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2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.120. Examinations.

(a) The director shall, at least once in five years, make or cause to be made an examination of each rating organization licensed in this state under AS 21.39.060 and may, as often as the director may consider it expedient, make or cause to be made an examination of each advisory organization referred to in AS 21.39.100 and of each group, association, or other organization referred to in AS 21.39.110. The reasonable costs of the examination shall be paid by the rating organization, advisory organization, or group, association, or other organization examined upon presentation to it of a detailed account of the costs. The officers, manager, agents, and employees of the rating organization, advisory organization, or group, association, or other organization may be examined at any time under oath and shall exhibit all books, records, accounts, documents, or agreements governing its method of operation. In lieu of an examination the director may accept the report of an examination made by the insurance supervisory official of another state, under the laws of that state.
(b) A report of an examination may not be made public unless the rating organization, advisory organization, group, association, or other organization examined within 30 days after its receipt of the director's written notice of intention to publicize the report, does not apply to the director for a hearing. If the application is made within the 30 days, the director shall hold a hearing, after first giving reasonable written notice of the time and place, and either approve or disapprove the report as being correct. If the director approves the report or if no application is made for a hearing, the report shall immediately become and be admissible in evidence as a public record, and open to public inspection.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.130. Rate administration.

(a) The director shall adopt reasonable regulations and statistical plans, reasonably adapted to each of the rating systems filed with the director, that may be modified and that shall be used by each insurer in the recording and reporting of its loss and countrywide expense experience, in order that the experience of all insurers may be made available at least annually in the form and detail that may be necessary to aid in determining whether rating systems comply with the standards set out in AS 21.39.030. The regulations and plans may also provide for the recording and reporting of expense experience items that are specially applicable to this state and are not susceptible of determination by a prorating of countrywide expense experience. In adopting the regulations and plans, the director shall give due consideration to the rating systems filed with the director and, in order that the regulations and plans may be as uniform as is practicable among the several states, to the regulations and to the form of the plans used for the rating systems in other states. An insurer may not be required to record or report its loss experience on a classification basis that is inconsistent with the rating system filed by it. The director may designate one or more rating organizations or other agencies to assist in gathering the experience and making compilations. The compilations shall be made available, subject to reasonable regulations adopted by the director, to insurers and rating organizations.
(b) Reasonable regulations and plans may be adopted by the director for the interchange of data necessary for the application of rating plans.
(c) In order to further uniform administration of rate regulatory laws, the director and each insurer and rating organization may exchange information and experience data with insurance supervisory officials, insurers, and rating organizations in other states and may consult with them with respect to rate making and the application of rating systems.
(d) The director may adopt reasonable regulations necessary to carry out the purposes of this chapter.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.140. False or misleading information.

A person or organization may not wilfully withhold information from, or knowingly give false or misleading information to, the director, a statistical agency designated by the director, a rating organization, or an insurer, that will affect the rates or premiums chargeable under this chapter. A violation of this section shall subject the one guilty of the violation to the penalties provided in AS 21.39.160.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.150. Assigned risks.

Agreements may be made among insurers with respect to the equitable apportionment among them of insurance that may be afforded applicants who are in good faith entitled to the insurance but who are unable to procure the insurance through ordinary methods. The insurers may agree among themselves on the use of reasonable rate modifications for the insurance. The agreements and rate modifications are subject to the approval of the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.155. Assigned risk pool.

(a) The director may require insurers, except a reciprocal insurer formed under AS 21.75, as a condition of writing a line of insurance dealing with medical malpractice or workers' compensation, to participate in an assigned risk pool if the director finds that mandatory carrier participation is in the public interest.
(b) The assigned risk pool and the procedures to be followed in administering the pool shall be established by regulation.
(c) An insurer may impose a surcharge not to exceed 25 percent of the premium for assigned risk pool insurance, except that a surcharge may not be applied to the first $3,000 in premium in any policy year.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.160. Penalties.

