in a risk based capital report that is also set out in a publicly available annual statement schedule is not confidential. (b) The calculation of risk based capital for an insurer constitutes a regulatory tool that may indicate a need for corrective action, and the calculation may not be used as a means to rank insurers. Except as otherwise required in this chapter, a person may not directly or indirectly use information regarding the risk based capital of an insurer. If a materially false statement regarding an insurer's risk based capital or an inappropriate comparison of any other amount to the insurer's risk based capital is published and the insurer is able to demonstrate with substantial proof, as determined by the director, the falsity or inappropriateness of the statement, the insurer may publish an announcement exclusively to rebut the materially false statement or inappropriate comparison. (c) The director may use the risk based capital instructions, report, adjusted report, plan, and revised plan only for monitoring the solvency of an insurer or for determining the need for corrective action by an insurer. Notwithstanding AS 21.39, documents described in this subsection may not be considered or introduced as evidence in a rate proceeding or used by the director to calculate or derive any elements of an appropriate premium level or rate of return for a line of insurance that an insurer or an affiliate is authorized to write.
AK Stat § 21.14.100 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 conformance with the requirements of this chapter, the director may, as provided (1) under AS 21.09.150, AS 21.84.535, AS 21.86.190, or AS 21.87.110, as applicable to a particular insurer, suspend the authority of an insurer to enter into new obligations or issue a new or renewal policy of insurance in this state; or (2) under AS 21.34.070, declare a surplus lines insurer ineligible to transact business in this state.
AK Stat § 21.14.110 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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 from the application of this chapter a domestic health organization that (1) writes direct business only in this state; (2) does not assume reinsurance in excess of five percent of direct premiums written and (A) writes direct annual premiums for comprehensive medical care of $2,000,000 or less; or (B) is a limited health service organization that covers less than 2,000 lives.
AK Stat § 21.14.120 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|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.
AK Stat § 21.14.130 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 14. Risk Based Capital for Insurers|Sec. 21.14.130. Regulations.

The director may adopt regulations to implement this chapter.
AK Stat § 21.18.020 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.020. Assets as deductions from liabilities.

Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to the insurer as prescribed by the director, or otherwise in the discretion of the director.
AK Stat § 21.18.030 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.030. Assets not allowed.

In addition to assets excluded by the application of AS 21.18.010, all nonadmitted assets and all other assets of doubtful value or character included as ledger or nonledger assets in a statement by an insurer to the director, or in an examiner's report to the director, shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of the insurer, unless the director permits a reserve to be carried among the liabilities of the insurer in place of a deduction.
AK Stat § 21.18.040 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.040. Disallowance of transactions; deceptions.

(a) The director shall disallow as an asset or as a credit against liabilities any reinsurance found by the director, after a hearing, to have been arranged for the purpose principally of deception as to the ceding insurer's financial condition as of the date of any financial statement of the insurer. Without limiting the general purport of this subsection, reinsurance of a substantial part of the insurer's outstanding risks contracted for in fact within four months before the date of any financial statement and cancelled in fact within four months after the date of the statement, or reinsurance under which the reinsurer bears no substantial insurance risk or substantial risk of net loss to itself, shall prima facie be considered to have been arranged for the purpose principally of deception within the intent of this subsection. (b) The director shall disallow as an asset a deposit, fund, or other asset of the insurer determined after a hearing to be (1) not in good faith the property of the insurer; (2) not freely subject to withdrawal or liquidation by the insurer at any time for the payment or discharge of claims or other obligations arising under its policies; (3) the result of arrangements made principally for the purpose of deception as to the insurer's financial condition as of the date of any financial statement of the insurer. (c) A disallowance of assets or credits is not valid unless made by the director after a hearing of which notice was given the insurer within six months after the date the financial statement of the insurer in which the deception is claimed was filed with the director. (d) The director may suspend or revoke the certificate of authority of an insurer that has knowingly been a party to a deception or an attempted deception.
AK Stat § 21.18.050 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.050. Reserves and liabilities, in general.

In a determination of the financial condition of an insurer, liabilities to be charged against its assets shall include (1) the amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims incurred on or before the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement; (2) with reference to life and health insurance and annuity contracts, (A) the amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted under this title that are applicable; (B) reserves for disability benefits, for both active and disabled lives; (C) reserves for accidental death benefits; (D) additional reserves that may be required by the director, consistent with practice formulated or approved by the National Association of Insurance Commissioners, on account of the insurance; (3) with reference to health insurance, the amount of reserves required under AS 21.18.080 - 21.18.086; (4) with reference to insurance other than specified in (2) and (3) of this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter; (5) expenses and other obligations due or accrued at the date of the statement.
AK Stat § 21.18.060 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.060. Unearned premium reserve.

