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2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.050. Jurisdiction and consent to service.

The courts of this state are given jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under this chapter and over all actions involving that person arising out of violations of this chapter, and each person is considered to have performed acts equivalent to and constituting an appointment of the director to be the lawful attorney of the person upon whom may be served all lawful process in any action or proceeding arising out of a violation of this chapter. Copies of all lawful process shall be transmitted by registered or certified mail by the director to the person at the last known address of the person.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.070. Review by director.

If at any time the director determines that any material transaction entered into between an insurer and any of its affiliates does not meet the standards set out in AS 21.22.080, the director may, after hearings conducted in accordance with AS 21.06, require the insurer and the affiliate to terminate, set aside, or modify the transaction as considered appropriate by the director to make the transaction conform to those standards. An insurer may submit a proposed material transaction to the director for review and the director may issue an opinion that the transaction meets the standard set out in AS 21.22.080. The opinion creates a rebuttable presumption that neither the insurer, director, officer, employee, nor agent committed a wilful violation of this chapter by entering into the transaction. The opinion does not prohibit the director from subsequently exercising authority under this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.080. Transactions within an insurance holding company system.

Material transactions by registered insurers with their affiliates are subject to the following standards:
(1) the terms shall be fair and reasonable;
(2) charges or fees for services performed shall be reasonable;
(3) expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied;
(4) the books, accounts, and records of each party to the transactions shall be maintained so as to disclose clearly and accurately the nature and details of the transactions including accounting information that is necessary to support the reasonableness of the charges or fees to the respective parties;
(5) the insurer's surplus as regards policyholders following any dividends or distributions to shareholder affiliates or performance under a material transaction with an affiliate shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs; and
(6) agreements for cost-sharing services and management must include the provisions required by regulations adopted by the director.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.090. Adequacy of surplus.

For the purposes of this chapter, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered:
(1) the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria;
(2) the extent to which the insurer's business is diversified among the several lines of insurance;
(3) the number and size of risks insured in each line of business;
(4) the extent of the geographical dispersion of the insurer's insured risk;
(5) the nature and extent of the insurer's reinsurance program;
(6) the quality, diversification, and liquidity of the insurer's investment portfolio;
(7) the recent past and projected future trend in the value of the insurer's investments;
(8) the surplus as regards policyholders maintained by other comparable insurers;
(9) the adequacy of the insurer's reserves; and
(10) the quality and liquidity of investments in affiliates made under AS 21.21; the director may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever the director determines the investment warrants it.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.100. Dividends and other distributions.

(a) A domestic insurer may not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until
(1) 30 days after the director has received notice of the declaration of the dividend or distribution and has not within that period disapproved its payment; or
(2) the director has approved its payment within the 30-day period.
(b) For purposes of this section, an extraordinary dividend or distribution includes a dividend or distribution of cash or other property, the fair market value of which together with that of other dividends or distributions made within the preceding 12 months exceeds the lesser of (1) 10 percent of the insurer's surplus as regards policyholders as of December 31 of the preceding year; or (2) the net gain from operations of the insurer, if the insurer is a life insurer, or the net investment income, if the insurer is not a life insurer, for the 12-month period ending December 31 of the preceding year; but does not include pro rata distributions of any class of the insurer's own securities. In determining whether a dividend or distribution is extraordinary, an insurer other than a life insurer may carry forward net income from the previous two calendar years that has not already been paid out as dividends. The carry forward provision shall be computed by taking the net income from the second and third preceding calendar years, not including realized capital gains, less dividends paid in the second and immediate preceding calendar years.
(c) Notwithstanding AS 21.69.490, an insurer may declare an extraordinary dividend or distribution that is conditional upon the director's approval. A declaration confers no rights upon shareholders until
(1) the director has approved the payment of the dividend or distribution; or
(2) the director has not disapproved the payment within the 30-day period referred to in (a) of this section.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.105. Management of domestic insurers subject to registration.