(a) If the director finds, following an appropriate hearing, that a person or organization has violated a provision of this chapter, the director may impose a civil penalty not to exceed $200 or the actual amount of gain, whichever is greater, for each violation, but if the director finds the violation to be wilful the director may impose a penalty of $2,000 or three times the actual amount of gain, whichever is greater, for each violation. The penalties may be in addition to any other penalty provided by law. In this section, “gain” means the difference between the amount actually charged and the amount that should have been charged under applicable filings of the person or organization.
(b) The director may suspend the license of a rating organization or insurer that fails to comply with an order of the director within the time limited by the order or an extension of time granted by the director. The director may not suspend the license of a rating organization or insurer for failure to comply with an order until the time prescribed for an appeal has expired or, if an appeal has been taken, until the order has been affirmed. The director may determine when a suspension of license becomes effective. The suspension shall remain in effect for the period fixed by the director unless the director modifies or rescinds the suspension, or until the order upon which the suspension is based is modified, rescinded, or reversed.
(c) A penalty may not be imposed and a license may not be suspended or revoked except upon a written order of the director, stating findings, made after a hearing held upon not less than 10 days written notice to the person or organization specifying the alleged violation.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.170. Hearing procedure and judicial review.

(a) An insurer or rating organization to which the director has issued an order made without a hearing may, within 30 days after notice to it of the order, make written request to the director for a hearing. The director shall hear the party or parties within 20 days after receipt of the request and shall give not less than 10 days written notice of the time and place of the hearing. Within 15 days after the hearing the director shall affirm, reverse or modify the previous action, specifying the reasons. Pending the hearing and decision the director may suspend or postpone the effective date of the previous action.
(b) Nothing contained in this chapter may require the observance at a hearing of formal rules of pleading or evidence.
(c) An order or decision of the director is subject to review by appeal to the superior court at the instance of a party in interest. The court shall determine whether the filing of the appeal will operate as a stay of an order or decision of the director. The court may, in disposing of the issue before it, modify, affirm, or reverse the order or decision of the director in whole or in part.
2023 Alaska Statutes › Title 21. Insurance › Chapter 39. Rates and Rating Organizations › Sec. 21.39.210. Flex-rating.

(a) Except for workers' compensation, medical malpractice, and assigned risk plan rates, an insurer's rate level increase or decrease may take effect without prior approval if the cumulative rate level change for all coverages combined, calculated from the effective date to 12 months before the effective date, is not greater than 10 percent.
(b) An insurer may make multiple rate filings under this provision during any 12-month period if the cumulative rate level change is within the specified limitation as described in (a) of this section. For an insurer adopting a rating organization prospective loss cost filing, the cumulative rate level change includes both the rating organization's prospective loss cost change as well as the insurer's loss cost adjustment change.
(c) Notwithstanding any other provision of this title, for a policy governed by this section, a filing that produces a rate level change within the limitations provided in (a) of this section is effective without prior approval and may take effect on the date specified in the filing, but not earlier than the date it is received by the division. A rate level change within the limitation in (a) of this section may not be applied to a policy until the beginning of the policy period.
(d) A filing submitted under (a) of this section must include an exhibit showing the calculation of the overall rate level change and an exhibit showing the insurer's expense provisions. An insurer submitting a loss cost adjustment filing shall include supporting information showing how the loss cost adjustment is calculated. The director may request additional supporting information if the director does not have enough information upon which to determine if the filing meets the requirements of this title.
(e) A filing submitted under (a) of this section is considered to comply with this title. However, if the director determines that the filing does not meet the requirements of this title, the director shall issue an order specifying in detail the specific statutes the insurer has violated and the reasons the filing is not in compliance. The order must state a reasonable future date on which the filing is to be considered no longer effective. An order by the director under this subsection is prospective and does not affect any contract issued or made before the effective date of the order.
(f) The director may adopt regulations implementing the provisions of this section.
(g) This section does not apply to rating organizations or to any impaired or insolvent insurer operating under a rehabilitation plan, an order of supervision, or an impaired financial condition as determined by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.010. Filing statement of ownership of equity securities.

