reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.720 - Fiduciary money exempt from attachment

Current through May 31, 2024
(a) Unless required
				  by a court order, a licensee may not authorize a financial institution to
				  withhold issue of money from a fiduciary account.
(b) Unless required by a court order, a
				  licensee may not authorize a financial institution to seize fiduciary money
				  from an account.
(c) Failure to
				  comply with (a) or (b) of this section is a violation of
				  AS
				  21.27.360.
Authority:
AS
						21.06.090
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 4 - Fiduciary Responsibilities of Licensees › 3 AAC 23.730 - Definitions

Current through May 31, 2024
In
					 3 AAC 23.500 -
					 3 AAC 23.730, unless the context requires
					 otherwise,
(1) "accessible" means
				  capable of being reviewed by the director or the director's appointed or
				  employed representatives;
(2)
				  "accounts payable" means the amount due to insurers that has been received or
				  will be received in the future in a fiduciary capacity, and is currently being
				  carried as an accounts receivable from customers who are purchasing contracts
				  of insurance;
(3) "accounts
				  receivable" means the amount due from customers who are purchasing contracts of
				  insurance;
(4) "advice of credit"
				  means a written notice normally prepared and transmitted by an insurer
				  notifying a licensee;
(A) that an amount is
				  owed by the insurer to the insured as a result of a policy cancellation before
				  the end of the full policy term;
(B) of a decrease or discount in the amount
				  of premium for a contract of insurance; or
(C) of any other downward adjustment of an
				  amount owed or paid by an insured to an insurer arising from a contract of
				  insurance;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.745 - Applicability

Current through May 31, 2024
Under
					 AS
					 21.27.150, the director of the division of
					 insurance is authorized to license a person as a bail bond limited producer. In
					 addition to whatever court rules might apply, a bail bond limited producer is
					 subject to
(1) the applicable
				  licensing and record keeping requirements, fiduciary responsibilities, and
				  disciplinary actions of AS 21.27 as they relate to an insurance producer;
				  and
(2) the trade practices and
				  fraud provisions of AS 21.36.
As of Register 147, Oct. 1998, the regulations attorney
						corrected manifest errors in the lead in language for
						3 AAC 23.745 by substituting "AS
						21.27.150(4)" for
						"AS
						21.27.150(d)" and in
						paragraph (1) of that section by substituting "AS 21.27" for "AS 23.27".
As of Register 161, April 2002, the regulations attorney
						corrected a manifest error in the lead in language for
						3 AAC 23.745 by substituting "AS
						21.27.150" for "AS
						21.27.150(4)".
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, redesignated former
						AS
						21.36.350 as
						AS
						21.36.125(c). As of Register
						196 (January 2011), the regulations attorney made a conforming technical
						revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 23.745, so that the citation to former
						AS
						21.36.350 now refers to
						AS
						21.36.125.
Authority:
AS
						21.06.090
AS 21.27.010
AS 21.27.150
AS
						21.36.125
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.750 - Bail bond limited producer license required

Current through May 31, 2024
(a) A person may
				  not act in the capacity of a bail bond limited producer or perform any of the
				  functions of a bail bond limited producer unless the person is licensed for and
				  meets the requirements of
				  AS
				  21.27.150 and acts on behalf of a surety
				  insurer or limited surety insurer. Except for clerical and administrative
				  duties, an unlicensed person may not perform the duties of a licensed bail bond
				  limited producer.
(b) To avoid
				  unfair competition in accordance with
				  AS
				  21.36.900(d), law
				  enforcement personnel, adjudication and prosecution officials and their
				  employees, officials authorized to admit bail, and state, borough, and city
				  officers may not be licensed to execute bail bonds or receive any benefits from
				  the execution of any bail bond.
(c)
				  The provisions of AS 21.27, AS 21.36, and
				  3 AAC 23.745 -
				  3 AAC 23.859 do not apply to a person who is licensed as
				  and performing the duties of an attorney at law.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.36.150 as
						AS
						21.36.900. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 23.750(b), so that the
						cross-reference to former
						AS
						21.36.150(d) now refers to
						the renumbered statute,
						AS
						21.36.900(d). In addition,
						the regulations attorney made a conforming technical revision to the authority
						citation that follows
						3 AAC 23.750, so that the citation to former
						AS
						21.36.150 now refers to
						AS
						21.36.900.
Authority:
AS
						21.06.090
AS 21.27.010
AS 21.27.150
AS
						21.36.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.760 - Premium only charge permitted

