reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.320 - Reserve requirements

Current through May 31, 2024
(a) Subject to all other limitations and
				  requirements of
				  3 AAC 21.201 -
				  3 AAC 21.399, a property and casualty insurer or an
				  accident and health insurer shall maintain an amount at least equal to 100
				  percent of adjusted loss reserves and loss adjustment expense reserves, 100
				  percent of adjusted unearned premium reserves, and 100 percent of policy and
				  contract reserves required by AS 21.18 in
(1)
				  cash and cash equivalents;
(2) a
				  bank certificate of deposit, subject to review by the director; if the director
				  determines that the amount of the certificate of deposit purchased by an
				  insurer in any one bank is excessive based on a finding that the
				  diversification of the insurer's investment holdings is inadequate, the
				  director will require the insurer to liquidate that portion found to be
				  excessive;
(3) a share or savings
				  account of a savings and loan or building and loan association, to the extent
				  that the account is insured by the Federal Deposit Insurance
				  Corporation;
(4) a high-grade
				  investment or medium-grade investment that qualifies under
				  3 AAC 21.330 or
				  3 AAC 21.335;
(5) an equity interest that qualifies under
				  3 AAC 21.340 and that is traded on a qualified
				  exchange;
(6) an investment of the
				  type set out in
				  3 AAC 21.360 if the investment is rated in the highest
				  rating category by a nationally recognized statistical rating organization
				  recognized by the securities valuation office for rating foreign jurisdictions
				  and if any foreign currency exposure is effectively hedged through the maturity
				  date of the investment;
(7) a
				  qualifying investment of the type set out in (4), (5), or (6) of this
				  subsection that is acquired, held, or invested in under
				  3 AAC 21.375;
(8) interest and dividends receivable on a
				  qualifying investment of the type set out in (1) - (7) of this subsection;
				  or
(9) reinsurance recoverable on
				  paid losses.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.325 - General single issuer diversification, medium-grade investments and lower-grade investments, and Canadian investments for a property and casualty insurer

Current through May 31, 2024
(a)
				  Except as otherwise provided in
				  3 AAC 21.201 -
				  3 AAC 21.399, a property and casualty insurer may not
				  acquire, hold, or invest in, directly or indirectly through an investment
				  subsidiary, an investment under
				  3 AAC 21.201 -
				  3 AAC 21.399 if, as a result of and after giving effect
				  to the investment, the property and casualty insurer would hold more than five
				  percent of its admitted assets in investments of all kinds issued, assumed,
				  accepted, insured, or guaranteed by a single person. However,
(1) the five percent limitation of this
				  subsection does not apply to the aggregate amounts insured by a single
				  financial guaranty insurer with the highest rating issued by a nationally
				  recognized statistical rating organization; and
(2) an asset-backed security is not subject
				  to the five percent limitation of this subsection, except that an insurer may
				  not acquire, hold, or invest in an asset-backed security if, as a result of and
				  after giving effect to the investment, the aggregate amount of asset-backed
				  securities then held by the property and casualty insurer and secured by or
				  evidencing an interest in a single asset or single pool of assets held by a
				  trust or other business entity would exceed the property and casualty insurer's
				  five percent limitation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.330 - Rated credit instruments for a property and casualty insurer

Current through May 31, 2024
(a)
				  Notwithstanding
				  3 AAC 21.325(a), a property and
				  casualty insurer may
(1) acquire, hold, or
				  invest in a rated credit instrument that is issued, assumed, guaranteed, or
				  insured by
(A) the United States;
(B) a government-sponsored enterprise of the
				  United States if the instrument of the government-sponsored enterprise is
				  assumed, guaranteed, or insured by the United States or is otherwise backed or
				  supported by the full faith and credit of the United States;
(C) Canada; or
(D) a government-sponsored enterprise of
				  Canada, if the instrument of the government-sponsored enterprise is assumed,
				  guaranteed, or insured by Canada or is otherwise backed or supported by the
				  full faith and credit of Canada; and
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.335 - Insurer investment pools for a property and casualty insurer