Every person who is directly or indirectly the beneficial owner of more than 10 percent of a class of an equity security of a domestic stock insurance company, or who is a director or an officer of the company, shall file with the department within 10 days after becoming the beneficial owner, director, or officer, a statement of the amount of all equity securities of the company of which the person is the beneficial owner. Within 10 days after the close of each calendar month, if there has been a change in ownership during the month, the beneficial owner, director, or officer shall file with the department a statement indicating ownership at the close of the calendar month, the changes in ownership that have occurred during the calendar month, and any other information required by the department. Statements shall be made in a form prescribed by the department.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.020. Suit to recover profits realized on unfair use of information.

For the purpose of preventing the unfair use of information that may have been obtained by a beneficial owner of more than 10 percent of a class of an equity security, or by a director or officer by reason of a relationship to a company, the profit realized by the beneficial owner, director, or officer from a purchase and sale, or a sale and purchase, of an equity security of the company within any period of less than six months, unless the security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company. The profit shall inure to and be recoverable by the company irrespective of the intention on the part of the beneficial owner, director, or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold, for a period exceeding six months. Suit to recover the profit may be instituted at law or in equity in the superior court by the company, or by the owner of a security of the company in the name and in behalf of the company if the company fails or refuses to bring a suit within 60 days after request or fails diligently to prosecute the suit. However, a suit to recover profit may not be brought more than two years after the date the profit was realized. This section may not be construed to cover a transaction where the beneficial owner was not a beneficial owner both at the time of the purchase and sale, or the sale and purchase, of the security involved, or cover a transaction or transactions that the department by regulation may exempt as not comprehended within the purpose of the section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.030. Unlawful sales of equity securities.

A beneficial owner of more than 10 percent of a class of equity security, or a director or officer, may not, directly or indirectly, sell an equity security of the company if the person selling the security or the principal of that person (1) does not own the security sold, or (2) if owning the security, does not deliver it against the sale within 20 days after the sale or does not within five days after the sale deposit it in the mails or other usual channels of transportation; but a person shall not be considered to have violated this section on proof that notwithstanding the exercise of good faith the person was unable to make the delivery or deposit within the time prescribed, or that to do so would cause undue inconvenience or expense.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.040. Exemption of certain sales of equity securities.

AS 21.40.020 does not apply to a purchase and sale, or sale and purchase, and AS 21.40.030 does not apply to a sale, of an equity security of a domestic stock insurance company not then or theretofore held in an investment account, by a dealer in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, as amended, for the security. The department may, by regulations that it considers necessary or appropriate in the public interest, define and prescribe terms and conditions regarding securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.060. Exemption of registered or closely held equity securities.

AS 21.40.010 - 21.40.030 do not apply to equity securities of a domestic stock insurance company if
(1) the securities are registered, or are required to be registered, under 15 U.S.C. 78l (§ 12, Securities Exchange Act of 1934), as amended; or
(2) the domestic stock insurance company does not have a class of its equity securities held of record by 100 or more persons on the last business day of the year preceding the year in which equity securities of the company would be subject to AS 21.40.010 - 21.40.030 except for the provisions of this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.070. Enforcement; regulations.

The department may, under AS 44.62 (Administrative Procedure Act), adopt regulations necessary for the execution of the functions vested in it by AS 21.40.010 - 21.40.060, and may for that purpose classify domestic stock insurance companies, securities, and other persons or matters within its jurisdiction. A provision of AS 21.40.010 and 21.40.020 imposing a liability does not apply to an act done or omitted in good faith in conformity with a regulation of the department, notwithstanding that the regulation may, after the act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
2023 Alaska Statutes › Title 21. Insurance › Chapter 40. Insider Trading of Domestic Stock Insurance Company Equity Securities › Sec. 21.40.080. Definitions.