Current through May 31, 2024
(a) Except as
				  provided in (b) of this section, a bail bond limited producer may not charge,
				  collect, or receive any fee or consideration in other than a premium that is
				  based upon the effective rate on file with the director.
(b) A licensee may charge for reimbursement
				  of travel, lodging, per diem, and any other expenses incurred at the time the
				  bond is executed. A licensee shall retain a record of all expenses incurred for
				  three years.
(c) After execution of
				  a bail bond, an additional premium may not be charged unless the
(1) amount of the bond has increased;
				  or
(2) additional premium is based
				  on the effective rate on file with the director.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.770 - Written notice of bail bond transaction

Current through May 31, 2024
(a) A licensee or
				  surety shall, at the time of obtaining the release of a defendant on bail,
				  deliver to the defendant and to any other person with whom bail negotiations
				  were conducted, a prenumbered document that describes the bail bond
				  transaction, including the
(1) name of the
				  surety;
(2) name and address of the
				  licensee;
(3) name of the
				  defendant;
(4) date the defendant
				  is released from the bond;
(5)
				  date, time, and place of the defendant's required court appearance;
(6) amount of bail;
(7) offenses with which the defendant is
				  charged;
(8) premium charged for
				  the bail bond;
(9) premium amount
				  received on account; and
(10)
				  unpaid balance, if any, and payment terms.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.780 - Records

Current through May 31, 2024
(a) A licensee shall maintain the following
				  records for five years after the liability of the surety is terminated:
(1) a daily register containing the permanent
				  record of all bail bonds and bail bond transactions executed by the licensee
				  including the
(A) power of attorney form
				  number;
(B) date a bail bond was
				  executed;
(C) court in which a bail
				  bond was posted;
(D) name of
				  defendant;
(E) amount of a bail
				  bond;
(F) premium
				  charged;
(G) premium reported to
				  the surety;
(H) collateral
				  received;
(I) indemnity
				  agreements;
(J) disposition of
				  collateral; and
(K) date of
				  disposition of each bail bond;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.790 - Prohibited bail bond activities

Current through May 31, 2024
(a) In accordance
				  with the applicable provisions of AS 21.27, AS 21.36, and court rules, a bail
				  bond limited producer or surety may not
(1)
				  pay, rebate, give, or promise anything of value to a jailer, peace officer,
				  magistrate, or any other person who has power to arrest or hold a person in
				  custody, or to any public official or public employee for the purpose of
				  securing a settlement, compromise, remission, or reduction of the amount of
				  bail bond, or to secure delay or other advantage; this section does not
				  prohibit public reward paid for the return of a fugitive;
(2) pay, rebate, give or promise anything of
				  value to an attorney in a bail bond matter, except in defense of an action on a
				  bail bond, collateral, or indemnification agreement;
(3) pay, rebate, give, or promise anything of
				  value to a defendant or anyone acting on the defendant's behalf in exchange for
				  a referral of bail bond business;
(4) also act as the defendant's attorney at a
				  trial or hearing if the licensee or surety has also posted the defendant's bail
				  bond;
(5) accept anything of value
				  from a defendant except a premium, collateral, or reimbursement for expenses as
				  provided for in
				  3 AAC 23.760(b);
(6) recommend a particular attorney to
				  represent a defendant;
(7) solicit
				  business where a prisoner is confined in or near a courtroom if otherwise
				  prohibited by court order or law;
(8) sign or countersign a bail bond that the
				  licensee did not execute; or
(9)
				  delegate to a person the authority to sign the name of the licensee to bail
				  bond.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.800 - Collateral; fiduciary relations