Current through May 31, 2024
(a) A property
				  and casualty insurer may acquire, hold, or make an investment in an investment
				  pool that invests only in investments
(1)
				  that a property and casualty insurer may acquire under
				  3 AAC 21.201 -
				  3 AAC 21.399, if the property and casualty insurer's
				  proportionate interest in the amount invested in these investments does not
				  exceed the quantitative limitations of
				  3 AAC 21.201 -
				  3 AAC 21.399; or
(2) described in (b) of this
				  section.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.340 - Equity interests for a property and casualty insurer

Current through May 31, 2024
(a) A property and
				  casualty insurer may acquire, hold, or invest in an equity interest in a
				  business entity organized under the laws of a domestic jurisdiction.
(b) A property and casualty insurer may not
				  acquire an investment under this section if, as a result of and after giving
				  effect to the investment, the aggregate amount of investments then held by the
				  property and casualty insurer under this section would exceed the greater of 25
				  percent of the property and casualty insurer's admitted assets or 100 percent
				  of its policyholder surplus.
(c) A
				  property and casualty insurer may not acquire an investment under this section
				  that the property and casualty insurer may acquire under
				  3 AAC 21.350.
(d) A property and casualty insurer may not
				  short sell equity investments unless the property and casualty insurer covers
				  the short sale by owning the equity investment or an unrestricted right to the
				  equity instrument exercisable within six months after the short sale.
Authority:
AS
						21.06.090
AS 21.18.010
AS 21.18.030
AS 21.18.040
AS 21.21.010
AS 21.21.020
AS 21.21.255
AS
						21.21.420
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.345 - Tangible personal property under lease for a property and casualty insurer

Current through May 31, 2024
(a)
				  Subject to the requirements in (b) of this section, a property and casualty
				  insurer may acquire, hold, or invest in tangible personal property or an equity
				  interest located or used wholly or in part within a domestic jurisdiction
				  either directly or indirectly through a limited partnership interest or general
				  partnership interest not otherwise prohibited by
				  3 AAC 21.216, a joint venture, stock of an investment
				  subsidiary or membership interest in a limited liability company, a trust
				  certificate, or another similar instrument.
(b) A property and casualty insurer may
				  acquire, hold, or invest in an investment under (a) of this section only if the
(1) property is subject to a lease or other
				  agreement with a person whose rated credit instruments would be eligible to be
				  acquired by the property and casualty insurer under
				  3 AAC 21.330 in the amount of the purchase price of the
				  personal property; and
(2) lease or
				  other agreement described in (1) of this subsection provides the property and
				  casualty insurer the right to receive rental, purchase, or other fixed payments
				  for the use or purchase of the property, and the aggregate value of the
				  payments, together with the estimated residual value of the property at the end
				  of its useful life and the estimated tax benefit to the property and casualty
				  insurer resulting from ownership of the property, is adequate to return the
				  cost of the property and casualty insurer's investment in the property, plus a
				  return considered adequate by the property and casualty insurer.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.350 - Mortgage loans and real estate for a property and casualty insurer

Current through May 31, 2024
(a) A property
				  and casualty insurer may acquire, hold, or invest in an obligation secured by a
				  mortgage on real estate situated within a domestic jurisdiction either directly
				  or indirectly through a limited partnership interest or general partnership
				  interest not otherwise prohibited by
				  3 AAC 21.216, a joint venture, stock of an investment
				  subsidiary or a membership interest in a limited liability company, a trust
				  certificate, or another similar instrument. A property and casualty insurer may
				  not acquire, hold, or invest in a mortgage loan that is secured by other than a
				  first lien unless the property and casualty insurer is the holder of the first
				  lien. An obligation held by a property and casualty insurer and any obligation
				  with an equal lien priority may not, at the time of acquisition of the
				  obligation, exceed
(1) 90 percent of the fair
				  market value of the real estate if the mortgage loan is secured by a purchase
				  money mortgage or like security received by the property and casualty insurer
				  upon disposition of the real estate;
(2) 80 percent of the fair market value of
				  the real estate if the mortgage loan requires immediate scheduled payment in
				  periodic installments of principal and interest, has an amortization period of
				  30 years or less, and has periodic payments made no less frequently than
				  annually, subject to the following:
(A) each
				  periodic payment must be sufficient to ensure that, at all times, the
				  outstanding principal balance of the mortgage loan will not be greater than the
				  outstanding principal balance would be under a mortgage loan with the same
				  original principal balance, with the same interest rate and requiring equal
				  payments of principal and interest with the same frequency over the same
				  amortization period;
(B) a mortgage
				  loan permitted under this paragraph is permitted notwithstanding that the loan
				  provides for a payment of the principal balance before the end of the period of
				  amortization of the loan;
(C) for a
				  residential mortgage loan, the 80 percent limitation may be increased to 97
				  percent if acceptable private mortgage insurance has been obtained;
				  or
(3) 75 percent of the
				  fair market value of the real estate for a mortgage loan that does not meet the
				  requirements of (1) or (2) of this subsection.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.355 - Securities lending, repurchase, reverse repurchase, and dollar roll transactions for a property and casualty insurer