In this chapter,
(1) “domestic stock insurance corporation” means a stock insurance corporation organized under the laws of this state or the Territory of Alaska;
(2) “equity security” means a stock or similar security; or a security convertible, with or without considerations, into stock or similar security, or carrying a warrant or right to subscribe to or purchase stock or similar security; or any such warrant or right; or any other security that the department shall consider to be of similar nature and consider necessary or appropriate, by regulations the department may adopt in the public interest or for the protection of investors, to treat as an equity security;
(3) “officer” means a president, vice president, treasurer, actuary, secretary, controller, and any other person who performs for the company functions corresponding to those performed by the foregoing officers.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.010. Applicability.

AS 21.42.010 - 21.42.599 do not apply to
(1) reinsurance;
(2) policies or contracts not issued for delivery in this state or delivered in this state, except as provided in AS 21.42.120;
(3) wet marine and transportation insurance;
(4) title insurance, except that AS 21.42.080, 21.42.120, 21.42.130, 21.42.180, 21.42.190 and 21.42.230 do apply.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.030. Insurable interest: property.

(a) A contract of insurance of property or of an interest in property or arising from property may not be enforced as to the insurance except for the benefit of persons having an insurable interest in the things insured at the time of the loss.
(b) The measure of an insurable interest in property is the extent to which the insured might be indemnified by loss, injury, or impairment.
(c) In this section, “insurable interest” means an actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.060. Transfer of interest between joint insureds.

A transfer of interest by one of the several partners, joint owners, or owners in common, who are jointly insured, to the others, does not avoid an insurance of property even though it has been agreed that the insurance shall cease upon an alienation of the thing insured.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.070. Insurance without interest, or of wager, is void.

(a) A stipulation in a policy of insurance of property for the payment of loss without regard to absence of an insurable interest in the property on the part of the insured, or that the policy shall be received as proof of the interest, is void.
(b) A policy executed by way of gaming or wagering is void.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.075. Reimbursement of losses.

An insurer may make a filing for approval by the director that provides for reimbursement by an insured of losses paid by the insurer under a workers' compensation insurance policy. A form that alters the obligation of the insurer to an employee under AS 23.30.025 or 23.30.030 may not be approved by the director. Filing for approval under this section is not a deviation under AS 21.39.070.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.080. Capacity to contract.

(a) A person of competent legal capacity may contract for insurance.
(b) [Repealed, § 25 ch 245 SLA 1970.]
(c) [Repealed, § 25 ch 245 SLA 1970.]
(d) [Repealed, § 25 ch 245 SLA 1970.]
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.090. Application required, life and health insurance.

A life or health insurance contract upon an individual, except a contract of group life insurance or of group or blanket health insurance, may not be made or effectuated unless at the time of the making of the contract the individual insured, being of competent legal capacity to contract, applies for the contract or has consented to it in writing, except in the following cases:
(1) a spouse may effectuate the insurance upon the other spouse;
(2) a person having an insurable interest in the life of a minor or a person upon whom a minor is dependent for support and maintenance, may effectuate insurance upon the life of or pertaining to the minor;
(3) family policies insuring any two or more members of a family may be issued on an application signed by either parent, a stepparent, or by a husband or wife.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.100. Request for copy of application; alteration.

(a) If a policy of life or health insurance delivered in this state is reinstated or renewed, and the insured or the beneficiary or assignee of the policy makes written request to the insurer for a copy of the application, if any, for the reinstatement or renewal, the insurer shall, within 30 days after receipt of the request at its home office or at one of its branch offices, deliver, or mail to the person making the request a copy of the application. In the case of a request from a beneficiary, the time within which the insurer is required to furnish a copy of the application does not begin to run until after receipt of evidence satisfactory to the insurer of the beneficiary's vested interest in the policy or contract.
(b) An alteration of a written application for a life or health insurance policy may not be made by a person other than the applicant without the written consent of the applicant, except that insertions may be made by the insurer, for administrative purposes only, in a manner that indicates clearly that the insertions are not to be ascribed to the applicant.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.110. Representations in applications.