(a) Except as otherwise provided in AS 21.18.070, an insurer shall maintain an unearned premium reserve on all policies in force against loss or damage to property, including loss or damage under general casualty or surety insurance. (b) The director may require that the reserves be equal to the unearned portions of the gross premiums in force after deducting applicable reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. (c) An insurer shall compute all of the reserves on a monthly or more frequent pro rata basis. (d) After adopting a method for computing the reserve, an insurer may not change methods without approval of the supervisory official of the insurer's state of domicile. (e) This section does not apply to title insurance.
AK Stat § 21.18.070 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.070. Unearned premium reserve for marine and transportation insurance.

As to marine and transportation insurance, the entire amount of premiums on trip risks not terminated shall be considered unearned and the director may require the insurer to carry a reserve equal to 100 percent of premiums on trip risks written during the month ended as of the date of statement.
AK Stat § 21.18.073 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.073. Unearned premium reserve for title insurance.

In addition to an adequate reserve as to outstanding losses as required under AS 21.18.050, a title insurer shall establish, segregate, and maintain an unearned premium reserve as required by the director.
AK Stat § 21.18.075 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.075. Bail bond reserve.

In place of the unearned premium reserve required on surety bonds under AS 21.18.060, the department may require a surety insurer or limited surety insurer to set up and maintain a reserve on all bail bonds or other single premium bonds without a definite expiration date, furnished in judicial proceedings, equal to 25 percent of the total consideration charged for the bonds that are outstanding as of the date of a current financial statement of the insurer.
AK Stat § 21.18.080 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.080. Reserve standards for health insurance.

(a) The adequacy of health insurance reserves must be determined based on the sum of policy reserves determined under AS 21.18.082, claim reserves determined under AS 21.18.084, and premium reserves determined under AS 21.18.086. (b) Reserve adequacy must be determined by a prospective gross premium valuation. For policies in force, in a claims status, or in a continuation of benefits status on the valuation date, the gross premium valuation must take into account the present value of all expected benefits unpaid, all expected expenses unpaid, and all unearned or expected premiums, including expected future premium increases. (c) A gross premium valuation must be performed whenever there is an indication that reserves and future premiums may be insufficient to cover future claims for a particular block of policies or for the entire health insurance block. If a reserve inadequacy is determined to exist, the loss must be immediately recognized and reserves increased to account for the inadequacy. The increased reserves will be considered minimum reserves.
AK Stat § 21.18.086 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.086. Premium reserves for health insurance.

(a) Unearned premium reserves must be established for the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation. (b) Due and unpaid premiums that are carried as an asset in the annual statement must be treated as premiums in force and are subject to the unearned premium reserve requirements of this section. Unpaid commissions, premium taxes, and costs of collection associated with due and unpaid premiums must be carried in the annual statement as an offsetting liability. (c) Gross premiums paid in advance for a period of coverage starting after the next premium due date following the valuation date may be discounted to the valuation date and must be held as a separate liability in the annual statement or as an addition to the unearned premium reserve established in this section. (d) The minimum unearned premium reserve for a policy is the pro rata unearned modal premium that applies to the valuation period beyond the date of valuation. If a policy reserve is required for a policy, the unearned modal premium is the valuation net modal premium on the policy reserve. If no policy reserve is required for a policy, the unearned modal premium is the gross modal premium for the policy. (e) The sum of the unearned premium and policy reserves for all policies may not be less than the gross modal unearned premium reserve on all policies as of the date of valuation. The total unearned premium and policy reserves may not be less than the expected claims for the period after the valuation date represented by the unearned premium reserve. (f) An insurer may use approximations and estimates in determining premium reserves, including groupings, averages, and aggregate estimates. The approximations or estimates must be tested periodically and not less frequently than triennially to determine adequacy. (g) Premium reserves based on the 1964 or 1985 Commissioners' Individual Disability Tables must include policies on premium waiver as in-force contracts and establish a minimum reserve for a waiver of premium benefit equal to the unearned modal valuation net premium being waived.
AK Stat § 21.18.100 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.100. Increase of reserves.

If loss experience shows that an insurer's loss reserves or reserves for incurred but not reported losses, however computed or estimated, are inadequate, the director shall require the insurer to maintain loss reserves or reserves for incurred but not reported losses in the increased amount needed to make them adequate.
AK Stat § 21.18.160 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.160. Regulations.

The director may adopt regulations to implement this chapter.