Current through May 31, 2024
(a) A property and
				  casualty insurer may enter into a securities lending, repurchase, reverse
				  repurchase, or dollar roll transaction with a business entity if the property
				  and casualty insurer's board of directors adopts a written plan that is
				  consistent with the requirements of the written plan in
				  3 AAC 21.211(a), and that specifies
				  guidelines and objectives to be followed, including
(1) a description of how cash received will
				  be invested or used for general corporate purposes of the property and casualty
				  insurer;
(2) operational procedures
				  to manage interest rate risk, counterparty default risk, the conditions under
				  which proceeds from a reverse repurchase transaction may be used in the
				  ordinary course of business, and the use of acceptable collateral in a manner
				  that reflects the liquidity needs of the transaction; and
(3) the extent to which the property and
				  casualty insurer may engage in these transactions.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.360 - Foreign investments and foreign currency exposure for a property and casualty insurer

Current through May 31, 2024
(a) Subject to the limitations in
				  3 AAC 21.325, a property and casualty insurer may
				  acquire, hold, or invest in a foreign investment or engage in an investment
				  practice with a person of or in a foreign jurisdiction, if
(1) the investment is of substantially the
				  same type that a property and casualty insurer is permitted to acquire, hold,
				  or invest in under
				  3 AAC 21.201 -
				  3 AAC 21.399, other than of the type permitted under
				  3 AAC 21.335; and
(2) as a result of and after giving effect to
				  the investment, the aggregate amount of foreign investments then held by the
				  property and casualty insurer under this subsection
(A) does not exceed 20 percent of the
				  property and casualty insurer's admitted assets; and
(B) in a single foreign jurisdiction does not
				  exceed
(i) 10 percent of the property and
				  casualty insurer's admitted assets if that foreign jurisdiction has a sovereign
				  debt rating of one from the securities valuation office; or
(ii) five percent of the property and
				  casualty insurer's admitted assets, if that foreign jurisdiction is not one
				  described in (i) of this subparagraph.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.365 - Derivative transactions for a property and casualty insurer

Current through May 31, 2024
(a) A property and
				  casualty insurer may, directly or indirectly through an investment subsidiary,
				  engage in a derivative transaction under the following conditions:
(1) a property and casualty insurer may use a
				  derivative instrument to engage in a hedging transaction or in an income
				  generation transaction;
(2) a
				  property and casualty insurer shall demonstrate to the director the intended
				  hedging characteristics and the ongoing effectiveness of the derivative
				  transaction or combination of the transactions through cash-flow testing or
				  other appropriate analyses as required under
				  3 AAC 21.213.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.370 - Investment transactions with affiliated or controlling persons for a property and casualty insurer

Current through May 31, 2024
(a) Except as
				  provided in this section, a property and casualty insurer may not, without
				  first fulfilling the obligation imposed under this section,
(1) invest in an otherwise qualifying
				  investment issued by or due from an affiliated party;
(2) purchase from an affiliated party an
				  otherwise qualifying investment; or
(3) use the services of a broker or
				  commissioned sales agent who is an affiliated or controlling person in securing
				  an otherwise qualifying investment.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.375 - Additional investment authority for a property and casualty insurer

Current through May 31, 2024
(a) A property
				  and casualty insurer may acquire, hold, or make an investment of any kind or
				  engage in an investment practice that is not specifically prohibited by
				  3 AAC 21.201 -
				  3 AAC 21.399 without regard to a limitation in
				  3 AAC 21.325 -
				  3 AAC 21.360. However, the property and casualty insurer
				  may not acquire, hold, or make an investment or engage in an investment
				  practice under this section if, as a result of and after giving effect to the
				  transaction, the aggregate amount of the investments then held by the property
				  and casualty insurer under this section would exceed the greater of
(1) the property and casualty insurer's
				  unrestricted surplus; or
(2) the
				  lesser of
(A) 10 percent of the property and
				  casualty insurer s admitted assets; or
(B) 50 percent of the property and casualty
				  insurer' s policyholder surplus.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.395 - Requirements for rated credit instruments and special rated credit instruments

