reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.020 - Forms; incorporation by reference; summaries and omissions

Current through May 31, 2024
(a) Information
				  required by an item of Form A, B, D, E, or F may be incorporated by reference
				  in answer or partial answer to another item. Information contained in a
				  financial statement, annual report, proxy statement, statement filed with a
				  governmental authority, or other document may be incorporated by reference in
				  answer or partial answer to an item of Form A, B, D, E, or F if that document
				  or paper is filed as an exhibit to the statement. An excerpt of a document may
				  be filed as an exhibit if the document is lengthy. A document already on file
				  with the director, that was filed not later than three years before the due
				  date of the form being filed, need not be attached as an exhibit. A reference
				  to information contained in an exhibit or a document already on file must
				  clearly identify by content and date the material and specifically indicate
				  that the material is to be incorporated by reference in answer to an item.
				  Material may not be incorporated by reference in a case where incorporation by
				  reference would render the statement incomplete, unclear, or
				  confusing.
(b) Where an item
				  requires a summary or outline of the provisions of any document, only a brief
				  statement of the most important provisions of the document is required. In
				  addition to the brief statement, the summary or outline may incorporate by
				  reference a particular part of an exhibit or document that has been filed with
				  the director within the three years before the date of the form being filed and
				  may be qualified in its entirety by that reference. In a case where two or more
				  documents required to be filed as exhibits are substantially identical in all
				  material respects except the parties to it, the dates of execution, or other
				  details, a copy of only one of the documents need be filed with a schedule
				  identifying the omitted documents and setting out the material details in which
				  those documents differ from the documents filed.
Authority:
AS
						21.06.090
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.030 - Forms; information unknown or unavailable; extension of time to furnish

Current through May 31, 2024
(a) Repealed 11/26/2015.
(b) If it is impractical to furnish any
				  required information, document, or report at the time it is required to be
				  filed, the person required to furnish tile information, document, or report
				  shall file with the director as a separate document an application
(1) identifying the information, document, or
				  report in question;
(2) stating why
				  filing at the time required is impractical; and
(3) requesting an extension of time for
				  filing the information, document, or report to a specified date.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.040 - Forms; additional information and exhibits

Current through May 31, 2024
(a) In addition to
				  the information expressly required to be included in Forms A - F, additional
				  information must be provided if it is necessary to make the information
				  contained in Forms A - F not misleading. A person may also file any exhibits in
				  addition to those expressly required by the form. An exhibit must be clearly
				  marked to indicate the subject matter to which it refers.
(b) A change to Form A, B, C, D, E, or F must
				  include on the top of the cover page the phrase: "Change No ... to:" and must
				  indicate the date of the amendment and not the date of the original
				  filing.
Authority:
AS
						21.06.090
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.050 - Forms; amendments

Current through May 31, 2024
An amendment must be filed in the format of the original
					 form identifying only those items that are being amended. An amendment of Form
					 A, B, C, D, or E must include on the top of the cover page the phrase:
					 "Amendment No....... to:" and must indicate the date of the amendment and not
					 the date of the original filing.
Authority:
AS
						21.06.090
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.060 - Acquisition of control; statement filing; Form A