Current through May 31, 2024
(a) A licensee or
				  surety who receives collateral in connection with a bail bond transaction shall
				  receive the collateral in a fiduciary capacity. Until the forfeiture of bail,
				  the licensee or surety must keep the collateral separate from any other funds
				  or assets of the licensee or surety.
(b) Cash collateral must be maintained in
				  accordance with
				  AS
				  21.27.360 and
				  3 AAC 23.500 -
				  3 AAC 23.730.
(c) If a licensee or surety receives as
				  collateral a document that conveys title to a lien on real property, that
				  document must state on its face that it is executed as part of a security
				  transaction. If that document is recorded, a conveyance of the property,
				  executed in such a manner that it may also be recorded, must be delivered by
				  the licensee or surety to the person executing the original conveyance or to
				  that person's heir, legal representative, or successor in interest. Within 10
				  working days after notice of the exoneration of the bond in writing by the
				  court, the licensee shall make the document available at the licensee's
				  principal place of business or mail it upon request.
Authority:
AS
						21.06.090
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.810 - Collateral; custody

Current through May 31, 2024
(a) If a licensee transfers collateral to
				  another bail bond limited producer or surety, the recipient of the collateral
				  shall hold it in a fiduciary capacity, return it, and otherwise handle it in
				  accordance with
				  3 AAC 23.745 -
				  3 AAC 23.859.
(b) Collateral may only be transferred from
				  one licensee to another licensee or surety and may not be removed from the
				  state.
Authority:
AS
						21.06.090
AS
						21.27.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.820 - Collateral; receipt

Current through May 31, 2024
(a) A licensee who receives collateral in
				  connection with a bail bond transaction shall provide a prenumbered receipt to
				  the person providing the collateral.
(b) The receipt for the collateral must state
				  the
(1) date of receipt;
(2) name of the surety;
(3) bail bond number;
(4) number of the power of attorney
				  form;
(5) name of the
				  defendant;
(6) amount of the
				  bond;
(7) full description of the
				  collateral;
(8) amount of money or
				  value of the collateral received;
(9) name of the individual making payment or
				  giving the collateral; and
(10)
				  conditions for return of the collateral or excess collateral upon forfeiture to
				  the person who paid the collateral, or to that person's heir, legal
				  representative, or successor in interest.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.830 - Return of collateral

Current through May 31, 2024
(a) Within 10 days after receiving written
				  notification from the court that a bail bond and the surety have been
				  exonerated, a bail bond limited producer shall make any collateral deposited to
				  secure the obligation of that bail bond available for return to the person who
				  deposited the collateral, or to that person's heir, legal representative, or
				  successor in interest. The licensee shall verify with the court that the
				  obligation has been exonerated before returning the bail bond.
(b) If collateral was deposited as security
				  for unpaid premium, if the premium remains unpaid at the time of surrender,
				  exoneration, or forfeiture of the bond, and if a demand has been made by the
				  licensee in custody of the collateral, the surety acting by itself, or through
				  its agent, may dispose of the collateral in the manner provided for in
				  AS
				  34.45.030-34.45.080 of the Uniform Property
				  Act and the proceeds may be applied against the unpaid premium.
(c) The licensee or surety may not return
				  collateral until the person receiving the collateral provides a written receipt
				  that identifies the bond, describes the collateral returned, shows the
				  signature of the person to whom the collateral was returned, and shows the date
				  returned.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, redesignated former
						AS
						21.36.350 as
						AS
						21.36.125(c). As of Register
						196 (January 2011), the regulations attorney made a conforming technical
						revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 23.830, deleting the citation to former
						AS
						21.36.350 to reflect that the authority
						citation already includes a citation to
						AS
						21.36.125, the section where material
						formerly in
						AS
						21.36.350 was
						relocated.
Authority:
AS
						21.06.090
AS 21.27.350
AS
						21.36.125
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.840 - Forfeitures