Current through May 31, 2024
(a) For an investment to be treated as a
				  rated credit instrument under
				  3 AAC 21.201 -
				  3 AAC 21.399, the investment
(1) must consist of a contractual right to
				  receive, from another entity, cash or a credit instrument, and
(A) if the instrument has a maturity at the
				  time of issue of more than 397 days, must be rated, be required to be rated, or
				  be exempt from rating under the requirements of the purposes and procedures
				  manual of the securities valuation office;
(B) if the instrument has a maturity at the
				  time of issue of 397 days or less, must be issued, guaranteed, or insured by an
				  entity that is rated by, or that has another obligation that is rated by, the
				  securities valuation office or by a nationally recognized statistical rating
				  organization;
(C) if the instrument
				  has a maturity at the time of issue of 90 days or less, must be issued by a
				  qualified bank;
(D) must be a share
				  of a class one bond mutual fund; or
(E) must be a share of a money market mutual
				  fund; and
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.399 - Definitions

Current through May 31, 2024
In
					 3 AAC 21.201 -
					 3 AAC 21.399, unless the context requires
					 otherwise,
(1) "acceptable collateral"
				  means, as to a
(A) securities lending
				  transaction and for the purpose of calculating counterparty exposure amount,
(i) cash;
(ii) cash equivalents;
(iii) letters of credit;
(iv) direct obligations of, or securities
				  that are fully guaranteed as to principal and interest by, the government of
				  the United States, an agency of the United States, the Federal National
				  Mortgage Association, or the Federal Home Loan Mortgage Corporation;
				  or
(v) for any foreign securities
				  to be lent, sovereign debt with a securities valuation office rating of
				  one;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 3 - Record and Financial Reporting › 3 AAC 21.400 - Filing of quarterly statements

Current through May 31, 2024
(a) A domestic
				  insurer is required to file quarterly financial statements, as described in
				  AS
				  21.09.205, with the director of
				  insurance.
(b) Repealed
				  11/21/2004.
Authority:
AS
						21.06.090
AS
						21.09.205
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 3 - Record and Financial Reporting › 3 AAC 21.460 - Records of domestic insurer required

Current through May 31, 2024
Each domestic insurer shall keep at its principal place of
					 business in this state the following records of its assets, transactions, and
					 affairs:
(1) items specified in
				  AS
				  21.69.390(d);
(2) vouchers and affidavits required under
				  AS
				  21.69.400;
(3) documentation that substantiates the
				  information provided on reinsurance and the business activities conducted in
				  each state as part of a filing made under
				  AS
				  21.09.200,
				  21.09.205 or
				  3 AAC 21.400; and
(4) if applicable,
(A) a detailed trial balance that reconciles
				  the items comprising the balance of a control account included in the general
				  ledger account, as shown in a filing made under
				  AS
				  21.09.200 or
				  21.09.205;
(B) a detailed record of the deposits
				  required under
				  AS
				  21.09.090(b); and
(C) documentation to support a filing made
				  under AS
				  21.09.210.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 3 - Record and Financial Reporting › 3 AAC 21.470 - Retention period

Current through May 31, 2024
(a) Unless otherwise required by law or
				  unless the director orders a longer retention period, a domestic insurer shall
				  retain records required by
				  AS
				  21.69.390 and
				  3 AAC 21.460, including records relating to losses and
				  claims, for the following period of time after the date the record is
				  considered to be an obsolete record:
(1) for
				  records of reinsurance transactions, 10 years or until completion of a full
				  examination, whichever is longer;
(2) for all other records, five years or
				  until completion of a full examination, whichever is longer.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 3 - Record and Financial Reporting › 3 AAC 21.480 - Corporate minutes book

Current through May 31, 2024
(a) As used in
				  AS
				  21.69.390(d)(8), a
				  "corporate minutes book" must include the minutes of all proceedings of
				  shareholders, members, the board of directors, and each committee of the board
				  of directors. The minutes of the board of directors must include all
(1) resolutions adopted and acts taken by the
				  board of directors; and
(2)
				  resolutions adopted by a committee of the board of directors that must be
				  adopted or approved by the board under AS 21.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 3 - Record and Financial Reporting › 3 AAC 21.485 - Filings required for an automobile service corporation