(a) Notwithstanding the control of a domestic insurer by any person, the officers and directors of the insurer may not be relieved of an obligation or liability to which the officers and directors would otherwise be subject to by law, and the insurer shall be managed so as to assure the insurer's separate operating identity consistent with this title.
(b) This section does not preclude a domestic insurer from having or sharing a common management or cooperative or joint use of personnel, property, or services with one or more other persons under arrangements meeting the standards of AS 21.22.080.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.110. Examination.

(a) In addition to the director's authority to examine insurers under AS 21.06.120 - 21.06.170, the director may examine an insurer registered under AS 21.22.060 and its affiliates to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, by any entity or combination of entities within the insurance holding company system, or by the insurance holding company system on a consolidated basis.
(b) The director may
(1) order an insurer registered under AS 21.22.060 to produce the records, books, or other information or papers in the possession of the insurer or its affiliates that are reasonably necessary to determine compliance with this chapter;
(2) order an insurer registered under AS 21.22.060 to produce information not in the possession of the insurer if the insurer can obtain access to the information under contractual relationships, statutory obligations, or other method; in the event the insurer cannot obtain the information requested by the director, the insurer shall provide the director a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of information; if the director determines that the detailed explanation is without merit, the director may, after notice and hearing, require the insurer to pay a penalty of $250 for each day's delay in providing the requested information, or may suspend or revoke the insurer's license;
(3) in the event the insurer fails to comply with an order under this subsection, examine or issue subpoenas to the insurer's affiliates to obtain the information.
(c) The director may retain, at the registered insurer's expense, attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as may be necessary to assist in the conduct of an examination under (a) of this section. Any persons so retained are under the direction and control of the director and shall act in a purely advisory capacity.
(d) Each registered insurer producing for examination records, books, and papers under (a) of this section is liable for and shall pay the expense of an examination in accordance with AS 21.06.160.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.115. Supervisory colleges.

(a) With respect to an insurer registered under AS 21.22.060, and in accordance with (c) of this section, the director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine the insurer's compliance with this chapter. The director may
(1) initiate the establishment of a supervisory college;
(2) clarify the membership and participation of other supervisors in the supervisory college;
(3) clarify the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;
(4) coordinate the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and
(5) establish a crisis management plan.
(b) An insurer subject to this section is liable for and shall pay the reasonable expenses of the director's participation in a supervisory college in accordance with (c) of this section, including reasonable travel expenses. Under this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of those expenses.
(c) To assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with AS 21.22.110, the director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The director may enter into agreements in accordance with AS 21.06.060 and AS 21.22.120 to share confidential information between the director and regulatory agencies or other members of the supervisory college.
(d) Nothing in this section delegates to the supervisory college the director's authority to regulate or supervise an insurer or its affiliates under this title.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.140. Injunctions.

If it appears to the director that an insurer or a director, officer, employee, or agent of an insurer has violated or is about to violate this chapter or a regulation adopted or an order issued by the director under this chapter, the director may apply to the superior court in the judicial district in which the principal office of the insurer is located or if the insurer has no office in this state then to the superior court in the first judicial district for an order enjoining the insurer or a director, officer, employee, or agent of the insurer from the violation, and for other relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.150. Voting of certain securities prohibited.

(a) A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be acquired, in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter may not be voted at a shareholders' meeting or be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though those securities were not issued and outstanding; but an action taken at such a meeting may not be invalidated by the voting of those securities, unless the action would materially affect control of the insurer or unless the courts of this state have so ordered.
(b) If an insurer or the director has reason to believe that a security of the insurer has been or is about to be acquired in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter, the insurer or the director may apply to the superior court in the first judicial district or the superior court in the judicial district in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter, to enjoin the voting of any security so acquired, to void any vote of a security already cast at a meeting of shareholders, and for other relief as the nature of the case and the interests of the insurer's policyholders, creditors and shareholders or the public may require.
(c) This section does not apply to a security that constitutes an acquisition covered by AS 21.22.065.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.160. Sequestration of voting securities.

