reglab/housing_qa huggingface dataset:
AK Stat § 21.69.100 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.100. Duration of permit.

Every solicitation permit issued by the director must (1) be for a period of not over two years, subject to the right of the director to grant a reasonable extension for good cause; (2) state the securities for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof, or identify the insurance contract for which applications and advance premiums or deposits are to be solicited; (3) limit the portion of funds received on account of stock or syndicate subscriptions, if any are proposed to be taken, which may be used for promotion and organization expenses to an amount the director considers adequate, but in no event to exceed 15 percent of the funds as and when actually received; (4) if to be a mutual or reciprocal insurer, limit the portion of funds received on account of applications for insurance that may be used for promotion or organization expenses to a reasonable commission upon the funds, giving consideration to the kind of insurance and policy involved and to the costs incurred by insurers generally in the production of similar business, and provide that no commission shall be considered to be earned or be paid until the insurer has received its certificate of authority and the policies applied for and upon which the commission is to be based, have been actually issued and delivered; (5) contain other information required by this chapter or reasonable conditions relative to accounting and reports or otherwise that the director considers necessary.
AK Stat § 21.69.110 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.110. Permit as inducement prohibited.

The granting of a solicitation permit is permissive only and does not constitute an endorsement by the director of any person or thing related to the proposed insurer, corporation, or syndicate and the existence of the permit may not be advertised or used as an inducement in a solicitation. The substance of this section in bold faced type not less than 10 point shall be printed at the top of each solicitation permit.
AK Stat § 21.69.120 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.120. Solicitors' licenses.

Solicitation for sale of securities to members of the public under a solicitation permit shall be made only by individuals licensed under the provisions of the securities act.
AK Stat § 21.69.130 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.130. Modification, revocation of permit.

(a) The director may, for cause, modify a solicitation permit, or may, after a hearing, revoke a solicitation permit for violation of a provision of this title, or of the terms of the permit, or of a proper order of the director, or for misrepresentation. (b) The director shall revoke a solicitation permit if requested in writing by a majority of the syndicate members, or by a majority of the incorporators and two-thirds of the subscribers to stock or applicants for insurance in the proposed incorporated insurer or corporation, or if the director is requested by a majority of the subscribers of a proposed reciprocal insurer.
AK Stat § 21.69.140 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.140. Bond.

(a) Except as provided in AS 21.69.230, the director may not issue a solicitation permit until the person applying for it files with the director a corporate surety bond in the penalty of $10,000, in favor of the state and for the use and benefit of the state and of subscribers and creditors of the proposed organization. (b) The bond shall be conditioned upon the payment of costs incurred by the state in the event of a legal proceeding for liquidation or dissolution of the proposed organization before completion of organization or if a certificate of authority is not granted; and upon a full accounting for funds received until the proposed insurer has been granted its certificate of authority, or until the proposed corporation or syndicate has completed its organization as defined in the solicitation permit. (c) In lieu of filing the bond, the person may deposit with the director $10,000 in cash or in United States government bonds at par value, to be held in trust upon the same conditions as required for the bond. (d) The director may waive the requirement for a bond or deposit in lieu of a bond if the permit provides that (1) the proposed securities are to be distributed solely and finally to those few persons who are the active promoters intimate to the formation of the insurer, or other corporation or syndicate; or (2) the securities are to be issued in connection with subsequent financing as provided in AS 21.69.200. (e) A bond filed or deposit or remaining portion of a bond held under this section shall be released and discharged upon settlement or termination of all liabilities against it.
AK Stat § 21.69.150 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.150. Escrow of funds.

(a) All funds received under a solicitation permit shall be deposited and held in escrow in a bond or trust company under an agreement approved by the director. Funds deposited may not be withdrawn, except (1) for the payment of promotion and organization expenses as authorized by the solicitation permit; (2) for the purpose of making a deposit with the director required for the issuance of a certificate of authority to an insurer; (3) if the proposed organization is not to be an insurer, upon completion of payments on stock or syndicate subscriptions made under the solicitation permit and deposit or appropriation of the funds to the purposes specified in the solicitation permit; or (4) for making refunds as provided in AS 21.69.190. (b) When the director has issued a certificate of authority to an insurer the funds remaining in escrow for its account shall be released to the insurer.
AK Stat § 21.69.160 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.160. Liability of organizers.

(a) The incorporators of an insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed its organization if a corporation other than an insurer or a syndicate. (b) Any portion of funds received on account of stock or syndicate subscriptions which is allowed under the solicitation permit, may be applied concurrently toward the payment of promotion and organization expense theretofore incurred.
AK Stat § 21.69.170 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.170. Payment for subscriptions.

(a) A proposed stock insurer, corporation, or syndicate may not issue a share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. Shares or an agreement may not be issued until all subscriptions received under the solicitation permit have been fully paid, or, if an insurer, until a certificate of authority has been issued to it. (b) Every subscription contract to shares of a stock insurer or other corporation calling for payment in installments, together with all amounts paid, may be forfeited at the option of the corporation, upon failure to make good a delinquency in an installment upon not less than 45 days notice in writing, and every such contract must so provide.
AK Stat § 21.69.180 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.180. Insurance applications.