Current through May 31, 2024
(a) An automobile
				  service corporation holding a certificate of authority under AS 21.59 shall
				  file with the director
(1) annually on or
				  before March 1 a full and true statement of the automobile service
				  corporation's financial condition, transactions, and affairs as of the
				  preceding December 31; unless the director waives the verification requirement
				  in this paragraph for good cause, the filing must be verified by the oath of
				  the automobile service corporation's president or vice-president and secretary,
				  or like officers of the corporation;
(2) annually on or before June 1 an audited
				  financial statement of the financial condition, transactions, and affairs of
				  the automobile service corporation as of the preceding December 31; the audited
				  financial statement must be submitted on or before March 1 in order to be
				  substituted for the financial statement described in (1) of this subsection;
				  and
(3) quarterly on or before 45
				  days after the end of the quarter to which it applies a quarterly financial
				  statement of the automobile service corporation if required by the director to
				  evaluate compliance with AS 21.59.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 3 - Record and Financial Reporting › 3 AAC 21.490 - Filings required for a multiple employer welfare arrangement

Current through May 31, 2024
A self-funded multiple employer welfare arrangement holding
					 a certificate of authority under AS 21.85, and meeting the requirements under
					 AS
					 21.85.080(a)(4), shall file
					 with the director annually on or before June 1 a certified financial statement
					 of the financial condition, transactions, and affairs as of the preceding
					 December 31. Failure to comply with this section is a violation of
					 AS
					 21.09.200.
Authority:
AS
						21.06.090
AS 21.09.200
AS 21.85.080
AS
						21.85.100
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 4 - Definition of Standards and Director's Authority for Companies Deemed to be in an Impaired Financial Condition › 3 AAC 21.500 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 21.500 -
					 3 AAC 21.520 is to identify standards the director will,
					 in the director's discretion, use to identify an insurer that is impaired, as
					 defined in
					 AS
					 21.97.900, or in imminent danger of becoming
					 impaired, under
					 AS
					 21.09.175.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.90.900 as
						AS
						21.97.900. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 21.500, so that the cross-reference to former
						AS
						21.90.900 now refers to the renumbered
						statute, AS
						21.97.900.
Authority:
AS
						21.06.090
AS
						21.09.175
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 4 - Definition of Standards and Director's Authority for Companies Deemed to be in an Impaired Financial Condition › 3 AAC 21.520 - Remedial action

Current through May 31, 2024
(a) If the director determines that an
				  insurer is impaired or in imminent danger of becoming impaired, the director
				  may order the insurer to take one or more of the following actions:
(1) reduce the total amount of present and
				  potential liability for policy benefits by reinsurance;
(2) reduce, suspend, or limit the volume of
				  business being accepted or renewed;
(3) reduce general insurance and commission
				  expenses by specified methods;
(4)
				  increase the insurer's capital and surplus;
(5) suspend or limit the declaration and
				  payment of a dividend by an insurer to its stockholders or its
				  policyholders;
(6) file a report in
				  a form acceptable to the director concerning the market value of the insurer's
				  assets;
(7) limit or withdraw from
				  certain investments or discontinue certain investment practices to the extent
				  the director considers necessary;
(8) document the adequacy of a premium rate
				  in relation to the risk insured;
(9) file interim financial reports, in
				  addition to the regular annual statements, on a form adopted by the National
				  Association of Insurance Commissioners unless the director designates another
				  form;
(10) correct corporate
				  governance practice deficiencies, and adopt and use governance practices
				  acceptable to the director;
(11)
				  provide a business plan to the director in order to continue to transact
				  business in this state;
(12)
				  notwithstanding any other provision of AS 21 limiting the frequency or amount
				  of premium rate adjustments, adjust the rate for any non-life insurance product
				  written by the insurer that the director considers necessary to improve the
				  financial condition of the insurer;
(13) any other remedial action designed to
				  prevent impairment or diminish the imminent danger of impairment.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 5 - Frequency and Method of Premium Tax Payments › 3 AAC 21.550 - Annual premium tax payment