All statements and descriptions in an application for an insurance policy or annuity contract, or in negotiations for the policy or contract, by or in behalf of the insured or annuitant, shall be considered to be representations and not warranties. Misrepresentations, omissions, concealment of facts, and incorrect statements may not prevent a recovery under the policy or contract unless either
(1) fraudulent;
(2) material either to the acceptance of the risk, or to the hazard assumed by the insurer; or
(3) the insurer in good faith would either not have issued the policy or contract, or would not have issued a policy or contract in as large an amount, or at the same premium or rate, or would not have provided coverage with respect to the hazard resulting in the loss, if the true facts had been made known to the insurer as required either by the application for the policy or contract or otherwise.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.123. Form filing subject to prior approval.

(a) A prior approval filing shall be made not less than 30 days before the effective date. At the end of the 30-day period, the form filed shall be considered approved unless, before the end of the 30-day period, it has been affirmatively disapproved by the director. Approval of the form by the director before the end of the 30-day period constitutes a waiver of the unexpired portion of the waiting period. The director may extend by not more than an additional 30 days the period for approving or disapproving the form, by giving notice of the extension during the initial 30-day period. At the expiration of the extended period, and in the absence of a prior approval or disapproval, the form shall be considered approved. The director may, by order, at any time after the notice, and for cause shown, withdraw the approval.
(b) The director may require the insurer or rating organization to revise the filing to comply with this title. Failure of the insurer or rating organization to provide the information within 30 days after the director's request, or an extension of the period by the director for an additional 15 days upon written request of the insurer or rating organization within the response period, is considered to be a request by the insurer or rating organization to withdraw the filing from further consideration.
(c) The filing must state an effective date. In place of a specific date, the insurer or rating organization may specify a reasonable time period after approval for the filing to be effective.
(d) A prior approval filing shall be open to public inspection after the filing becomes effective.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.125. Form filing subject to file and use; penalties.

(a) A file and use filing shall be filed with the director for a waiting period of not less than 30 days. The period may be extended by the director or the insurer or rating organization for an additional 30 days if notice is given within the initial 30-day period that additional time is needed for the consideration of the filing. The filing may become effective at the end of the waiting period unless disapproved by the director before the expiration of the waiting period.
(b) The filing must state an effective date that must be after the waiting period. Upon written notice by the insurer or rating organization, the director may authorize a filing that has been reviewed to become effective before the expiration of the waiting period.
(c) A file and use form filing must include a signed compliance certificate certifying that the filing complies with this title. An authorized officer or state filings manager of the insurer shall sign the compliance certificate stating that, to the best of the individual's knowledge, the filing complies with this title. The director may issue an order requiring an insurer who submits an incomplete or inaccurate compliance certificate to submit future form filings for prior approval. The order must specify the conditions under which the insurer may again submit filings under this section. In addition to any other penalty provided by law, a person that the director finds has submitted a materially false or misleading compliance certificate may be subject to either a civil penalty of not more than $10,000 for each violation or a civil penalty of not more than $25,000 for each violation if the director finds that the person knowingly violated the provisions of this title. A filing that does not include the signed compliance certificate shall be reviewed under the prior approval procedure under AS 21.42.123. In this subsection, “knowingly” has the meaning given in AS 11.81.900.
(d) The director may require an insurer or rating organization to provide additional information to demonstrate that a file and use filing meets the requirements of this title or to revise the filing to meet the requirements of this title. If an insurer or rating organization fails to provide the information within the waiting period described in (a) of this section, the director shall consider the failure to be a request to withdraw the filing from further consideration.
(e) A file and use filing shall be open to public inspection after the filing becomes effective.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.130. Grounds for disapproval.

