reglab/housing_qa huggingface dataset:
AK Stat § 21.75.060 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.060. Organization of reciprocal insurer.

(a) Ten or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the director for a certificate of authority to transact insurance. (b) The proposed attorney-in-fact shall fulfill the requirements of and shall execute and file with the director when applying for a certificate of authority, a declaration setting out (1) the name of the insurer; (2) the location of the insurer's principal office, which shall be the same as that of the attorney-in-fact and shall be maintained in this state, and the mailing address, electronic mailing address, and telephone numbers; (3) the kinds of insurance proposed to be transacted; (4) the names and addresses of the original subscribers; (5) the designation and appointment of the proposed attorney-in-fact and a copy of the power of attorney; (6) the names and addresses of the officers and directors of the attorney-in-fact, if a corporation, or its members, if a firm; (7) the powers of the subscribers' advisory committee, and the names and terms of office of the members; (8) that all money paid to the reciprocal insurer shall, after deducting any sum payable to the attorney-in-fact, be held in the name of the insurer and for the purposes specified in the subscribers' agreement; (9) a copy of the subscribers' agreement; (10) a statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted and that the insurer has received from each subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six months at an adequate rate filed with and approved by the director; (11) a statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by AS 21.75.050 is on hand; (12) a copy of each policy, endorsement, and application form it then proposes to issue or use. (c) The declaration shall be acknowledged by the attorney-in-fact in the manner required for the acknowledgment of deeds. (d) The director may provide financial and technical assistance to persons who wish to establish a reciprocal insurer to provide marine insurance under this chapter. (e) The areas the director may assist the person with under (d) of this section include (1) preparing the documentation necessary to form the reciprocal insurer; (2) obtaining reinsurers for the reciprocal insurer; (3) preparing subscriber rules and management procedures for the reciprocal insurer; (4) financing the formation expenses of the reciprocal insurer; (5) managing the reciprocal insurer.
AK Stat § 21.75.070 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.070. Certificate of authority.

(a) The certificate of authority of a reciprocal insurer shall be issued to its attorney-in-fact in the name of the insurer. (b) The director may refuse, suspend, or revoke the certificate of authority, in addition to other grounds, for failure of the attorney-in-fact to comply with a provision of this title.
AK Stat § 21.75.090 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.090. Modifications.

Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney-in-fact and the subscribers' advisory committee. A modification may not be effective retroactively, or apply to an insurance contract issued before the modification.
AK Stat § 21.75.100 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.100. Attorney-in-fact's bond.

(a) Concurrently with the filing of the declaration provided in AS 21.75.060, the attorney-in-fact of a domestic reciprocal insurer shall file with the director a bond in favor of this state for the benefit of all persons damaged as a result of a breach by the attorney-in-fact of the conditions of the bond as set out in (b) of this section. The bond shall be executed by the attorney-in-fact and by an authorized corporate surety, shall meet the requirements established under AS 21.27.190, and shall be subject to the director's approval. (b) The bond shall be in the sum of $100,000, aggregate in form, conditioned that the attorney-in-fact will faithfully account for all money and other property of the insurer coming into the hands of the attorney-in-fact and that the attorney-in-fact will not withdraw or appropriate to personal use from the funds of the insurer, money or property to which the attorney-in-fact is not entitled under the subscriber's agreement. (c) [Repealed, § 223 ch 67 SLA 1992.] (d) The director may require the attorney-in-fact, unless wholly owned by the reciprocal insurer, to maintain an errors and omissions policy issued by an admitted insurer acceptable to the director providing coverage in an amount and issued by an insurer approved by the director. This requirement is satisfied if the attorney-in-fact maintains an errors and omissions policy to satisfy the laws of another state in an amount approved by the director.
AK Stat § 21.75.110 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.110. Action on bond.

Action on the attorney-in-fact's bond or to recover against a deposit made in lieu of the bond may be brought at any time by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of the bond.
AK Stat § 21.75.115 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.115. Examination of an attorney-in-fact.

An attorney-in-fact of a reciprocal insurer is subject to examination by order of the director under AS 21.06.120 and 21.06.140 - 21.06.160 for the purpose of determining compliance with this title relating to the operations of the reciprocal insurer or its attorney-in-fact that the director determines cannot be obtained by examination of the reciprocal insurer. The cost of the examination shall be paid by the attorney-in-fact.
AK Stat § 21.75.120 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.120. Service of process.

(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney-in-fact at the principal offices of the attorney-in-fact or by serving the director as the insurer's process agent under AS 21.09.180 and 21.09.190. (b) A judgment based upon legal process so served shall be binding upon each of the insurer's subscribers as their respective interests may appear but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each subscriber.
AK Stat § 21.75.130 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.130. Annual statement.

