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2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.205. Quarterly statement.

(a) The director may require an insurer to file quarterly financial statements. If required, the statements must follow for a given quarter the reporting format specified in the quarterly financial statement blank form and instructions most recently approved by the National Association of Insurance Commissioners.
(b) A quarterly financial statement, if required, is due 45 days after the end of the quarter to which it applies.
(c) An insurer shall pay to the division $100 for each day the insurer fails to file the quarterly statement in the form required or within the time established in (b) of this section.
(d) In addition to the requirements of (a) of this section, an authorized insurer shall file its quarterly statement with the National Association of Insurance Commissioners on electronic media acceptable to the association by the due date established by the association, and shall pay the applicable filing fee. The director may waive the filing requirement if the insurer only transacts business in this state and only accepts risks relative to a subject resident, located, or to be performed in this state. An insurer that fails to comply with this subsection is subject to the penalties specified in (c) of this section, calculated from the filing and fee due date established by the National Association of Insurance Commissioners.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.242. Cooperation with the Department of Health.

(a) An insurer, including a pharmacy benefits manager, with respect to medical assistance programs under AS 47.07, shall cooperate with the Department of Health to
(1) provide, with respect to an individual who is eligible for or is provided medical assistance under AS 47.07, on the request of the department, information to determine during what period the individual or the individual's spouse or dependents may be or may have been covered by the insurer and the nature of the coverage that is or was provided by the insurer, including the name and address of the insurer and the identifying number of the health care insurance plan;
(2) accept the department's right of recovery and the assignment to the department of any right of an individual or other entity to payment from the party for an item or service for which payment has been made under AS 47.07;
(3) respond to any inquiry by the department regarding a claim for payment for any health care item or service that is submitted not later than three years after the date of the provision of the health care item or service; and
(4) agree not to deny a claim submitted by the department solely on the basis of the date of submission of the claim, the type or format of the claim form, or a failure to present proper documentation at the point-of-sale that is the basis of the claim if
(A) the claim is submitted by the department within the three-year period beginning on the date on which the item or service was furnished; and
(B) any action by the department to enforce its rights with respect to the claim is commenced within six years after the department's submission of the claim.
(b) An assessable entity, as defined in AS 18.09.990, shall provide information and assessments to the Department of Health and the State Vaccine Assessment Council established under AS 18.09.210 as necessary for the statewide immunization program established under AS 18.09.200.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.245. Required notice.

(a) If an insurer intends to change the insurer's name, domicile, or other information provided on the certificate of authority, the insurer shall file a notice of the change with the director within 30 days before or after the intended change takes effect.
(b) If an insurer changes the insurer's articles of incorporation, bylaws, business address, phone number, electronic mailing address, or other information maintained by the director, the insurer shall file a notice of the change with the director not later than 90 days after the effective date of the change.
(c) Failure by an insurer to provide notification required by this section may result in a civil penalty of up to $1,000 and, additionally, a civil penalty of up to $50 for each day that the information is withheld from the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.247. Biographical affidavits.

A domestic insurer shall file with the director a complete affidavit of biographical information not later than 30 days after the appointment of an officer or director of the insurer. If requested by the director, a foreign insurer shall file with the director an affidavit of biographical information for the appointment of an officer or director of the insurer. A filing under this section must be on a form approved by the director. A filing is not required if a biographical affidavit of the officer or director has been submitted to the director within one year before the date of appointment. A biographical affidavit filed under this section is confidential and not subject to public inspection.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.250. Prohibited acts.

An insurer doing business in this state may not make, write, place, or cause to be made, written, or placed in this state a policy, duplicate policy, or contract of insurance of any kind or character, or general or floating policy upon persons or property resident, situated, or located in this state, from or through a person required to be licensed who has not secured a license in this state. An insurer may not pay a commission or any form of remuneration to a person, firm, or organization for the writing or placing of insurance coverage in this state unless that person, firm, or organization holds a license issued by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.260. Penalties.

An insurer that the director determines, following an appropriate hearing as provided in AS 21.06.170 - 21.06.230, has violated the provisions of AS 21.09.250 is subject to a civil penalty of not more than $2,500 for each violation. The director may suspend or revoke the license of the insurer for a violation of AS 21.09.250, but violation does not invalidate the insurance contract.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.290. Risk retention groups.