(a) If a person has acquired or is proposing to acquire voting securities in violation of this chapter or a regulation adopted or an order issued by the director under this chapter, the insurer or the director may make an application in the superior court in the first judicial district or the superior court in the judicial district in which the insurer has its principal place of business to seize or sequester any voting securities of the insurer owned directly or indirectly by that person, and the court may issue an order with respect to those securities as may be appropriate to effectuate this chapter. For the purposes of this chapter the situs of the ownership of the securities of domestic insurers is considered to be in this state.
(b) This section does not apply to a security that constitutes an acquisition covered by AS 21.22.065.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.170. Civil penalties for violations.

(a) An insurer failing, without just cause, to file a registration statement required under this chapter shall be required, after notice and hearing under AS 21.06.170 - 21.06.240, to pay a $200 fine for each day the insurer fails to file the registration. The maximum penalty under this subsection is $50,000. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would be a financial hardship to the insurer.
(b) A director or officer of an insurance holding company system who knowingly violates, participates in, assents to, or knowingly permits an officer or agent of an insurer to engage in transactions or make investments that have not been properly reported or submitted under AS 21.22.060, 21.22.085, or 21.22.100, or that violate this chapter, shall pay, in the director's or officer's individual capacity, a fine of not more than $50,000 for each violation, after notice and hearing under AS 21.06.170 - 21.06.240. In determining the amount of the fine, the director shall take into account the appropriateness of the fine with respect to the gravity of the violation, the history of previous violations, and other matters as justice may require.
(c) If the director has reason to believe that an insurer subject to this chapter, or a director, officer, employee, or agent of the insurer, has engaged in a transaction or entered into a contract that is subject to AS 21.22.080 - 21.22.105, and that would not have been approved had the approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing under AS 21.06.170 - 21.06.240, the director may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors, or the public.
(d) If the director has reason to believe that a person has committed a violation of AS 21.22.010 or 21.22.020 that prevents the full understanding of the enterprise risk to an insurer by its affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for placing the insurer under an order of rehabilitation in accordance with AS 21.78.090.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.175. Criminal penalties.

(a) An insurer or a director, officer, employee, or agent of an insurer who knowingly violates this chapter is guilty of a class C felony.
(b) A director, officer, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made a false statement, false report, or false filing with the intent to deceive the director under this chapter is guilty of a class C felony.
(c) An insurer may not pay a fine imposed by a court on a director, officer, employee, or agent that is sentenced under (a) or (b) of this section. The fine must be paid by the director, officer, employee, or agent in the director's, officer's, employee's, or agent's individual capacity.
(d) In this section, “knowingly” has the meaning given in AS 11.81.900(a).
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.180. Receivership.

(a) If it appears to the director that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the director may proceed as provided in AS 21.78 to take possession of the property of that domestic insurer and to conduct its business.
(b) This section does not apply to a violation involving a security that constitutes an acquisition covered by AS 21.22.065.
2023 Alaska Statutes › Title 21. Insurance › Chapter 22. Insurance Holding Companies › Sec. 21.22.190. Revocation, suspension, or nonrenewal of insurer's authority.

If the director finds, after giving notice and an opportunity to be heard, that a person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of its policyholders or the public, the director may suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state for a period that the director finds is required for the protection of policyholders or the public. Such a determination by the director must be accompanied by specific findings of fact and conclusions of law.
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.010. Risk management framework.

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.020. Own risk and solvency assessment requirement.

Unless exempted under AS 21.23.040, an insurer or the insurance group of which the insurer is a member shall conduct an own risk and solvency assessment consistent with the own risk and solvency assessment guidance manual
(1) annually; and
(2) when significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member occur.
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.030. Own risk and solvency assessment summary report.