Current through May 31, 2024
A person required to file a statement under
					 AS
					 21.22.010 shall furnish the required
					 information on Form A, made a part of this section in substantially the
					 following form:
FORM A
STATEMENT REGARDING THE ACQUISITION OF CONTROL OF OR MERGER
					 WITH A DOMESTIC INSURER
_______________________
Name of Domestic Insurer
By
_______________________
Name of Acquiring Person (Applicant)
Filed with the Insurance Division/Department of ________
					 (State of domicile of insurer being acquired)
Date: ______________, 20 _____
Name, Title, Address, Electronic Mail Address, and
					 Telephone Number of Individual to Whom Notices and Correspondence Concerning
					 This Statement Should be Addressed:
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
ITEM 1. INSURER AND METHODS OF ACQUISITION
State the name and address of the domestic insurer to
					 which this application relates and a brief description of how control is to be
					 acquired.
ITEM 2. IDENTITY
				  AND BACKGROUND OF THE APPLICANT
(a) State the
				  name and address of the applicant seeking to acquire control over the
				  insurer.
(b) If the applicant is not
				  an individual, state the nature of its business operations for the past five
				  years or for the lesser period as the person and any of that person's
				  predecessors shall have been in existence. Briefly describe the business
				  intended to be done by the applicant and the applicant's
				  subsidiaries.
(c) Furnish a chart
				  or listing clearly presenting the identities of the interrelationships among
				  the applicant and all affiliates of the applicant. Indicate in the chart or
				  listing the percentage of voting securities of each person which is owned or
				  controlled by the applicant or by any other person. If control of any person is
				  maintained other than by the ownership or control of voting securities,
				  indicate the basis of the control. As to each person specified in the chart or
				  listing indicate the type of organization (e.g., corporation, trust,
				  partnership) and the state or other jurisdiction of domicile. If court
				  proceedings looking toward a reorganization or liquidation are pending with
				  respect to any person, indicate which person, and set out the title of the
				  court, nature of proceedings, and the date when commenced.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.070 - Amendments of Form A

Current through May 31, 2024
Each applicant shall promptly advise the director of any
					 changes in the information furnished in Form A arising after the date upon
					 which the information was furnished but before the director's disposition of
					 the application.
Authority:
AS
						21.06.090
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.080 - Acquisition of AS 21.22.010 (j) insurers

Current through May 31, 2024
(a) If the person
				  being acquired is a domestic insurer solely because of the provisions of
				  AS
				  21.22.010(j), the name of
				  the domestic insurer on the cover page must be indicated substantially as in
				  the following example: "ABC Insurance Company, a subsidiary of XYZ Holding
				  Company."
(b) Where an
				  AS
				  21.22.010(j) insurer is
				  being acquired, references to "the insurer" contained in Form A refer to both
				  the domestic subsidiary insurer and the person being acquired.
Authority:
AS
						21.06.090
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.100 - Amendments of Form B

Current through May 31, 2024
(a) An amendment to Form B must be filed with
				  the division not later than 15 days after the end of any month in which there
				  is a material change to the information provided in the annual registration
				  statement.
(b) An amendment to Form
				  B must be filed in the format of the original form identifying only those items
				  that are being amended. An amendment to Form B must include on the top of the
				  cover page the phrase: "Amendment No ... to:" and must indicate the date of the
				  amendment and not the date of the original filing.
Authority:
AS
						21.06.090
AS 21.22.060
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.110 - Alternative and consolidated registrations

Current through May 31, 2024
(a) An authorized
				  insurer may file a registration statement on behalf of an affiliated insurer
				  that is required to register under
				  AS
				  21.22.060. A registration statement may
				  include information not required by AS 21.22 regarding an insurer in the
				  insurance holding company system even if the insurer is not authorized to do
				  business in this state. Instead of filing a registration statement on Form B,
				  the authorized insurer may file a copy of the registration statement or similar
				  report that it is required to file in its state of domicile if
(1) the statement or report contains
				  information that is substantially similar to the information required to be
				  furnished on Form B; and
(2) the
				  authorized insurer making the filing is the principal insurance company in the
				  insurance holding company system.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.130 - Disclaimers and termination of registration

Current through May 31, 2024
(a) A disclaimer of
				  affiliation or a request for termination of registration claiming that a person
				  does not, or will not, upon taking some proposed action, control another person
				  (referred to in this section as the "subject") must contain the following
				  information:
(1) the number of authorized,
				  issued, and outstanding voting securities of the subject;
(2) with respect to the person whose control
				  is denied and all affiliates of that person, the number and percentage of
				  shares of the subject's voting securities which are held of record or known to
				  be beneficially owned, and the number of these shares concerning which there is
				  a right to acquire, directly or indirectly;
(3) all material relationships and bases for
				  affiliation between the subject and the person whose control is denied and all
				  affiliates of that person;
(4) a
				  statement explaining why the person should not be considered to control the
				  subject.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.140 - Extraordinary dividends and other distributions