All applications for insurance obtained in forming a mutual or reciprocal insurer must provide that (1) issuance of the policy is contingent upon completion of organization of the insurer and issuance to it of a certificate of authority; (2) the prepaid premium or deposit will be refunded in full to the applicant if the organization is not completed and certificate of authority issued before the solicitation permit's date of expiration; (3) the agreement for insurance is not effective until a policy has been issued under it.
AK Stat § 21.69.190 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.190. Failure to complete organization or to qualify.

The director shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of the sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer, corporation or syndicate if (1) the proposed insurer, corporation, or syndicate fails to complete its organization and obtain full payment for subscriptions and applications, and, if an insurer, it fails to secure its certificate of authority, all before expiration of the solicitation permit; or (2) the director revokes the solicitation permit.
AK Stat § 21.69.200 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.200. Subsequent financing.

(a) A domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney-in-fact corporation of a reciprocal insurer, after (1) it has received a certificate of authority, if an insurer; or (2) it has completed its initial organization and financing if a corporation other than an insurer, may not solicit or receive funds in exchange for a new issue of its corporate securities, other than through a stock dividend, until it has applied to the director for, and has been granted, a solicitation permit. (b) The director shall issue a permit unless the director finds that (1) the funds proposed to be secured are excessive in amount for the purpose intended; (2) the proposed securities or the manner of their distribution are inequitable; or (3) the issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation. (c) A solicitation permit granted by the director shall be for the duration, and must contain the terms and be issued upon the conditions that the director may reasonably specify or require.
AK Stat § 21.69.210 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.210. Penalty for exhibiting false accounts, etc.

A person determined by the director, following an appropriate hearing as provided in AS 21.06.170 - 21.06.230, to have knowingly exhibited, with intent to deceive, a false account, document, or advertisement, relative to the affairs of an insurer, or of a corporation or syndicate of the kind enumerated in AS 21.69.060, formed or proposed to be formed, is subject to a civil penalty of not more than $25,000.
AK Stat § 21.69.220 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.220. Initial qualifications of domestic mutuals.

(a) When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in (b) of this section. (b) When applying for an original certificate of authority, the insurer must be otherwise qualified under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, must have collected in cash the full premium at a rate not less than that usually charged by stock insurers for comparable coverages, must have surplus funds on hand and deposited as of the date the insurance coverages are to become effective, or, in lieu of the applications, premiums, and surplus, may deposit surplus, all in accordance with that part of the following schedule that applies to the one kind of insurance the insurer proposes to transact:(A)(B)(C)(D) Kind of InsuranceMinimum No. of applicants AcceptedMinimum No. of Subjects CoveredMinimum Premium CollectedLife (1)500500annualHealth (2)500500quarterlyProperty (3)100250annualCasualty (4)250500annualWith Workers'Compensation2501,500quarterlyMarine, WetMarine, andTransportation5050annual(E)(F)(G)(H) Minimum Amount of Insurance Each SubjectMaximum Amount of Insurance Subject(5)Minimum Surplus Funds Deposited(6)Deposit of Surplus in Lieu of(6)$1,000$ 2,500$ 800,000$ 800,000$ 10$ 25$ 800,000$ 800,000(weekly(weeklyindem.)indem.)$1,000$ 3,000$ 600,000$ 600,000$1,000$10,000$1,000,000$1,000,000$1,000$10,000$1,000,000$1,000,000$1,000$25,000$1,000,000$1,000,000 (c) The following provisos are respectively applicable to the schedule in (b) of this section and provisions as indicated by like numerals appearing in the schedule: (1) group insurance or term policies for terms of less than 10 years may not be included; (2) group, blanket, or family plans of insurance may not be included; in lieu of weekly indemnity a like premium value in medical, surgical and hospital benefits may be provided; any accidental death or dismemberment benefit provided may not exceed $2,500; (3) only insurance of the owner's interest in real property may be included; (4) must include insurance of legal liability for bodily injury and property damage, to which the maximum and minimum insured amounts apply; (5) the maximums provided for in column (F) are net of applicable reinsurance; (6) the deposit of surplus in the amount specified in columns (G) and (H) must thereafter be maintained unimpaired; the deposit is subject to the provisions of AS 21.24.
AK Stat § 21.69.230 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.230. Formation of mutual insurer.

(a) Before soliciting applications for insurance required under AS 21.69.220 as qualification for the original certificate of authority, the incorporators of the proposed insurer shall file with the director a corporate surety bond in the penalty of $20,000, in favor of the state and for the use and benefit of the state and of applicant members and creditors of the corporation. The bond shall be conditioned as follows: (1) for the prompt return to applicant members of all premiums collected in advance; (2) for payment of all indebtedness of the corporation; (3) for payment of costs incurred by the state in event of legal proceedings for liquidation or dissolution of the corporation, all in the event the corporation fails to complete its organization and secure a certificate of authority within one year after the date of its certificate of incorporation. (b) In lieu of the bond, the incorporators may deposit with the director $20,000 in cash or United States government bonds, negotiable and payable to the bearer, with a market value at all times of not less than $20,000, to be held in trust upon the same conditions as required for the bond. (c) The bond filed or deposit or remaining portion thereof held under this section shall be released and discharged upon settlement and termination of all liabilities against it.
AK Stat § 21.69.240 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.240. Applications for insurance in formation of mutual insurer.