(a) The annual statement of a reciprocal insurer shall be made by its attorney-in-fact and filed with the director, as provided in AS 21.09.200. (b) The statement shall be supplemented by information that may be required by the director relative to the affairs and transactions of the attorney-in-fact insofar as they relate to the reciprocal insurer.
AK Stat § 21.75.135 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.135. Quarterly statements.

(a) The director may require a reciprocal insurer's attorney-in-fact to file a quarterly financial statement as provided in AS 21.09.205. (b) A statement required under (a) of this section shall be supplemented by information that may be required by the director relative to the affairs and transactions of the attorney-in-fact that relate to the reciprocal insurer.
AK Stat § 21.75.140 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.140. Contributions to insurer.

The attorney-in-fact or other parties may advance to a domestic reciprocal insurer upon reasonable terms the funds it may require from time to time in its operations. Sums advanced may not be treated as a liability of the insurer, and, except upon liquidation of the insurer, may not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus. A withdrawal or repayment may not be made without the advance approval of the director. This section does not apply to bank loans or to loans for which security is given.
AK Stat § 21.75.150 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.150. Determination of financial condition.

In determining the financial condition of a reciprocal insurer the director shall apply the following rules: (1) the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis shall be charged as liabilities; (2) the surplus deposits of subscribers shall be allowed as assets, except the premium deposits delinquent for 90 days shall first be charged against the surplus deposit; (3) the surplus deposits of subscribers may not be charged as a liability; (4) all premium deposits delinquent less than 90 days shall be allowed as assets; (5) an assessment levied upon subscribers, and not collected, may not be allowed as an asset; (6) the contingent liability of subscribers may not be allowed as an asset; (7) the computation of reserves shall be based upon premium deposits other than membership fees and without deductions for expenses and the compensation of the attorney-in-fact.
AK Stat § 21.75.160 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.160. Who may be subscribers.

Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with and be a subscriber of a domestic, foreign, or alien reciprocal insurer. A corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers, and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts through the reciprocal insurer. The right to exchange the contracts is incidental to the purposes for which the corporations are organized and to be as fully granted as the rights and powers expressly conferred upon the corporations. Government or governmental agencies, state or political subdivisions, boards, associations, estates, trustees, or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals, partnerships, and corporations to the same extent that individuals, partnerships, and corporations are authorized to exchange reciprocal interinsurance contracts. An officer, representative, trustee, receiver, or legal representative of a subscriber shall be recognized as acting for or on its behalf for the purpose of the contract but shall be personally liable upon the contract by reason of acting in the representative capacity.
AK Stat § 21.75.170 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.170. Subscriber's advisory committee.

(a) The subscriber's advisory committee shall meet at least annually and shall consist of not less than nine individuals elected by the subscribers, at least two-thirds of whom are subscribers or officers or directors of subscriber corporations and, except for a reciprocal insurer that wholly owns its attorney-in-fact, not more than one-third of whom may be (1) the attorney-in-fact or an employee, officer, director, affiliate, or a person having a financial interest in the attorney-in-fact; or (2) a person representing the attorney-in-fact or an employee, officer, director, affiliate, or other person having a financial interest in the attorney-in-fact; a person shall be treated as having a financial interest in the attorney-in-fact if the person (A) owns, directly or indirectly, more than one percent of the outstanding stock in the attorney-in-fact; (B) has an outstanding loan from the attorney-in-fact; or (C) earns a commission or other compensation as a producer for the reciprocal insurer. (b) A member of the subscriber's advisory committee may be elected to a term of office of not less than one year nor more than four years. A member may be reelected for an unlimited number of terms. Terms of office may be staggered to provide for continuity. (c) The chair of the committee shall be elected by the members of the committee and the committee shall adopt rules consistent with the purposes of the committee. (d) The attorney-in-fact shall appoint a secretary. (e) Special meetings of the committee may be called by the attorney-in-fact, the chair of the committee, three members of the committee, or a signed petition of at least one percent of the subscribers or three individual subscribers, whichever is greater, as of the most recent annual report of the reciprocal insurer. (f) The committee shall (1) supervise the finances of the reciprocal insurer; (2) supervise the reciprocal insurer's operations to assure conformity with the subscriber's agreement; (3) procure the audit of the accounts and records of the reciprocal insurer and of the attorney-in-fact at the expense of the reciprocal insurer; and (4) have additional powers and functions that may be conferred by the subscriber's agreement. (g) Notwithstanding (a) of this section, a domestic reciprocal insurer transacting all of its insurance activities on a subject resident, located, or to be performed in this state may, with the prior written approval of the director, have a subscriber's advisory committee that consists of not less than five individuals who are elected by the subscribers, and who otherwise meet the requirements of (a) of this section.
AK Stat § 21.75.180 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.180. Subscribers' liability.