Current through May 31, 2024
Except as provided in
					 3 AAC 21.560, for a tax year ending December 31, an
					 entity required to pay a tax under
					 AS
					 21.09.210 or
					 AS
					 21.66.110 shall pay the required tax to the
					 director on or before March 1 of the following tax year.
Authority:
AS
						21.06.090
AS 21.09.210
AS
						21.66.110
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 5 - Frequency and Method of Premium Tax Payments › 3 AAC 21.570 - Method of payment

Current through May 31, 2024
(a) An authorized insurer or surplus lines
				  broker shall pay by the Automated Clearing House debit or credit payment system
(1) all premium taxes required under
				  AS
				  21.09.210,
				  AS
				  21.34.180, AS 21.59.070AS21.66.110 or
				  AS
				  21.85.100; and
(2) filling fees required under
				  AS
				  21.34.190.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 5 - Frequency and Method of Premium Tax Payments › 3 AAC 21.580 - Definition

Current through May 31, 2024
In
					 AS
					 21.09.210(m)"individual
					 life insurance" means a life insurance policy on the life of one individual or
					 the lives of more than one individual for estate planning purposes that
(1) may not be a key person insurance policy
				  or part of a group life insurance policy;
(2) may not include the insured's employer as
				  a beneficiary.
Authority:
AS
						21.34.190
AS
						21.09.210
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.600 - Applicability

Current through May 31, 2024
(a) The provisions of
				  3 AAC 21.610 -
				  3 AAC 21.630 apply to domestic insurers with authority
				  to write life and health lines of business, to all other licensed life and
				  health insurers that are not subject to a substantially similar regulation in
				  their domiciliary state, and to the health business written by property and
				  casualty insurers. The provisions of
				  3 AAC 21.610 -
				  3 AAC 21.630 do not apply to assumption reinsurance,
				  yearly renewable term reinsurance, or nonproportional reinsurance. For purposes
				  of this subsection, a regulation in a domiciliary state is substantially
				  similar if the director determines that the regulation equals or exceeds the
				  corresponding requirement in
				  AS
				  21.12.020, this section,
				  3 AAC 21.610 -
				  3 AAC 21.630,
				  3 AAC 21.693, and
				  3 AAC 21.695.
(b) The provisions of
				  3 AAC 21.635 -
				  3 AAC 21.690 apply to all domestic insurers.
(c) The provisions of
				  3 AAC 21.693 and
				  3 AAC 21.695 apply to all insurers to which (a) or (b)
				  of this section apply.
Authority:
AS
						21.06.090
AS
						21.12.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.615 - Term and universal life insurance reserve financing

Current through May 31, 2024
(a) The purpose and
				  intent of this section is to (i) establish uniform, national standards
				  governing reserve financing arrangements pertaining to (A) life insurance
				  policies containing (i) guaranteed nonlevel gross premiums; and (ii) guaranteed
				  nonlevel benefit and (B) universal life insurance policies with secondary
				  guarantees; and (2) ensure that, with respect to each such financing
				  arrangement, funds consisting of primary security and other security are held
				  by or on behalf of ceding insurers in the forms and amounts required under this
				  section (b) In general, reinsurance ceded for reserve financing purposes has
				  one or more of the following characteristic with respect to some or all of the
				  assets used to secure the reinsurance treaty or to capitalize the reinsurer:
(1) the assests are issued by the ceding
				  insurer or its affiliates;
(2) the
				  assests are not unconditionally available to satisfy the general account
				  obligations of the ceding insurer or
(3) the assests create a reimbursement,
				  indemnification or other similar obligation on the part of the ceding insurer
				  or any of its affiliates, other than a payment obligation under a derivative
				  contract acquired in the normal course and used to support and hedge
				  liabilities pertaining to the actual risks in the policies ceded under to-the
				  reinsurance treaty.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.620 - Written agreements

Current through May 31, 2024
(a) A reinsurance agreement or an amendment
				  to a reinsurance agreement may not be used to reduce a liability or to
				  establish an asset in a statutory financial statement filed with the division
				  unless the agreement, the amendment, or a binding letter of intent has been
				  executed by both parties, or other binding written evidence of the agreement
				  from the reinsurer is held by the ceding insurer, not later than the "as of
				  date" of the statutory financial statement on which the entry will
				  appear.
(b) A reinsurance agreement
				  or an amendment to a reinsurance agreement must be executed within 90 days
				  after the execution of a binding letter of intent or other written evidence of
				  a binding reinsurance agreement in order for credit to be allowed for the
				  reinsurance ceded.
Authority:
AS
						21.06.090
AS
						21.12.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.630 - Existing agreements