(a) If requested by the director, an insurer shall submit an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessment guidance manual that is applicable to the insurer or the insurance group of which the insurer is a member. The director may not request more than one report a year. The insurer shall submit the report to the director within 30 days after the request, unless the insurer requests an extension in writing and the director grants the request. If an insurer is a member of an insurance group, the insurer shall submit the report required by this subsection at least annually if the director is the lead state regulator of the insurance group as determined by the procedures in the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.
(b) For a report submitted under this section, an insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process shall sign the report and attest, to the best of the officer's or executive's belief and knowledge, that the insurer applies the enterprise risk management process described in the report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee of the board.
(c) An insurer may comply with (a) of this section by providing the most recent and substantially similar report or reports provided by the insurer or another member of the insurance group of which the insurer is a member to the insurance regulator of another state or a foreign jurisdiction, if that report provides information that is comparable to the information described in the own risk and solvency assessment guidance manual. A report in a language other than English must be accompanied by a translation of that report into the English language.
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.050. Contents of own risk and solvency assessment summary report.

(a) The own risk and solvency assessment summary report under AS 21.23.030 must be prepared in compliance with the own risk and solvency assessment guidance manual, subject to the requirements of (b) of this section. The insurer shall maintain documentation and supporting information relating to the assessment and make the documentation and information available on examination or on request of the director.
(b) The director shall use the procedures currently used in the analysis and examination of multistate or global insurers and insurance groups when reviewing the report and additional requests for information.
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.060. Confidentiality.

Documents, materials, or other information, including the own risk and solvency assessment summary report, that are obtained by, created by, or disclosed to the director or another person under this chapter are confidential and are considered trade secrets and proprietary business information subject to AS 21.06.060 and AS 21.22.120. A third-party consultant is subject to the information sharing requirements of AS 21.22.120(b).
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.070. Penalties.

An insurer shall pay $1,000 for each day the insurer fails to file the report within the time required in AS 21.23.030(a), not to exceed $365,000. The director may reduce the penalty under this section if the insurer demonstrates to the director that the imposition of the penalty is a financial hardship to the insurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 23. Risk Management; Own Risk and Solvency Assessment › Sec. 21.23.090. Definitions.

In this chapter,
(1) “insurance group” means those insurers and affiliates included in an insurance holding company system as defined in AS 21.22.200;
(2) “insurer” has the meaning given in AS 21.97.900, except that it does not include agencies, authorities, or instrumentalities of the United States or a possession or territory of the United States, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;
(3) “own risk and solvency assessment” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks;
(4) “own risk and solvency assessment guidance manual” means the Own Risk and Solvency Assessment Guidance Manual developed and most recently adopted by the National Association of Insurance Commissioners;
(5) “own risk and solvency assessment summary report” means a confidential, high-level summary of an insurer's or insurance group's own risk and solvency assessment;
(6) “risk management framework” means a set of internal policies or procedures that address an insurer's or insurance group's risk culture and governance, risk identification and prioritization, risk appetite, tolerance and limits, risk management controls, and risk reporting and communication as described in and most recently adopted by the own risk and solvency assessment guidance manual.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.010. Authorized deposits of insurers.

The following deposits of insurers when made through the director shall be accepted and held and are subject to the provisions of this chapter:
(1) deposits required under this title for authority to transact insurance in this state;
(2) deposits of domestic insurers when made under the laws of other states, provinces, and countries as requirement for authority to transact insurance in the state, province, or country;
(3) deposits in the additional amounts that are permitted to be made under AS 21.24.100.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.020. Purpose of deposits.

The deposits shall be held for purposes as follows:
(1) deposits made in this state under AS 21.09.090 shall be held for the purpose stated in that section;
(2) a deposit made in this state by a domestic insurer transacting insurance in another state, province, or country, in accordance with the laws of the other state, province, or country, shall be held for the protection of all creditors or for the other purpose or purposes that may be specified under those laws;
(3) deposits required under AS 21.09.270 shall be held for the purposes required by the retaliatory law and specified in the director's order requiring the deposit to be made.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.030. Securities eligible for deposits.

