reglab/housing_qa huggingface dataset:
AK Stat § 21.18.170 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 18. Assets and Liabilities|Sec. 21.18.170. Valuation of investments.

For the purposes of this chapter, the value or amount of an investment acquired, held, or invested in or an investment practice engaged in under this title, unless otherwise specified in this title, must be the value at which assets of an insurer are required to be reported for accounting purposes under this title and as required under procedures prescribed in published accounting and valuation standards of the National Association of Insurance Commissioners, including the purposes and procedures manual of the securities valuation office, the valuation of securities manual, the accounting practices and procedures manual, and the annual statement instructions or valuation procedures officially adopted by the National Association of Insurance Commissioners.
AK Stat § 21.21.010 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 21. Investments|Sec. 21.21.010. Scope.

This chapter applies only to an investment and investment practice of a domestic insurer and a United States branch of an alien insurer entered through this state. This chapter does not apply to separate accounts of a life insurer.
AK Stat § 21.21.020 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 21. Investments|Sec. 21.21.020. Eligible investments.

(a) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only the eligible investments prescribed in this chapter. (b) [Repealed, § 85 ch 50 SLA 1990.]  (c) Eligibility of an investment shall be determined as of the date of its making or acquisition. (d) An investment limitation based upon the amount of the insurer's assets or particular funds shall relate to the assets or funds shown by the insurer's annual statement most recently required to be filed with the director. (e) For purposes of determining compliance with investment limitations imposed under this chapter, the director or an insurer shall use admitted asset values.
AK Stat § 21.21.255 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 21. Investments|Sec. 21.21.255. Regulation of securities held by insurers.

As provided under 15 U.S.C. 77r-1(b) and (c) (Secondary Mortgage Market Enhancement Act of 1984), securities that are purchased, held, or invested in by an insurer are subject to AS 21.18.170 and regulations adopted under AS 21.21.420, and other applicable provisions of this title.
AK Stat § 21.21.410 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 21. Investments|Sec. 21.21.410. Custodian of insurer assets.

(a) The custodian for assets, securities, or investments of the insurer may be only a bank, trust company, securities firm, or clearing corporation that is properly authorized by the insurer and approved by the director. (b) When securities are deposited with a clearing corporation, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited with the clearing corporation by any person, regardless of the ownership of the securities, and certificates representing securities of small denominations may be merged into one or more certificates of larger denominations. The records of any custodian through which an insurer holds securities in a clearing corporation must show that the securities are held for the insurer and for which accounts of the insurer. Ownership of, and other interest in, the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. (c) A custodial agreement between an insurer and an institution holding the assets, securities, or investments of the insurer must be in writing and must be authorized by a resolution of the board of directors of the insurance company or of an authorized committee of the board. The terms of the custodial agreement must comply with the requirements of the director.
AK Stat § 21.21.420 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 21. Investments|Sec. 21.21.420. Regulations.

The director shall adopt regulations regarding insurance company investments that are consistent with the defined limits standards for investments of the National Association of Insurance Commissioners.
AK Stat § 21.22.040 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.040. Mailings to shareholders and expenses.

All statements, amendments, or other material filed under AS 21.22.010, and all notices of public hearings held under AS 21.22.030, shall be mailed by the insurer to its shareholders within five business days after the insurer has received those statements, amendments, other materials, or notices. The expenses of mailing shall be borne by the person making the filing. As security for the payment of those expenses, the person making the filing shall file with the director an acceptable bond or other deposit in an amount to be determined by the director.
AK Stat § 21.22.050 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.050. Jurisdiction and consent to service.

The courts of this state are given jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under this chapter and over all actions involving that person arising out of violations of this chapter, and each person is considered to have performed acts equivalent to and constituting an appointment of the director to be the lawful attorney of the person upon whom may be served all lawful process in any action or proceeding arising out of a violation of this chapter. Copies of all lawful process shall be transmitted by registered or certified mail by the director to the person at the last known address of the person.
AK Stat § 21.22.070 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.070. Review by director.

If at any time the director determines that any material transaction entered into between an insurer and any of its affiliates does not meet the standards set out in AS 21.22.080, the director may, after hearings conducted in accordance with AS 21.06, require the insurer and the affiliate to terminate, set aside, or modify the transaction as considered appropriate by the director to make the transaction conform to those standards. An insurer may submit a proposed material transaction to the director for review and the director may issue an opinion that the transaction meets the standard set out in AS 21.22.080. The opinion creates a rebuttable presumption that neither the insurer, director, officer, employee, nor agent committed a wilful violation of this chapter by entering into the transaction. The opinion does not prohibit the director from subsequently exercising authority under this section.
AK Stat § 21.22.080 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.080. Transactions within an insurance holding company system.