Current through May 31, 2024
(a) An insurer subject to
				  3 AAC 21.600 -
				  3 AAC 21.695 shall reduce to zero by December 31, 1995 a
				  reserve credit or asset established by a reinsurance agreement entered into
				  before January 1, 1995 which, under the provisions of
				  3 AAC 21.600 -
				  3 AAC 21.695, would not be allowed a reserve credit or
				  asset.
(b) An agreement entered
				  into after December 31, 1994 that involves the reinsurance of insurance
				  business written before the effective date of the agreement, along with any
				  subsequent amendments, must be filed by the ceding company with the director
				  within 30 days of the date of execution. A filing must include data detailing
				  the financial impact of the transaction. A ceding insurer's actuary who signs
				  the statutory financial statement actuarial opinion with respect to valuation
				  of reserves shall consider
				  3 AAC 21.600 -
				  3 AAC 21.695 and any applicable actuarial standards of
				  practice when determining the proper credit in a statutory financial statement
				  filed with the division. The actuary shall maintain adequate documentation and,
				  upon request of the division, describe the actuarial work performed for
				  inclusion in the statutory financial statement and demonstrate that the work
				  conforms to
				  3 AAC 21.600 -
				  3 AAC 21.695.
(c) An increase in surplus net of federal
				  income tax resulting from arrangements described in (b) of this section must be
				  identified separately on the insurer's statutory financial statement as a
				  surplus item, and recognition of the surplus increase as income must be
				  reflected on a net of tax basis on the reinsurance ceded line of the statutory
				  financial statement when earnings result from the insurance business
				  reinsured.
Authority:
AS
						21.06.090
AS
						21.12.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.635 - General provisions for a reinsurance agreement

Current through May 31, 2024
(a) The director
				  will not grant credit to a ceding insurer for reinsurance with an assuming
				  insurer unless the reinsurance agreement between the ceding insurer and
				  assuming insurer includes
(1) an insolvency
				  clause stating that the assuming insurer will remain liable for a claim
				  submitted under a reinsurance agreement by a ceding insurer even though the
				  ceding insurer is in receivership or liquidation at the time the claim is
				  submitted;
(2) repealed
				  11/21/2004;
(3) a provision
				  requiring an unauthorized assuming insurer to submit to the jurisdiction of an
				  alternative dispute resolution panel that is acceptable to the director or a
				  court of competent jurisdiction within the United States, to comply with all
				  requirements necessary to give the panel or court jurisdiction, to designate an
				  agent upon whom service of process may be given, and to abide by the final
				  decision of the panel or court;
(4)
				  a provision that the reinsurance agreement and any related trust agreement or
				  letter of credit constitute the entire contract between the parties with
				  respect to the insurance being reinsured and that there are no understandings
				  or agreements between the parties other than those expressed in these
				  documents; and
(5) a provision that
				  a change or modification to the agreement is void unless it is made by a
				  written amendment to the agreement and signed by both parties.
(6) a proper reinsurance intermediary clause,
				  if applicable, which stipulates that the credit risk for the intermediary is
				  carried by the assuming insurer.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.640 - Licensed assuming insurer

Current through May 31, 2024
The director will allow credit to be recorded on a domestic
					 insurer's statutory financial statement for reinsurance ceded to an assuming
					 insurer that is licensed and in good standing in this state no later than the
					 "as of date" of the ceding insurer's statutory financial
					 statement.
Authority:
AS
						21.06.090
AS
						21.12.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.645 - Accredited reinsurer