The director shall disapprove a form filed under AS 21.42.120 or withdraw a previous approval of the form only if the form
(1) is in any respect in violation of or does not comply with this title;
(2) contains or incorporates by reference, where incorporation is permissible, an inconsistent, ambiguous, or misleading clause, or exception and condition that deceptively affects the risk purported to be assumed in the general coverage of the contract;
(3) has a title, heading, or other indication of its provisions that is misleading;
(4) is printed or otherwise reproduced in a manner that renders a provision of the form substantially illegible;
(5) provides benefits for Medicare supplement insurance that are unreasonable in relation to the premium charged.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.140. Standard provisions.

(a) Insurance contracts must contain the standard or uniform provisions that are required by the applicable provisions of this title pertaining to contracts of particular kinds of insurance. The director may waive the required use of a particular provision in a particular insurance policy form on a determination that
(1) the provision is unnecessary for the protection of the insured and inconsistent with the purposes of the policy; and
(2) the policy is otherwise approved.
(b) A policy may not contain a provision inconsistent with a standard or uniform provision used or required to be used, but the director may approve a substitute provision that the director determines is not less favorable in any particular to the insured or beneficiary than the provisions otherwise required.
(c) In lieu of the provisions required by this title for contracts for particular kinds of insurance, substantially similar provisions required by the law of the domicile of a foreign or alien insurer may be used when approved by the director.
(d) A provision required by this title to be contained in a policy cannot be waived by agreement between the insurer and another person.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.145. Stop-loss insurance provisions.

(a) An insurance company licensed under AS 21.09, a hospital or medical service corporation licensed under AS 21.87, a fraternal benefit society licensed under AS 21.84, a health maintenance organization licensed under AS 21.86, or a multiple employer welfare arrangement may not issue a stop-loss insurance policy that
(1) has an annual attachment point for claims incurred for each individual that is lower than $10,000;
(2) has an annual aggregate attachment point for a small employer that is lower than the greatest of
(A) $4,000 times the number of individuals covered under the health benefit plan;
(B) 120 percent of the expected claims for the health benefit plan for the period covered by the stop-loss insurance policy; or
(C) $20,000;
(3) has an annual aggregate attachment point for a large employer that is lower than 110 percent of expected claims for the health benefit plan for the period covered by the stop-loss insurance policy; or
(4) provides direct coverage of health care expenses of an individual.
(b) The director may, by regulation, change the dollar amounts established under (a) of this section to reflect medical costs in this state, including adjustments to reflect changes in the medical care component of the Consumer Price Index for all urban consumers for the Anchorage Metropolitan Area compiled by the Bureau of Labor Statistics, United States Department of Labor.
(c) For the purposes of this section,
(1) “attachment point” means the claim amount incurred by an insured group beyond which the insurer incurs a liability for payment;
(2) “expected claims” means the amount of claims that, in absence of a stop-loss insurance policy or other insurance, are projected to be incurred by an insured group through its health benefit plan;
(3) “health benefit plan” has the meaning given in AS 21.54.500;
(4) “large employer” has the meaning given in AS 21.54.500;
(5) “small employer” has the meaning given in AS 21.54.500.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.150. Policy must contain entire contract.

The policy, when issued, shall contain the entire contract between the parties, and neither the insurer nor its agent or representative, nor a person insured by the policy, may make an agreement as to the insurance that is not expressed in the policy. This section does not prohibit the modification of a policy, after issuance, by written rider or endorsement issued by the insurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.160. Contents of policies in general.

(a) Each policy must specify
(1) the names of the parties of the contract;
(2) the subject of the insurance;
(3) the risks insured against;
(4) the time when the insurance thereunder takes effect and the period during which the insurance is to continue;
(5) the premium;
(6) the conditions pertaining to the insurance.
(b) If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.
(c) Subsections (a) and (b) of this section do not apply to surety contracts, or to group insurance policies.
(d) Each policy and annuity contract issued by an insurer, and the forms thereof filed with the director, must have printed on them an appropriate designating letter or figure, or combination of letters or figures, or terms identifying the respective forms of policies or contracts. When a change is made in the form, the designating letters, figures, or terms must be correspondingly changed.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.170. Additional policy contents.