(a) All deposits required under AS 21.09.090 for authority to transact insurance in this state shall consist of certificates of deposit or any combination of rated credit instruments of the United States, Canada, or a state of the United States.
(b) Deposits of a domestic insurer held in this state under the laws of another state, province, or country shall be comprised of assets of the kinds described in (a) of this section, and of the additional kind or kinds of securities required or permitted by the laws of the state, province, or country except common stocks, mortgages of any kind, and real estate.
(c) Deposits of foreign insurers made in this state under AS 21.09.270 shall consist of the assets required by the director under the law.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.040. Depositary or custodian.

(a) Deposits made in this state under this title shall be made through the office of the director under custodial arrangements as required or approved by the director consistent with the purposes of the deposit, with an established safe deposit institution, bank, or trust company located in this state selected by the insurer with the director's approval.
(b) [Repealed, § 34 ch 1 FSSLA 2005.]
(c) If of convenience to the insurer in the buying, selling, and exchange of securities making up its deposit, and in the collection of interest and other income currently accruing on the securities, the insurer may, with the director's advance written approval, deposit a portion of the securities under custodial arrangements with an established bank or trust company located outside this state, if receipts representing all the securities are issued by the custodial bank or trust company and are held in custody subject to the requirements of (a) of this section.
(d) The form and terms of all depositary or custodial agreements shall be as prescribed or approved by the director consistent with the applicable provisions of this title.
(e) The compensation and expenses of the depositary or custodian shall be borne by the insurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.050. Record of deposits.

(a) The director shall give to the depositing insurer vouchers of all assets and securities deposited by it in this state through the director as provided in this title.
(b) The director shall keep a record of the assets and securities comprising each deposit, showing as far as practical the amount and market value of each item, and all transactions regarding them.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.070. Assignment, conveyance of assets or securities.

All securities not negotiable by delivery and deposited under this title shall be assigned to the director and successors in office. In the case of securities held under custodial arrangements outside this state under AS 21.24.040(c), the custodian's receipt for the securities shall be delivered, if negotiable, or assigned to the director if thereby legal title to the securities is vested in the director. The insurer shall transfer or convey to the director and successors in office all other assets so deposited. Upon release to the insurer of the asset or security the director shall reassign or transfer or reconvey it to the insurer.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.090. Rights of insurer during solvency.

If the insurer remains solvent and is in compliance with this title it may
(1) demand, receive, sue for, and recover the income from the assets or securities deposited;
(2) exchange and substitute for the deposited assets or securities, or any part thereof, other eligible assets or securities of equivalent or greater value;
(3) at any reasonable time inspect the deposit.
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.100. Excess deposits.

An insurer may deposit and have on deposit assets or securities in an amount exceeding its deposit required or otherwise permitted under this title by no more than 20 percent of the required or permitted deposit or $50,000, whichever is the larger amount, for the purpose of absorbing fluctuations in the value of assets and securities deposited and to facilitate the exchange and substitution of the assets and securities. During the solvency of the insurer an excess shall be released to the insurer upon its request. During the insolvency of the insurer the excess deposit shall be released only in accordance with AS 21.24.130(d).
2023 Alaska Statutes › Title 21. Insurance › Chapter 24. Administration of Deposits › Sec. 21.24.120. Deficiency of deposit.

If the market value of assets and securities of an insurer held on deposit in this state, or in another state under custodial arrangements authorized by AS 21.24.040(c), falls below the amount required under this title, the insurer shall promptly deposit other or additional assets or securities eligible for deposit under this chapter and in an amount sufficient to cure the deficiency. If the insurer fails to cure the deficiency within 20 days after receipt of notice by registered mail from the director, the director shall immediately revoke the insurer's certificate of authority.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.025. Required notice of licensee.