Material transactions by registered insurers with their affiliates are subject to the following standards: (1) the terms shall be fair and reasonable; (2) charges or fees for services performed shall be reasonable; (3) expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; (4) the books, accounts, and records of each party to the transactions shall be maintained so as to disclose clearly and accurately the nature and details of the transactions including accounting information that is necessary to support the reasonableness of the charges or fees to the respective parties; (5) the insurer's surplus as regards policyholders following any dividends or distributions to shareholder affiliates or performance under a material transaction with an affiliate shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs; and (6) agreements for cost-sharing services and management must include the provisions required by regulations adopted by the director.
AK Stat § 21.22.090 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.090. Adequacy of surplus.

For the purposes of this chapter, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: (1) the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria; (2) the extent to which the insurer's business is diversified among the several lines of insurance; (3) the number and size of risks insured in each line of business; (4) the extent of the geographical dispersion of the insurer's insured risk; (5) the nature and extent of the insurer's reinsurance program; (6) the quality, diversification, and liquidity of the insurer's investment portfolio; (7) the recent past and projected future trend in the value of the insurer's investments; (8) the surplus as regards policyholders maintained by other comparable insurers; (9) the adequacy of the insurer's reserves; and (10) the quality and liquidity of investments in affiliates made under AS 21.21; the director may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever the director determines the investment warrants it.
AK Stat § 21.22.100 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.100. Dividends and other distributions.

(a) A domestic insurer may not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until (1) 30 days after the director has received notice of the declaration of the dividend or distribution and has not within that period disapproved its payment; or (2) the director has approved its payment within the 30-day period. (b) For purposes of this section, an extraordinary dividend or distribution includes a dividend or distribution of cash or other property, the fair market value of which together with that of other dividends or distributions made within the preceding 12 months exceeds the lesser of (1) 10 percent of the insurer's surplus as regards policyholders as of December 31 of the preceding year; or (2) the net gain from operations of the insurer, if the insurer is a life insurer, or the net investment income, if the insurer is not a life insurer, for the 12-month period ending December 31 of the preceding year; but does not include pro rata distributions of any class of the insurer's own securities. In determining whether a dividend or distribution is extraordinary, an insurer other than a life insurer may carry forward net income from the previous two calendar years that has not already been paid out as dividends. The carry forward provision shall be computed by taking the net income from the second and third preceding calendar years, not including realized capital gains, less dividends paid in the second and immediate preceding calendar years. (c) Notwithstanding AS 21.69.490, an insurer may declare an extraordinary dividend or distribution that is conditional upon the director's approval. A declaration confers no rights upon shareholders until (1) the director has approved the payment of the dividend or distribution; or (2) the director has not disapproved the payment within the 30-day period referred to in (a) of this section.
AK Stat § 21.22.105 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.105. Management of domestic insurers subject to registration.

(a) Notwithstanding the control of a domestic insurer by any person, the officers and directors of the insurer may not be relieved of an obligation or liability to which the officers and directors would otherwise be subject to by law, and the insurer shall be managed so as to assure the insurer's separate operating identity consistent with this title. (b) This section does not preclude a domestic insurer from having or sharing a common management or cooperative or joint use of personnel, property, or services with one or more other persons under arrangements meeting the standards of AS 21.22.080.
AK Stat § 21.22.110 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.110. Examination.

(a) In addition to the director's authority to examine insurers under AS 21.06.120 - 21.06.170, the director may examine an insurer registered under AS 21.22.060 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, by any entity or combination of entities within the insurance holding company system, or by the insurance holding company system on a consolidated basis. (b) The director may (1) order an insurer registered under AS 21.22.060 to produce the records, books, or other information or papers in the possession of the insurer or its affiliates that are reasonably necessary to determine compliance with this chapter; (2) order an insurer registered under AS 21.22.060 to produce information not in the possession of the insurer if the insurer can obtain access to the information under contractual relationships, statutory obligations, or other method; in the event the insurer cannot obtain the information requested by the director, the insurer shall provide the director a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of information; if the director determines that the detailed explanation is without merit, the director may, after notice and hearing, require the insurer to pay a penalty of $250 for each day's delay in providing the requested information, or may suspend or revoke the insurer's license; (3) in the event the insurer fails to comply with an order under this subsection, examine or issue subpoenas to the insurer's affiliates to obtain the information. (c) The director may retain, at the registered insurer's expense, attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as may be necessary to assist in the conduct of an examination under (a) of this section. Any persons so retained are under the direction and control of the director and shall act in a purely advisory capacity. (d) Each registered insurer producing for examination records, books, and papers under (a) of this section is liable for and shall pay the expense of an examination in accordance with AS 21.06.160.
AK Stat § 21.22.115 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.115. Supervisory colleges.