Current through May 31, 2024
A licensee shall notify the surety of a bail bond
					 forfeiture within 60 working days following the receipt of notice of the
					 judgement of forfeiture from the clerk of the court.
As of Register 196 (January 2011), the regulations
						attorney made a technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 23.840.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, redesignated former
						AS
						21.36.350 as
						AS
						21.36.125(c). As of Register
						196 (January 2011), the regulations attorney made a conforming technical
						revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 23.840, deleting the citation to former
						AS
						21.36.350 to reflect that the authority
						citation already includes a citation to
						AS
						21.36.125, the section where material
						formerly in
						AS
						21.36.350 was
						relocated.
Authority:
AS
						21.06.090
AS
						21.36.125
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.850 - Unclaimed collateral; excess collateral; excess payment of premium

Current through May 31, 2024
If collateral, excess collateral on forfeiture, or excess
					 payment of premium being held by a licensee or surety is not claimed or taken
					 away within one year after the termination of liability under the bail bond,
					 the licensee or surety shall treat the collateral, excess collateral, or excess
					 payment, in the manner provided in AS 34.45, the Uniform Unclaimed Property
					 Act.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, redesignated former
						AS
						21.36.350 as
						AS
						21.36.125(c). As of Register
						196 (January 2011), the regulations attorney made a conforming technical
						revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 23.850, deleting the citation to former
						AS
						21.36.350 to reflect that the authority
						citation already includes a citation to
						AS
						21.36.125, the section where material
						formerly in
						AS
						21.36.350 was
						relocated.
Authority:
AS
						21.06.090
AS 21.27.360
AS 21.36.120
AS 21.36.125
AS
						21.36.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 5 - Bail Bonds › 3 AAC 23.859 - Definitions

Current through May 31, 2024
As used in
					 3 AAC 23.745 -
					 3 AAC 23.859,
(1) "bail" means property that is deposited
				  with a judicial officer to secure or continue the release from custody of the
				  defendant in a judicial proceeding; "bail" includes a bail bond, a bail bond
				  transaction, and any pledge or deposit of collateral;
(2) "bail bond limited producer" means a
				  person who is licensed under
				  AS
				  21.27.150 to transact surety or limited
				  surety, and who is appointed by an authorized insurer to transact, execute or
				  countersign bail bond transactions in connection with judicial proceedings in
				  return for money or other things of value;
(3) "collateral" means additional security
				  given to assure the performance of the defendant's obligation;
(4) "defendant" means the individual whose
				  performance is guaranteed by the execution of a bail bond;
(5) "fiduciary capacity" means the duty of a
				  licensee and surety to receive and maintain collateral with fairness and good
				  faith as custodian of the collateral;
(6) "licensee" means a bail bond limited
				  producer licensed under
				  AS
				  21.27.150;
(7) "limited surety" means insurance as
				  defined in
				  AS
				  21.12.080(2);
(8) "surety" means an authorized insurer as
				  defined by
				  AS
				  21.97.900.
As of Register 183 (October 2007), the regulations
						attorney made technical revisions under
						AS
						44.62.125(b)(6), to
						3 AAC 23.859.
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 23.859, so that a cross-reference to former
						AS
						21.90.900 now refers to the renumbered
						statute, AS
						21.97.900.
Authority:
AS
						21.06.090
AS 21.27.010
AS
						21.27.150
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 6 - General Provisions › 3 AAC 23.860 - Biennial license renewal