(a) A licensee shall notify the director in writing not later than 30 days after a change in residence, place of business, legal name, fictitious name or alias, mailing address, electronic mailing address, telephone number, or compliance officer. A licensee shall report to the director in writing any administrative action taken against the licensee by a governmental agency of another state, by a governmental agency of another jurisdiction, or by a financial industry regulatory authority sanction or arbitration proceeding not later than 30 days after the final disposition of the action. A licensee shall submit to the director the final order and other relevant legal documents in the action. A licensee shall report to the director any criminal prosecution of the licensee in this or another state or jurisdiction not later than 30 days after the date of filing of the criminal complaint, indictment, information, or citation in the prosecution. The licensee shall submit to the director a copy of the criminal complaint, calendaring order, and other relevant legal documents in the prosecution.
(b) In addition to any other penalty provided by law, a failure to notify the director as required by this section is cause for denial, nonrenewal, suspension, or revocation of a license.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.030. Controlled business disqualification.

(a) The director may not issue an insurance producer, a managing general agent, or a surplus lines broker license to a person if the director has reasonable cause to believe that the applicant for the license would, during the 12-month period immediately following issuance of the license, earn or receive an aggregate amount in commission, service fees, brokerage, or other valuable consideration, directly or indirectly, by whatever name called, represented by the controlled business that exceeds 50 percent of the aggregate amount of compensation, commission, service fees, brokerage, or other valuable consideration represented by all other insurance business that would be procured by or through the applicant.
(b) The vendor who is title holder of property being sold under an installment purchase contract is not considered to be the owner of the property for the purposes of this section.
(c) A licensee may not earn or receive an aggregate amount in commission, service fees, brokerage, or other valuable consideration, directly or indirectly, by whatever name called, represented by the controlled business that exceeds 50 percent of the aggregate amount in compensation, commission, service fees, brokerage, or other valuable consideration represented by all other insurance business in a calendar year.
(d) In addition to any other penalty provided by law, a person who violates this section is subject to the penalties provided under AS 21.27.440.
(e) “Controlled business” means insurance procured or to be procured by or through the person upon
(1) the life, person, or property of the person or those of the person's spouse or relatives by blood or marriage to the second degree;
(2) the life, person, or property of the employer or firm of the person, or of an officer, director, stockholder, or member of the employer or firm of the person, other than members of mutual insurers, or of a spouse of the employer, officer, director, stockholder, or member;
(3) the life, person, or property of the ward or employees of the person, or upon persons or property under the person's supervision or control as trustee under an indenture or decree, or as administrator or executor of an estate.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.040. Application for license.

(a) Application for a license shall be made to the director upon forms prescribed by the director. As a part of or in connection with the application, the applicant shall furnish information concerning the applicant's identity, personal history, experience, business record, purposes, and other pertinent facts that the director may reasonably require. The applicant shall declare, subject to penalty of denial, nonrenewal, suspension, or revocation of a license issued by the director, that the statements made in or in connection with the application are true, correct, and complete to the best of the applicant's knowledge and belief. Payment of an application fee established under AS 21.06.250 must be submitted with the application.
(b) [Repealed, § 47 ch 29 SLA 1987.]
(c) In addition to any other penalty provided by law, a person wilfully misrepresenting a fact required to be disclosed in or in connection with the application or other information required by this section is subject to the penalties provided for under AS 21.27.440.
(d) The director may require an applicant or licensee at any time, including at the time of license renewal, to supply current information of the type made in or supplemental to an application.
(e) As part of the application required by (a) of this section, a resident applicant shall furnish to the director a full set of fingerprints and the fees required by the Department of Public Safety under AS 12.62.160 for criminal justice information and a national criminal history record check so that the director may obtain criminal justice information as provided under AS 12.62 about the applicant. The director shall submit the completed fingerprint card and fees to the Department of Public Safety for a report of criminal justice information under AS 12.62 and a national criminal history record check under AS 12.62.400.
(f) If, through inaction, an applicant fails to complete the application process, the applicant's application filed with the director under (a) of this section is considered withdrawn. The withdrawal becomes effective 120 days after the filing of the application. If the director has initiated administrative action with respect to an application, withdrawal becomes effective at the time and on the conditions required by an order issued under this chapter.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.060. Examination of applicants and licensees.