(a) A risk retention group formed in this state shall
(1) comply with 15 U.S.C. 3901 - 3906 (Liability Risk Retention Act); and
(2) qualify for and hold in good standing a certificate of authority under AS 21.09.010 - 21.09.320, limited to liability insurance only.
(b) A risk retention group shall submit with its application for a certificate of authority
(1) the identity of
(A) the initial members of the risk retention group;
(B) all persons who organized the risk retention group;
(C) all persons who will provide administrative services to the risk retention group;
(D) all persons who will influence or control the activities of the risk retention group;
(2) the amount and nature of initial capitalization;
(3) a plan of operation or a feasibility study that includes the coverage, deductible, coverage limit, rate, and rating classification system for the type or class of liability insurance the group intends to offer; and
(4) the states in which the risk retention group intends to operate.
(c) At least 30 days before a domestic risk retention group implements a material change or revision to an approved plan of operation or feasibility study, the material change or revision shall be filed with the director. A material change or revision may not be implemented unless the domestic risk retention group receives the director's written approval. In this subsection, “material change or revision” includes an offering of an additional type or class of liability insurance.
(d) In this section,
(1) “liability” means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injury to another person, damage to property, or other damage or loss to a person resulting from or arising out of a business, whether profit or nonprofit, trade, product, service, including a professional service, or an activity of a state or local government, or an agency or political subdivision of a state or local government; “liability” does not include personal risk liability or employer's liability with respect to its employees other than legal liability under 45 U.S.C. 51 (Federal Employers' Liability Act);
(2) “personal risk liability” means liability for damages because of injury to a person, damage to property, or other loss or damage resulting from a personal, familial, or household responsibility or activity and that is not a responsibility or activity described under (1) of this subsection.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 1. Authorization of Insurers and General Requirements. › Sec. 21.09.320. Maintenance of records; production; civil penalty.

(a) A foreign insurer shall keep at its principal place of business a complete record of its assets, transactions, and affairs in accordance with the methods and systems that are customary or suitable to the kind of business transacted.
(b) To meet the requirements of (a) of this section, the insurer shall keep the records as required by the record maintenance requirements of the insurer's domicile jurisdiction.
(c) The director may make a request in writing to review records under (a) of this section. An insurer shall, not later than 10 business days after the date of the request, provide the requested records to the director or make the records available for inspection and copying. All records inspected or examined under this subsection are confidential, but may be used by the director in a proceeding against the insurer.
(d) Failure by an insurer to provide information required in this section may result in a civil penalty of up to $1,000 for each violation and an additional civil penalty of up to $50 for each day the information requested is not provided.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 2. Corporate Governance Annual Disclosure. › Sec. 21.09.400. Corporate governance annual disclosure scope.

(a) AS 21.09.400 - 21.09.460 do not prescribe or impose a corporate governance standard or internal procedure beyond that required under AS 10. Nothing in AS 21.09.400 - 21.09.460 limits the director's authority or the rights or obligations of a third party.
(b) AS 21.09.400 - 21.09.460 apply to an insurer domiciled in this state.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 2. Corporate Governance Annual Disclosure. › Sec. 21.09.420. Regulations and orders.

To carry out the provisions of AS 21.09.400 - 21.09.460, the director may
(1) adopt regulations, including regulations substantially similar to the regulations under the National Association of Insurance Commissioners' Corporate Governance Annual Disclosure Model Regulation; and
(2) issue orders necessary to implement the provisions.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 2. Corporate Governance Annual Disclosure. › Sec. 21.09.430. Contents of corporate governance annual disclosure.

(a) An insurer or insurance group may have discretion in responding to a corporate governance annual disclosure inquiry if the insurer's or insurance group's disclosure contains the material necessary for the director to gain an understanding of the insurer's or insurance group's corporate governance structure, policies, and practices. The director may request additional information the director determines necessary for the director to have a clear understanding of the insurer's or insurance group's corporate governance policies, reporting or information system, or controls implementing those policies.
(b) An insurer or insurance group shall prepare a corporate governance annual disclosure consistent with regulations adopted by the director under AS 21.09.420. An insurer or insurance group shall maintain documents and supporting information used in preparing the insurer's or insurance group's disclosure and shall make the documents and supporting information available upon examination or request of the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 2. Corporate Governance Annual Disclosure. › Sec. 21.09.440. Confidentiality.

Documents, materials, or other information, including a corporate governance annual disclosure, in the possession or control of the division that are obtained by, created by, or disclosed to the director or any person under AS 21.09.400 - 21.09.460 are confidential and subject to the provisions of AS 21.06.060.
2023 Alaska Statutes › Title 21. Insurance › Chapter 09. Authorization, Corporate Governance Requirements › Article 2. Corporate Governance Annual Disclosure. › Sec. 21.09.460. Penalties.

Each day an insurer or insurance group fails, without just cause, to file the corporate governance annual disclosure in the time required under AS 21.09.410(a), the insurer or insurance group shall pay $1,000, not to exceed $365,000. The director may reduce the penalty under this section if the insurer or insurance group demonstrates to the director that the imposition of the penalty is a financial hardship to the insurer or insurance group.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.010. Limit of risk.