Current through May 31, 2024
(a) The biennial
				  renewal date for an individual licensee is based upon the individual's birth
				  month, as follows:
(1) if the individual
				  licensee's birth year is an odd number, the renewal date is the last day of the
				  month in the individual's birth month every odd-numbered year;
(2) if the individual licensee's birth year
				  is an even number, the renewal date is the last day of the month in the
				  individual's birth month every even-numbered year.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 6 - General Provisions › 3 AAC 23.900 - Definitions (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 23 - Producers, Managing General Agents, Surplus Lines Brokers, Reinsurance Intermediary Managers, Reinsurance Intermediary Brokers, Third Party Administrators, and Independent Adjusters › Article 6 - General Provisions › 3 AAC 23.999 - Definitions

Current through May 31, 2024
Unless the context indicates otherwise, in this
					 chapter,
(1) "premium finance
				  agreement" or "agreement to extend credit" means an agreement by which a
				  borrower or prospective borrower promises to pay to a licensee the amount
				  advanced or to be advanced under the agreement to an insurer in payment of
				  premiums on an insurance policy together with a service charge; as security for
				  the advanced sums, the licensee receives an assignment of the unearned
				  premium;
(2) "service charge" means
				  the total cost charged by a licensee, including all charges, fees, interest, or
				  cost differentials, for financing premiums or extending credit; "service
				  charge" does not include a late charge permitted under
				  3 AAC 23.340.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.36.122 as
						AS
						21.36.490. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to the
						authority citation that follows
						3 AAC 23.999, so that the citation to former
						AS
						21.36.122 now refers to the renumbered
						statute, AS
						21.36.490.
Authority:
AS
						21.06.090
AS
						21.36.490
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.010 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 24.010 -
					 3 AAC 24.290 is to establish, consistent with
					 15 U.S.C.
					 3901 -
					 3906, as amended as of October 27,
					 1986 (Liability Risk Retention Act), a procedure for the registration of risk
					 retention groups that seek to transact the business of insurance in Alaska, or
					 relative to a subject or risk that is resident, located, or to be performed in
					 Alaska, and to provide for the payment of fees for the administrative cost of
					 the registration process.
As of Register 124 (January 1993) the regulations
						attorney corrected the parenthetical citation to the Liability Risk Retention
						Act of 1986 to the Liability Risk Retention
						Act.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.015 - Compliance

Current through May 31, 2024
A person transacting the business of insurance as or on
					 behalf of a risk retention group formed under and in compliance with
					 15 U.S.C.
					 3901 -
					 3906, as amended as of October 27,
					 1986 (Liability Risk Retention Act), shall, at all times, transact business in
					 compliance with federal and state insurance law. Failure to comply with federal
					 or state insurance law is an unfair and deceptive act under
					 AS
					 21.36.900.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.36.150 as
						AS
						21.36.900. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 24.015, so that the cross-reference to former
						AS
						21.36.150 now refers to the renumbered
						statute, AS 21.36.900. In addition, the
						regulations attorney made a conforming technical revision to the authority
						citation that follows
						3 AAC 24.015, so that the citation to former
						AS
						21.36.150 now refers to
						AS
						21.36.900.
Authority:
AS
						21.03.010
AS 21.06.090
AS
						21.36.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.020 - Filing of registration forms

Current through May 31, 2024
(a) Before
				  transacting the business of insurance in this state, a risk retention group
				  shall submit to the director
(1) a completed
				  registration form that shall include the following information:
(A) each state in which the risk retention
				  group is chartered or licensed to do business as a liability insurer;
(B) the date of its charter or
				  license;
(C) the state in which it
				  is domiciled;
(D) the complete
				  physical address and mailing address of
(i)
				  its offices in its state of domicile;
(ii) its principal place of business;
				  and
(iii) its directors and
				  principal officers;
(E)
				  the complete name, firm name, physical address, and mailing address of all
				  persons acting, or offering to act, as an agent, broker, or surplus lines
				  broker for the risk retention group, and identification of all types of
				  licenses held by each person and firm, including the state in which each
				  license is held;
(F) all classes or
				  lines of insurance the risk retention group intends to offer; and
(G) such other information, including
				  information concerning its membership, that the director requires to establish
				  its qualification as a risk retention group to transact business in
				  Alaska;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.030 - Payment of fee