A policy may contain additional provisions not inconsistent with this title that are
(1) required to be inserted by the laws of the insurer's domicile;
(2) necessary, on account of the manner in which the insurer is constituted or operated, in order to state the rights and obligations of the parties to the contract; or
(3) desired by the insurer and neither prohibited by law nor in conflict with any provisions required to be included in it.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.175. Non-English translations.

(a) The director may approve an insurance policy form in a language other than English if the insurance policy form
(1) is filed with a copy of the same material in English; and
(2) discloses, in both English and the language other than English, that the English language version is the official version and the non-English language version is for informational purposes only.
(b) The English language version of the insurance policy form or associated material shall be the official version for purposes of application and interpretation if the non-English insurance policy form or associated material
(1) is provided with a copy of the same material in English; and
(2) discloses, in both English and the language other than English, that the English language version is the official version and the non-English language version is for informational purposes only.
(c) An insurer may not misrepresent information in an insurance policy form or associated material translated into a language other than English. For purposes of this subsection, “misrepresent information” means to include a statement or omit a statement when, taken in the context of the whole presentation, the statement or omission may tend to mislead or deceive the person or persons addressed.
(d) For purposes of this section, “associated material” means advertising and marketing information including brochures, pamphlets, or electronic media used to describe or promote the insurance policy form.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.180. Charter, bylaw provisions.

A policy may not contain a provision purporting to make a portion of the charter, bylaws, or other constituent document of the insurer, other than the subscribers' agreement or power of attorney of a reciprocal insurer, a part of the contract unless the portion is set forth in full in the policy. A policy provision in violation of this section is invalid.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.190. Execution of policies.

(a) Each insurance policy shall be executed in the name of and on behalf of the insurer by its officer, attorney-in-fact, employee, or representative duly authorized by the insurer.
(b) A facsimile signature of the executing individual may be used in lieu of an original signature.
(c) An insurance contract that is otherwise valid is not rendered invalid by reason of the apparent execution on behalf of the insurer by the imprinted facsimile signature of an individual who is not authorized to execute as of the date of the policy.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.200. Underwriters' and combination policies.

(a) Two or more authorized insurers may jointly issue, and shall be jointly and severally liable on, an underwriters' policy bearing their names. Any one insurer may issue policies in the name of an underwriter's department and the policy must plainly show the true name of the insurer.
(b) Two or more insurers may, with the approval of the director, issue a combination policy which shall contain provisions substantially as follows:
(1) that the insurers executing the policy shall be severally liable for the full amount of loss or damage, according to the terms of the policy, or for specified percentages or amounts thereof, aggregating the full amount of insurance under the policy; and
(2) that service of process, or of notice or proof of loss required by the policy, upon any of the insurers executing the policy, constitutes service upon all the insurers.
(c) This section does not apply to cosurety obligations.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.205. Coordination of benefits.

(a) Unless prohibited by federal law, an insurer authorized under AS 21.09 to offer, issue for delivery, deliver, or renew an individual or group health insurance policy for major medical coverage on an expense incurred basis; a health maintenance organization authorized under AS 21.86 to offer a contract to provide major medical health care services on a prepaid basis; or a service corporation authorized under AS 21.87 to offer or renew an individual or group subscriber's contract for major medical coverage shall include a coordination of benefits provision in a major medical policy or contract.
(b) The director may adopt regulations to implement this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.220. Validity of noncomplying forms.

An insurance policy, rider, or endorsement issued and otherwise valid that contains a condition or provision not in compliance with the requirements of this title, is not thereby rendered invalid but shall be construed and applied in accordance with the conditions and provisions as would have applied had the policy, rider, or endorsement been in full compliance with this title.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.240. Binders.