(a) Upon receipt of the director's approval of the bond or deposit as provided in AS 21.69.230, the directors and officers of the proposed domestic mutual insurer may commence solicitation of the requisite applications for insurance policies which they may accept, and may receive deposits of premiums on them. (b) The applications must be in writing signed by the applicant, covering subjects of insurance resident, located, or to be performed in this state. (c) The applications must provide that (1) issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority; (2) no insurance is in effect unless and until the certificate of authority has been issued; (3) the prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified reasonable date which date shall be not later than one year after the date of the certificate of incorporation. (d) All qualifying premiums collected shall be in cash. (e) Solicitation for qualifying applicants for insurance shall be by licensed agents of the corporation, and the director shall, upon the corporation's application, issue temporary agent's licenses expiring on the date specified under (c)(3) of this section to individuals qualified for a resident agent's license except as to the taking or passing of an examination. The director may suspend or revoke a license for any of the causes and under the same procedures applicable to suspension or revocation of licenses of agents in general under AS 21.27.
AK Stat § 21.69.250 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.250. Formation of mutuals.

(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and AS 21.69.240(c)(3). The corporation shall file an executed copy of the trust agreement with the director. (b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer, shall thereafter in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority or thereafter as provided by the respective policies.
AK Stat § 21.69.260 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.260. Failure to qualify.

If the proposed domestic insurer fails to complete its organization and to secure its original certificate of authority within one year from and after the date of its certificate of incorporation, its corporate powers shall cease, and the director shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under AS 21.69.250.
AK Stat § 21.69.270 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.270. Additional kinds of insurance.

A domestic mutual insurer, after being authorized to transact one kind of insurance, may be authorized by the director to transact the additional kinds of insurance that are permitted under AS 21.09.060 while otherwise in compliance with this title and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, subject further to the additional expendable surplus requirements of AS 21.09.080 applicable to such a stock insurer.
AK Stat § 21.69.280 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.280. Membership in mutuals.

(a) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of the membership, and the policy must so specify. (b) A person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee, or fiduciary may be a member of a domestic, foreign, or alien mutual insurer. An officer, stockholder, trustee, or legal representative of any such corporation, board, association, or estate may be recognized as acting for or on its behalf for the purpose of the membership, and is not personally liable upon a contract of insurance for acting in the representative capacity. (c) A domestic corporation may participate as a member of a mutual insurer as an incidental purpose for which the corporation is organized.
AK Stat § 21.69.290 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.290. Bylaws of mutual.

(a) A domestic mutual insurer shall have bylaws for the governing of its affairs. The initial board of directors of the insurer shall adopt original bylaws, subject to the approval of the insurer's members at the next succeeding meeting. The members shall have power to make, modify, and revoke bylaws. (b) The bylaws must provide (1) that each member is entitled to one vote upon each matter coming to a vote at meetings of members; or to more votes in accordance with a reasonable classification of members as set out in the bylaws and based upon the amount of insurance in force, number of policies held, or upon the amount of the premiums paid by the member, or upon other reasonable factors; a member shall have the right to vote in person or by a written proxy; a proxy may not be made irrevocable or for longer than a reasonable period of time; (2) for election of directors by the members; and the number, qualifications, terms of office, and powers of directors; (3) the time, notice, quorum, and conduct of annual and special meetings of members and voting at meetings; the bylaws may provide that the annual meeting shall be held at a place, date, and time to be set out in the policy and without giving other notice of the meeting; (4) the number, designation, election, terms, and powers and duties of the respective corporate officers; (5) for deposit, custody, disbursement, and accounting as to corporate funds; (6) for other reasonable provisions customary, necessary, or convenient for the management or regulation of its corporate affairs. (c) A provision in the bylaws for determining a quorum of members at a meeting of less than a majority of all the insurer's members is not effective unless approved by the director. This subsection does not affect any other provision of law requiring a vote of a larger percentage of members for a specified purpose. (d) The insurer shall promptly file with the director a copy, certified by the insurer's secretary, of its bylaws and of every modification or addition. The director shall disapprove a bylaw provision considered by the director to be unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members or a class of them. The insurer may not, after receiving written notice of the disapproval and during the existence thereof, effectuate the disapproved bylaw provision.
AK Stat § 21.69.300 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 69. Organization and Corporate Procedures|Sec. 21.69.300. Bylaws of stock insurer.

A bylaw adopted at a meeting of stockholders of a domestic insurer may not be modified or revoked except by the stockholders at a subsequent meeting unless the bylaw as adopted or amended by the stockholders grants authority to the board of directors to revoke or modify bylaw provisions; but the board of directors may not revoke or modify a bylaw relating to the qualifications, election, terms, or compensation of directors, or to the calling or notice of meetings of stockholders. A revocation or modification of bylaws made by the directors under this provision shall be presented at the next meeting of stockholders for the information of the stockholders.