Current through May 31, 2024
The initial registration fee set by
					 3 AAC 31.060(a) must accompany each
					 registration form. The annual continuation fee set by
					 3 AAC 31.060(a) must accompany each
					 continuation application.
As of Register 169 (April 2004), the regulations attorney
						made a technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 24.030.
Authority:
AS
						21.03.010
AS 21.06.090
AS
						21.06.250
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.040 - Operations

Current through May 31, 2024
(a) A risk retention group may only transact
				  the business of liability insurance.
(b) At least 30 days before a domestic risk
				  retention group may transact business in this state, any other state, or upon a
				  subject or risk that is resident, located, or to be performed in this or any
				  other state, a plan of operation or feasibility study must be filed with and
				  approved by the director in writing. At least 30 days before a domestic risk
				  retention group implements a material change or revision to a previously
				  approved plan of operation or feasibility study the domestic risk retention
				  group must file those changes with and secure the written approval of the
				  director. A domestic risk retention group may not transact an additional kind
				  or class of liability insurance in this state, another state, or upon a subject
				  or risk that is resident, located, or to be performed in this or any other
				  state, before a change or revision to the plan of operation or feasibility
				  study has been approved by the director.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.050 - Term of initial registration

Current through May 31, 2024
The initial registration is valid until December 31 of the
					 year in which it was made. An annual continuation application must be filed
					 with the director in accordance with
					 3 AAC 24.060 to maintain the registration in
					 force.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.060 - Continuation of registration

Current through May 31, 2024
(a) A registration
				  is valid from January 1 through December 31 of each year. In order to continue
				  the registration for the next year, the following must be filed with the
				  director by December 31:
(1) continuation
				  application on a form prescribed by the director;
(2) the annual continuation fee established
				  in 3 AAC 31.060(a);
				  and
(3) other information the
				  director may require.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 1 - Risk Retention Groups › 3 AAC 24.290 - Definitions

Current through May 31, 2024
As used in
					 3 AAC 24.010 -
					 3 AAC 24.290,
(1) "risk retention group" means any entity
				  meeting the definition of a risk retention group in
				  15 U.S.C.
				  3901(a)(4), as amended as of
				  October 27, 1986 (Liability Risk Retention Act);
(2) "domestic risk retention group" means a
				  risk retention group that has been issued a certificate of authority from the
				  director and is in compliance with all provisions of
				  15 U.S.C.
				  3901 -
				  3906, as amended as of October 27,
				  1986 (Liability Risk Retention Act);
(3) "transact" means the same as in
				  AS
				  21.97.900;
(4) "transacting insurance" means to transact
				  as defined in
				  AS
				  21.97.900 relative to a subject or risk that
				  is resident, located, or to be performed in this state;
(5) "liability" means legal liability for
				  damages, including costs of defense, legal costs and fees, and other claims
				  expenses, because of injury to another person, damage to property, or other
				  damage or loss to a person resulting from or arising out of a business, trade,
				  product, service, including a professional service, premises, or operation; or
				  any activity of a state or local government, or an agency or political
				  subdivision of a state or local government; "liability" does not include
				  personal risk liability or employer's liability with respect to its employees
				  other than legal liability under the Federal Employers' Liability Act (45 U.S.C.
				  51);
(6) "personal risk liability" means liability
				  for damages because of injury to a person, damage to property, or other loss or
				  damage resulting from a personal, familial, or household responsibility or
				  activity, rather than from a responsibility or activity referred to in (5) of
				  this section.
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 revisions under
						AS
						44.62.125(b)(6), to
						3 AAC 24.290, so that cross-references to former
						AS
						21.90.900 now refer to the renumbered
						statute, AS
						21.97.900.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.300 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 24.300 -
					 3 AAC 24.590 is to establish, consistent with
					 15 U.S.C.
					 3901 -
					 3906, as amended as of October 27,
					 1986 (Liability Risk Retention Act), a procedure for the registration of
					 purchasing groups that seek to transact the business of insurance in Alaska, or
					 relative to a subject or risk that is resident, located, or to be performed in
					 Alaska, and to provide for the payment of fees for the administrative cost of
					 the registration process.
As of Register 124 (January 1993) the regulations
						attorney corrected the parenthetical citation to the Liability Risk Retention
						Act of 1986 to the Liability Risk Retention
						Act.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.305 - Compliance