(a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and proportionate liability, and not joint. (b) Except as to a nonassessable policy each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while the subscriber's policy was in force. The contingent liability may be at the rate of not less than one or more than ten times the premium deposit stated in the policy, and the maximum aggregate shall be computed in the manner set out in AS 21.75.190. (c) Each assessable policy issued by the insurer must contain a statement of the contingent liability.
AK Stat § 21.75.190 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.190. Subscribers' liability on judgment.

(a) An action may not lie against a subscriber upon an obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days. (b) The judgment shall be binding upon each subscriber only in the proportion which the subscriber's interest may appear and in an amount not exceeding the contingent liability of the subscriber, if any.
AK Stat § 21.75.200 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.200. Assessments.

(a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable under the terms of their policies by the attorney-in-fact upon approval in advance by the subscribers' advisory committee and the director; or by the director in liquidation of the insurer. (b) Each subscriber's share of a deficiency for which an assessment is made, but not exceeding the aggregate contingent liability of the subscriber as stated in accordance with AS 21.75.180, shall be computed by applying to the premium earned on the subscriber's policy or policies during the period to be covered by the assessment, the ratio of the total deficiency to the total premiums earned during the period upon all policies subject to the assessment. (c) In computing the earned premiums for the purposes of this section, the gross premium received by the insurer for the policy shall be used as a base, deducting only charges not recurring upon the renewal or extension of the policy. (d) A subscriber may not have an offset against an assessment for which the subscriber is liable, on account of a claim for unearned premium or losses payable.
AK Stat § 21.75.210 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.210. Time limit for assessments.

A subscriber of a domestic reciprocal insurer having contingent liability is liable for and shall pay the subscriber's share of any assessment, as computed and limited under this chapter, if (1) while the subscriber's policy is in force or within one year after its termination, the subscriber is notified by either the attorney-in-fact or the director of an intention to levy the assessment; or (2) an order to show cause why a receiver, conservator, rehabilitator, or liquidator of the insurer should not be appointed is issued while the subscriber's policy is in force or within one year after its termination.
AK Stat § 21.75.220 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.220. Aggregate liability.

A single policy or subscriber as to the policy may not be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year, in excess of the amount provided for in the power of attorney or in the subscribers' agreement, computed solely upon premium earned on the policy during that year.
AK Stat § 21.75.230 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.230. Nonassessable policies.

(a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital and surplus required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney-in-fact and as approved by the subscribers' advisory committee, the director shall issue a certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this state, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this state for as long as all the surplus remains unimpaired. (b) Upon impairment of the surplus, the director shall immediately revoke the certificate. The revocation shall not render subject to contingent liability a policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after the revocation a policy may not be issued or renewed without providing for contingent assessment liability of the subscriber. (c) The director may not authorize a domestic reciprocal insurer to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it qualifies to and does extinguish the liability of all its subscribers and in all the policies for all kinds of insurance transacted by it. Except, that if required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of those subscribers which may acquire the policies in that state, and need not extinguish the contingent liability applicable to policies theretofore in force in that state. (d) Notwithstanding (a) - (c) of this section, a reciprocal insurer that provides marine insurance may issue policies that are nonassessable.
AK Stat § 21.75.240 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.240. Distribution of savings.

A reciprocal insurer may from time to time return to its subscribers any unused premiums, savings, or credits accruing to their accounts. The distribution may not unfairly discriminate between classes of risks, or policies, or between subscribers, but this does not prevent retrospective rating, or distribution on a retrospective plan, or distribution varying as to classes of subscribers based on the experience of the subscribers.
AK Stat § 21.75.250 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.250. Subscribers' share in assets.

Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of contributions of the attorney-in-fact or other persons to its surplus made as provided in AS 21.75.140, and the return of an unused premium, savings, or credits then standing on subscribers' account, shall be distributed to its subscribers who were subscribers within the 12 months before the last termination of its certificate of authority, according to a reasonable formula that the director may approve.
AK Stat § 21.75.260 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 75. Reciprocal and Cooperative Insurers|Article 1. Reciprocal Insurers.|Sec. 21.75.260. Merger or conversion.

(a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on the merger after due notice and the approval of the director of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual insurer. (b) The stock or mutual insurer is subject to the same capital or surplus requirements and has the same rights as a like domestic insurer transacting like kinds of insurance. (c) The director may not approve a plan for a merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to the subscriber's interest in the reciprocal insurer as determined in accordance with AS 21.75.250 and a reasonable length of time within which to exercise the right.