(a) A binder or other contract for temporary insurance may be made orally or in writing and shall be considered to include all the usual terms of the policy as to which the binder was given together with the applicable endorsements designated in the binder, except as superseded by the clear and express terms of the binder.
(b) A binder is not valid after the issuance of the policy with respect to which it was given, or after 90 days from its effective date, whichever period is the shortest.
(c) If the policy has not been issued a binder may be extended or renewed after the 90 days with the written approval of the insurer.
(d) This section does not apply to life or health insurances.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.250. Delivery or posting of policy; notifications.

(a) An insurer shall provide a policy or endorsement to the insured or to the person entitled to it by mail or delivery or by posting on the insurer's Internet website under (c) of this section within a reasonable period of time after its issuance. The insurer is not required to mail, deliver, or post the policy or endorsement until all conditions required by the insurer have been met by the insured.
(b) If the original policy is delivered or is required to be delivered to or for deposit with a vendor, mortgagee, or pledgee of a motor vehicle or aircraft, and in which policy an interest of the vendee, mortgagor, or pledgor in or with reference to the vehicle or aircraft is insured, a duplicate of the policy setting out the name and address of the insurer, insurance classification of vehicle or aircraft, type of coverage, limits of liability, premiums for the respective coverages, and duration of the policy or memorandum thereof containing the same information, shall be delivered by the vendor, mortgagee, or pledgee to each vendee, mortgagor, or pledgor named in the policy or coming within the group of persons designated in the policy to be included. If the policy does not provide coverage of legal liability for injury to persons or damage to the property of third parties, a statement of the facts shall be printed, written, or stamped conspicuously on the face of the duplicate policy or memorandum.
(c) An insurer may provide an insurance policy or endorsement by posting the policy or endorsement on the insurer's Internet website and clearly identifying the posted policy or endorsement purchased by the insured in the declaration page provided to the insured. An insurance policy or endorsement posted under this subsection
(1) must contain the standard or uniform provisions required by AS 21.42.140;
(2) must be in a form approved by the director under AS 21.42.120;
(3) must be posted in a manner that reasonably allows the insured to retrieve and print or save the policy or endorsement from the website without paying a fee;
(4) must remain posted on the insurer's Internet website during the time that the policy or endorsement is in effect, be retained by the insurer for not less than three years after the policy or endorsement is no longer in effect, and be made available to the insured on request; and
(5) may not include personally identifiable information.
(d) The insurer shall notify the insured at the time of issuance or renewal of the method by which the insured may request and the insurer shall provide a paper or electronic copy of the insured's policy or endorsement without the insured paying a fee.
(e) If the policy or endorsement change or the means of obtaining policy information from the insurer's Internet website changes, the insurer shall notify the insured in the manner the insurer customarily communicates with an insured.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.260. Renewal by certificate.

An insurance policy terminating by its terms at a specified expiration date and not otherwise renewable, may be renewed or extended at the option of the insurer upon a currently authorized policy form and at the premium rate then required for the policy, for a specific additional period or periods by certificate or by endorsement of the policy, without requiring the issuance of a new policy.
2023 Alaska Statutes › Title 21. Insurance › Chapter 42. The Insurance Contract › Article 1. The Insurance Contract. › Sec. 21.42.270. Assignment of policies.

A policy may be assignable or nonassignable, depending upon its terms. Subject to its terms relating to its assignability, a life, group life, or health insurance policy, whether issued before or after July 1, 1966, under the terms of which the beneficiary may be changed upon the sole request of the insured, may be assigned either by pledge or transfer of title by an assignment executed by the insured alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer. The assignment entitles the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment until the insurer has received at its home office written notice of termination of the assignment or pledge, or written notice by or on behalf of some other person claiming an interest in the policy that is in conflict with the assignment.