(a) An insurer may not retain a risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders.
(b) In this section a “subject of insurance” as to insurance against fire and hazards other than windstorm, earthquake, and other catastrophe hazards, includes all properties insured by the same insurer that are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of the hazard insured against.
(c) Reinsurance ceded as authorized by AS 21.12.020 shall be deducted in determining risk retained. As to surety risks, deduction shall also be made of the amount assumed by an established incorporated cosurety and the value of a security deposited, pledged or held subject to the surety's consent and for the surety's protection.
(d) As to alien insurers, this section relates only to risks and surplus to policyholders of the insurer's United States branch.
(e) In this section “surplus to policyholders” in addition to the insurer's capital and surplus includes any voluntary reserves that are not required under law, and are determined from the last sworn statement of the insurer on file with the director, or by the last report of examination of the insurer, whichever is more recent at time of assumption of risk.
(f) This section does not apply to life or health insurance, annuities, title insurance, insurance of wet marine and transportation risks, workers' compensation insurance, employer's liability coverages, sprinklered risks, or to a policy or type of coverage in which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.025. Assumption reinsurance.

(a) A nondomestic admitted insurer may not carry out an agreement of assumption reinsurance with a nonadmitted insurer that would transfer Alaska policyholders unless
(1) the nonadmitted insurer applies for and obtains a certificate of authority from the director; or
(2) the admitted insurer files the assumption agreement with the director and obtains approval to apply the assumption agreement to Alaska policies or certificates.
(b) The director shall approve an assumption agreement involving the assumption of Alaska insurance business by a nonadmitted insurer if
(1) the ceding insurer is in supervision, conservation, or liquidation and the assuming insurer is in good standing in its state of domicile; or
(2) approval would be in the public interest of the Alaska policyholders.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.030. Definitions not mutually exclusive.

It is intended that certain insurance coverages may come within the definitions of two or more kinds of insurance as defined in this chapter, and the inclusion of coverage within one definition does not exclude it from the definition of another kind of insurance coverage if the coverage may be reasonably included.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.040. Life insurance defined.

Life insurance is insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits for death or dismemberment by accident or accidental means, additional benefits for the insured's disability, and optional modes of settlement of proceeds of life insurance. Transaction of life insurance does not include workers' compensation insurance.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.050. Health and health care insurance defined.

(a) Health insurance is insurance of human beings (1) against bodily injury, disablement, or death by accident or accidental means; (2) against the resulting expenses of the injury, disablement, or death; (3) against disablement or expense resulting from sickness or childbirth; (4) against expense incurred in prevention of sickness; (5) for dental care; and (6) including every insurance that applies to injury, disablement, or death. Transaction of health insurance includes disability insurance and stop-loss insurance but does not include workers' compensation insurance. Health care insurance described in (b) of this section is a type of health insurance under this subsection.
(b) Health care insurance means that part of health insurance that provides, delivers, arranges for, pays for, or reimburses any of the costs of medical care.
(c) In this section, “stop-loss insurance” means insurance purchased by a self-insured employer to cover benefits the employer incurs in excess of a preset limit.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.055. Annuities and annuity contract defined.

(a) Annuities means all agreements to make periodical payments if the making or continuance of all or some of a series of payments or the amount of a payment is dependent upon the continuance of human life, except payments made under AS 21.12.040. The business of annuities is considered to include additional benefits operating to safeguard the contract from lapse, or to provide a special surrender value, or special benefit, or annuity, in the event of the total and permanent disability of the holder.
(b) Annuity contract means a contract providing for an annuity as defined in (a) of this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.060. Property insurance defined.

Property insurance is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause, and against loss consequential upon the loss or damage, other than noncontractual legal liability for loss or damage. Property insurance does not include title insurance as defined in AS 21.66.480.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.080. Surety insurance defined.

Surety insurance includes
(1) fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust;
(2) insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings, and contracts of suretyship;
(3) insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semiprecious stones, including loss while being transported in armored motor vehicles or by messenger, but not including any other risks of transportation or navigation; also insurance against loss or damage to an insured's premises or to the furnishings, fixtures, equipment, safes, and vaults on an insured's premises caused by burglary, robbery, theft, vandalism, or malicious mischief, or attempted burglary, robbery, theft, vandalism, or malicious mischief.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.110. Mortgage guaranty insurance defined.

Mortgage guaranty insurance includes insurance against financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument consisting of a lien or charge on real estate.
2023 Alaska Statutes › Title 21. Insurance › Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance › Sec. 21.12.130. Commercial insurance defined.

Commercial insurance is any line of property insurance, as defined in AS 21.12.060, or casualty insurance, as defined in AS 21.12.070, that is for business and professional interests, whether for profit, nonprofit, or public in nature. For purposes of filing rates under AS 21.39.040 and forms under AS 21.42.120, commercial insurance does not include workers' compensation insurance.
2023 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.]
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.