(a) With respect to an insurer registered under AS 21.22.060, and in accordance with (c) of this section, the director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine the insurer's compliance with this chapter. The director may (1) initiate the establishment of a supervisory college; (2) clarify the membership and participation of other supervisors in the supervisory college; (3) clarify the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor; (4) coordinate the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and (5) establish a crisis management plan. (b) An insurer subject to this section is liable for and shall pay the reasonable expenses of the director's participation in a supervisory college in accordance with (c) of this section, including reasonable travel expenses. Under this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of those expenses. (c) To assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with AS 21.22.110, the director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The director may enter into agreements in accordance with AS 21.06.060 and AS 21.22.120 to share confidential information between the director and regulatory agencies or other members of the supervisory college. (d) Nothing in this section delegates to the supervisory college the director's authority to regulate or supervise an insurer or its affiliates under this title.
AK Stat § 21.22.130 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.130. Regulations.

The director may adopt regulations to carry out the provisions of this chapter.
AK Stat § 21.22.140 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.140. Injunctions.

If it appears to the director that an insurer or a director, officer, employee, or agent of an insurer has violated or is about to violate this chapter or a regulation adopted or an order issued by the director under this chapter, the director may apply to the superior court in the judicial district in which the principal office of the insurer is located or if the insurer has no office in this state then to the superior court in the first judicial district for an order enjoining the insurer or a director, officer, employee, or agent of the insurer from the violation, and for other relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require.
AK Stat § 21.22.150 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.150. Voting of certain securities prohibited.

(a) A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter may not be voted at a shareholders' meeting or be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though those securities were not issued and outstanding; but an action taken at such a meeting may not be invalidated by the voting of those securities, unless the action would materially affect control of the insurer or unless the courts of this state have so ordered. (b) If an insurer or the director has reason to believe that a security of the insurer has been or is about to be acquired in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter, the insurer or the director may apply to the superior court in the first judicial district or the superior court in the judicial district in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter, to enjoin the voting of any security so acquired, to void any vote of a security already cast at a meeting of shareholders, and for other relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require. (c) This section does not apply to a security that constitutes an acquisition covered by AS 21.22.065.
AK Stat § 21.22.160 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.160. Sequestration of voting securities.

(a) If a person has acquired or is proposing to acquire voting securities in violation of this chapter or a regulation adopted or an order issued by the director under this chapter, the insurer or the director may make an application in the superior court in the first judicial district or the superior court in the judicial district in which the insurer has its principal place of business to seize or sequester any voting securities of the insurer owned directly or indirectly by that person, and the court may issue an order with respect to those securities as may be appropriate to effectuate this chapter. For the purposes of this chapter the situs of the ownership of the securities of domestic insurers is considered to be in this state. (b) This section does not apply to a security that constitutes an acquisition covered by AS 21.22.065.
AK Stat § 21.22.170 (2021)
2021 Alaska Statutes|Title 21. Insurance|Chapter 22. Insurance Holding Companies|Sec. 21.22.170. Civil penalties for violations.

(a) An insurer failing, without just cause, to file a registration statement required under this chapter shall be required, after notice and hearing under AS 21.06.170 - 21.06.240, to pay a $200 fine for each day the insurer fails to file the registration. The maximum penalty under this subsection is $50,000. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would be a financial hardship to the insurer. (b) A director or officer of an insurance holding company system who knowingly violates, participates in, assents to, or knowingly permits an officer or agent of an insurer to engage in transactions or make investments that have not been properly reported or submitted under AS 21.22.060, 21.22.085, or 21.22.100, or that violate this chapter, shall pay, in the director's or officer's individual capacity, a fine of not more than $50,000 for each violation, after notice and hearing under AS 21.06.170 - 21.06.240. In determining the amount of the fine, the director shall take into account the appropriateness of the fine with respect to the gravity of the violation, the history of previous violations, and other matters as justice may require. (c) If the director has reason to believe that an insurer subject to this chapter, or a director, officer, employee, or agent of the insurer, has engaged in a transaction or entered into a contract that is subject to AS 21.22.080 - 21.22.105, and that would not have been approved had the approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing under AS 21.06.170 - 21.06.240, the director may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public. (d) If the director has reason to believe that a person has committed a violation of AS 21.22.010 or 21.22.020 that prevents the full understanding of the enterprise risk to an insurer by its affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for placing the insurer under an order of rehabilitation in accordance with AS 21.78.090.