(a) Except as provided in this chapter, an applicant for an individual license and a compliance officer applicant for a firm license shall, before the issuance of the license, personally take and pass, to the satisfaction of the director, an examination that tests the knowledge and competence of the applicant as to the applicant's duties and responsibilities as a licensee and the insurance statutes and regulations of the state.
(b) If the director determines that a licensee has violated this title or that a licensee has conducted affairs under the license that cause the director reasonably to desire further evidence of the qualifications of the licensee, the director may at any time require the licensee to personally take and pass, to the satisfaction of the director, an examination that tests the knowledge and competence of the licensee as to the licensee's duties and responsibilities as a licensee, or the insurance laws of the state.
(c) An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in that individual's prior home state is not required to pass the examination required by (a) of this section in order to secure the same authority in this state. The exemption available under this subsection applies only if the application is received within 90 days after the cancellation of the applicant's previous license in the applicant's prior home state and
(1) the applicant's prior home state verifies that, at the time of cancellation, the applicant held an insurance producer license that was in good standing in that state; or
(2) the insurance producer licensing database records for the prior home state that are maintained by the National Association of Insurance Commissioners or its affiliates or subsidiaries indicate that the applicant is or was licensed in good standing for the kind of license requested.
(d) This section does not apply to an applicant
(1) for a limited license under AS 21.27.150(a)(1), (4), (5), or (8); or
(2) who, at any time within the one-year period immediately preceding the date the current pending application is received by the division, had been licensed in good standing in this state under a license requiring substantially similar qualifications as required by the license applied for.
(e) The director may make available a printed manual specifying in general terms the subjects that may be covered in an examination for a particular license.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.080. Examinations.

(a) The answers of the applicant to an examination shall be written by the applicant under the director's supervision, and the written examination may be supplemented by oral examination at the director's discretion.
(b) The director shall give examinations at the times and places that the director considers necessary to reasonably serve the convenience of the director, applicants, and licensees.
(c) The director may require a waiting period of reasonable duration before giving a new examination to an applicant who has failed to pass a previous similar examination.
(d) The director may make arrangements, including contracting with an outside testing service, for administering examinations and collecting a nonrefundable fee.
2023 Alaska Statutes › Title 21. Insurance › Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers › Article 1. Licensing. › Sec. 21.27.100. Appointment of insurance producer, managing general agent, and reinsurance intermediary manager; acts of agent.

(a) An appointment is required to be made in accordance with this section when one or more of the following has occurred:
(1) an admitted insurer appoints a managing general agent in this state or relative to a subject resident, located, or to be performed in this state;
(2) a managing general agent appoints an insurance producer as its subagent in this state or relative to subjects resident, located, or to be performed in this state;
(3) a domestic reinsurer appoints a reinsurance intermediary manager;
(4) a reinsurance intermediary manager appoints an insurance producer as its subagent in this state.
(b) An admitted insurer shall appoint an insurance producer as its agent in this state or relative to a subject resident, located, or to be performed in this state not later than 30 days after the date that a written agency contract is executed or the first insurance application is submitted to the admitted insurer by the licensed insurance producer.
(c) An individual who has entered into an employment contract with a licensed firm that is appointed as an agent or a managing general agent on behalf of an admitted insurer under this section may not be required to also have an appointment under this section if the individual has entered into an employment contract with that firm for a specific class of authority.
(d) The authorized or apparently authorized acts on behalf of an appointing insurer of an insurance producer appointed under this section are considered the acts of that insurer.
(e) An insurer and managing general agent shall maintain a current list of all appointments made or required to be made under this section that identifies the licensee's name, licensee's mailing address, license number, and effective date of appointment.
(f) An insurance producer shall maintain a list of all appointments made or required to be made under this section that identifies the insurer's name, insurer's mailing address, and effective date of appointment.
(g) An insurer, managing general agent, or insurance producer shall reply in writing within three working days to an inquiry of the director regarding an appointment.