Current through May 31, 2024
(a) The director will allow credit for
				  reinsurance ceded by a domestic insurer to an assuming insurer that is
				  accredited as a reinsurer in this state no later than the "as of date" of the
				  ceding insurer's statutory financial statement. An accredited reinsurer must
(1) file a properly executed certificate of
				  assuming insurer in accordance with 3 AAC 21.655 as evidence of its submission
				  to this state's jurisdiction and to this state's authority to examine its books
				  and records;
(2) file with the
				  director a certified copy of a certificate of authority or other acceptable
				  evidence that it is licensed to transact insurance or reinsurance in at least
				  one state, or, in the case of a United States branch of an alien assuming
				  insurer, is entered through and licensed to transact insurance or reinsurance
				  in at least one state;
(3) file
				  annually with the director a copy of its annual statement filed with the
				  insurance department of its state of domicile or, in the case of an alien
				  assuming insurer, with the state through which it is entered and in which it is
				  licensed to transact insurance or reinsurance, and a copy of its most recent
				  audited financial statement; and
(4) maintain a surplus as regards
				  policyholders in an amount not less than $20,000,000, or obtain the affirmative
				  approval of the director upon a finding that it has adequate financial capacity
				  to meet its reinsurance obligations and is otherwise qualified to assume
				  reinsurance from domestic insurers.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.655 - Evidence of submission to jurisdiction

Current through May 31, 2024
A reinsurer who is required to provide evidence of its
					 submission to this state's jurisdiction and to this state's authority to
					 examine its books and records must do so on a certificate of assuming insurer
					 in substantially the following form:
CERTIFICATE OF ASSUMING INSURER
I, (name of officer) (title of officer)
of (name of assuming insurer), the assuming insurer under
					 a
reinsurance agreement with one or more insurers domiciled
					 in Alaska
certify that (name of assuming insurer) ("assuming
					 insurer"):
(1) submits to the
				  jurisdiction of any court of competent jurisdiction in Alaska for the
				  adjudication of any issues arising out of the reinsurance agreement, agrees to
				  comply with all requirements necessary to give such court jurisdiction, and
				  will abide by the final decision of the court or any appellate court in the
				  event of an appeal. Nothing in this paragraph constitutes or should be
				  understood to constitute a waiver of the assuming insurer's rights to commence
				  an action in any court of competent jurisdiction in the United States, to
				  remove an action to a United States district court, or to seek a transfer of a
				  case to another court as permitted by the laws of the United States or of any
				  state. This paragraph is not intended to conflict with or override the
				  obligation of the parties to the reinsurance agreement to arbitrate their
				  disputes if an obligation is created in the agreement;
(2) designates the director of insurance of
				  Alaska as its lawful attorney upon whom may be served any lawful process in any
				  action, suit, or proceeding instituted by or on behalf of the ceding insurer,
				  and arising from the reinsurance agreement, and attaches to this form the name
				  and address for the forwarding of service received by the director;
(3) submits to the authority of the director
				  of insurance of Alaska to examine its books and records, and agrees to bear the
				  expense of any such examination; and
(4) submits with this form a current list of insurers domiciled in
				  Alaska reinsured by the assuming insurer, and agrees to submit additions to or
				  deletions from the list to the director of insurance of Alaska no less often
				  than quarterly.
________________________
By: (name of officer)
(title of officer)
Authority:
AS
						21.06.090
AS
						21.12.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.658 - Reinsurer domiciled in another state

Current through May 31, 2024
(a) The director
				  will allow credit for reinsurance ceded by a domestic insurer to an authorized
				  assuming insurer that meets the requirements of AS 21.12.020(a)(3) on or before
				  the date of the ceding insurer's statutory financial statement if the
				  authorized assuming insurer
(1) is domiciled
				  in or, in the case of a United States branch of an alien assuming insurer, is
				  entered through a state that em ploys standards regarding credit for
				  reinsurance .substantially similar to those applicable under AS
				  21.12.020;
(2) maintains a surplus
				  as regards policyholders in an amount not less than $20,000,000; and
(3) files a properly executed Form AR-1 with
				  the director as evidence of its submission to this state's authority to examine
				  its books and records
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 6 - Reinsurance › 3 AAC 21.661 - Credit for reinsurance required by law

Current through May 31, 2024
Under AS 21.12.020(a)(6), the director shall allow credit
					 for reinsurance ceded by a domestic insurer to an assuming insurer not meeting
					 the requirements of AS 21.12.020(a)(1)-(5) but only as to the insurance of
					 risks located in jurisdictions where the reinsurance is required by the
					 applicable law or regulation of that jurisdiction. As used in this section,
					 "jurisdiction" means state, district, or territory of the United States and any
					 lawful national government.
Authority:
AS
						21.06.090
AS
						21.12.020