Current through May 31, 2024
A person transacting the business of insurance as or on
					 behalf of a purchasing group formed under and in compliance with
					 15 U.S.C.
					 3901 -
					 3906, as amended as of October 27,
					 1986 (Liability Risk Retention Act), shall, at all times, transact business in
					 compliance with federal and state insurance law. Failure to comply with federal
					 or state insurance law is an unfair and deceptive act under
					 AS
					 21.36.900.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.36.150 as
						AS
						21.36.900. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 24.305, so that the cross-reference to former
						AS
						21.36.150 now refers to the renumbered
						statute, AS 21.36.900. In addition, the
						regulations attorney made a conforming technical revision to the authority
						citation that follows
						3 AAC 24.305, so that the citation to former
						AS
						21.36.150 now refers to
						AS
						21.36.900.
Authority:
AS
						21.03.010
AS 21.06.090
AS
						21.36.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.310 - Filing of registration forms

Current through May 31, 2024
(a) Before
				  transacting the business of insurance in this state, a purchasing group shall
				  submit to the director
(1) a completed
				  registration form that shall include the following information:
(A) the state of domicile;
(B) the dates of its incorporation and
				  formation as a purchasing group;
(C) the complete physical address and mailing
				  address of;
(i) its offices in its state of
				  domicile;
(ii) its principal place
				  of business;
(iii) its directors
				  and principal officers;
(iv) all
				  persons acting, or offering to act, as an agent, broker, or surplus lines
				  broker for the purchasing group, including all types of licenses held by each
				  person and the states in which each license is held;
(D) all classes or lines of insurance the
				  purchasing group intends to purchase;
(E) the insurance company or risk retention
				  group from which it intends to purchase insurance; and
(F) such other information including
				  information concerning its membership, that the director requires to establish
				  its qualification and continuing qualification as a purchasing group;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.320 - Payment of fee

Current through May 31, 2024
The initial registration fee set by
					 3 AAC 31.060(a) must accompany the
					 registration forms. The annual continuation fee set by
					 3 AAC 31.060(a) must accompany each
					 continuation application.
As of Register 169 (April 2004), the regulations attorney
						made a technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 24.320.
Authority:
AS
						21.03.010
AS 21.06.090
AS
						21.06.250
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.330 - Existing operation; compliance

Current through May 31, 2024
A purchasing group transacting insurance before 8/23/89 on
					 a risk or subject resident, located or to be performed in Alaska, has 30 days
					 after that date in which to comply with
					 3 AAC 24.300 -
					 3 AAC 24.590.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.340 - Term of initial registration

Current through May 31, 2024
The initial registration is valid until December 31 of the
					 year in which it was made. An annual continuation application must be filed
					 with the director in accordance with
					 3 AAC 24.350 to maintain the registration in
					 force.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.350 - Continuation of registration

Current through May 31, 2024
(a) A registration
				  is valid from January 1 through December 31 of each year. In order to continue
				  the registration for the next year, the following must be filed with the
				  director by December 31:
(1) continuation
				  application on a form prescribed by the director;
(2) the annual continuation fee established
				  in 3 AAC 31.060(a);
				  and
(3) other information the
				  director may require.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 24 - Risk Retention Groups and Purchasing Groups › Article 2 - Purchasing Groups › 3 AAC 24.590 - Definitions

Current through May 31, 2024
As used in
					 3 AAC 24.300 -
					 3 AAC 24.590,
(1) "purchasing group" means any entity
				  meeting the definition of a purchasing group in
				  15 U.S.C.
				  3901(a)(5), as amended as of
				  October 27, 1986 (Liability Risk Retention Act);
(2) "transact" means the same as in
				  AS
				  21.97.900;
(3) "transacting insurance" means to transact
				  as defined in
				  AS
				  21.97.900 relative to a subject or risk that
				  is resident, located, or to be performed in this state.
As of Register 124 (January 1993) the regulations
						attorney corrected the parenthetical citation to the Liability Risk Retention
						Act of 1986 to the Liability Risk Retention Act.
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 conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 24.590, so that cross-references to former
						AS
						21.90.900 now refer to the renumbered
						statute, AS
						21.97.900.
Authority:
AS
						21.03.010
AS
						21.06.090
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 25 - Surplus Lines - Unauthorized Insurers › 3 AAC 25.010 - Conditions for procurement of surplus lines coverage

Current through May 31, 2024
(a) Insurance may
				be procured through a surplus lines broker from an eligible nonadmitted insurer
				only if the producing broker
(1) determines
				through a diligent search that the particular policy terms or conditions that
				are material to the insured cannot be obtained from an insurer that is admitted
				to do business in this state;
(2)
				completes the search before the surplus lines broker binds the insurance
				contract; and
(3) provides
				documentation of the search to the surplus lines broker not later than 15 days
				after the binding of the insurance contract; the documentation must meet the
				requirements of
				3 AAC 25.035.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 25 - Surplus Lines - Unauthorized Insurers › 3 AAC 25.020 - Prohibited procurement of surplus lines coverage

Current through May 31, 2024
(a) Workers'
				compensation insurance required by statute may be procured only from an insurer
				holding a valid certificate of authority to write workers' compensation
				insurance in this state.
(b) Upon
				written application by the insured to the director, stating the specific
				reasons, the director will, in the director's discretion, give written approval
				to a specific risk for an exception to (a) of this section if the director
				determines that an exception is in the best interest of the insured and is not
				detrimental to the public interest.
(c) This section does not apply to the
				coverages included on the surplus lines placement list under
				3 AAC 25.040.
Authority:
AS
					 21.06.090
AS 21.34.010
AS 21.34.020
AS 21.34.030
AS
					 21.34.250
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 25 - Surplus Lines - Unauthorized Insurers › 3 AAC 25.035 - Documentation

Current through May 31, 2024
(a) A producing broker and the surplus lines
				broker shall retain in the insured's file an acceptable form of documentation
				to establish that the producing broker and the surplus lines broker have
				complied with
				AS
				21.34.020 and
				3 AAC 25.010(a). An acceptable form of
				documentation required by this subsection includes
(5) documentation that
(A) the broker procuring or placing the
				surplus lines insurance has disclosed to an exempt commercial purchaser that
				insurance may be available from the admitted market that may provide greater
				pro tection with more regulatory oversight; and
(B) the exempt commercial purchaser has
				requested in writing that the broker procure or place the insurance from a
				nonadmitted insurer.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 25 - Surplus Lines - Unauthorized Insurers › 3 AAC 25.040 - Surplus lines placement list

Current through May 31, 2024
(a) After a hearing
				held under
				AS
				21.06.180-21.06.230, the director will issue
				an order that lists the kinds of insurance that may be placed with a
				nonadmitted insurer that appears on the eligible list published under
				AS
				21.34.050.
(b) The director will hold a hearing and
				issue an order at least once every 12 months.
(c) A person may request a hearing under
				AS
				21.06.180 to add a kind of insurance to the
				list or to delete a kind of insurance from the list.
(d) Only those kinds of insurance for which
				insureds generally are unable to secure coverage from admitted insurers will be
				included on the surplus lines placement list.
Authority:
AS
					 21.06.090
AS 21.34.020
AS
					 21.34.250