Current through May 31, 2024
(a) A request for
				  approval of an extraordinary dividend or an extraordinary distribution to
				  shareholders must include the following:
(1)
				  the amount of the proposed dividend;
(2) the date established for payment of the
				  dividend;
(3) a statement as to
				  whether the dividend is to be in cash or other property and, if in property, a
				  description of the property, its cost, and its fair market value together with
				  an explanation of the basis for that valuation;
(4) a work paper showing the calculations
				  used to determine whether the proposed dividend is extraordinary; the work
				  paper must include the following information:
(A) the amounts, dates, and form of payment
				  of all dividends and distributions, including regular dividends but excluding
				  distributions of the insurer's own securities, paid or declared and unpaid
				  within the period of 12 consecutive months ending on the date fixed for payment
				  of the proposed dividend for which approval is sought and commencing on the day
				  after the same day of the same month in the previous year;
(B) policyholder surplus as of the 31st day
				  of the December preceding the date on which the request for dividend approval
				  is submitted;
(C) if the insurer is
				  a life insurer, the net gain from operations for the 12-month period ending the
				  31st day of the December preceding the date on which the request for dividend
				  approval is submitted;
(D) if the
				  insurer is not a life insurer, the net investment income for the 12-month
				  period ending the 31st day of the December preceding the date on which the
				  request for dividend approval is submitted and net income for each of the two
				  preceding 12-month periods;
(E) if
				  the insurer is not a life insurer, the dividends paid to stockholders,
				  excluding distributions of the insurer's own securities, in the two calendar
				  years preceding the calendar year in which the request for dividend approval is
				  submitted;
(5) a balance
				  sheet and statement of income for the period between the last annual statement
				  filed with the director and the end of the month preceding the month in which
				  the request for dividend approval is submitted;
(6) a brief statement as to the effect of the
				  proposed dividend upon the insurer's surplus, the reasonableness of surplus in
				  relation to the insurer's outstanding liabilities, and the adequacy of surplus
				  relative to the insurer's financial needs.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.150 - Adequacy of surplus

Current through May 31, 2024
The factors set forth in
					 AS
					 21.22.090 are not intended to be an
					 exhaustive list. In determining the adequacy and reasonableness of an insurer's
					 surplus, no single factor listed in
					 AS
					 21.22.090 is controlling. The director,
					 instead, will consider the net effect of all of these factors plus other
					 factors bearing on the financial condition of the insurer. In comparing the
					 surplus maintained by other insurers, the director will consider the extent to
					 which each of these factors varies from company to company; in determining the
					 quality and liquidity of investments in subsidiaries, the director will
					 consider the individual subsidiary and will, in the directors discretion,
					 discount or disallow its valuation to the extent that the individual
					 investments so warrant.
Authority:
AS
						21.06.090
AS
						21.22.130
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.185 - Transactions subject to prior notice; required or voluntary requests for approval or pre-approval; notice filing; Form D

Current through May 31, 2024
(a) An insurer
				  required to give notice of a proposed transaction under
				  AS
				  21.22.080-21.22.105 or desiring voluntary
				  approval or preapproval of a transaction under AS 21 shall furnish the required
				  information on Form D, made a part of this section in substantially the
				  following form:
FORM D
PRIOR NOTICE OF A TRANSACTION
Filed with the Insurance Division/Department of the State
					 of ______
By
_________________
(Name of Registrant)
On Behalf of the Following Insurance Companies
Name Address
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
Date: ______________, 20 _____
Name, Title, Address, Electronic Mail Address, and
					 Telephone Number of lndividual to Whom Notices and Correspondence Concerning
					 This Statement Should be Addressed:
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
ITEM 1. IDENTITY OF PARTIES TO TRANSACTION
Furnish the following information for each party to the
					 transaction:
(a) name:
(b) home office address;
(c) principal executive office
				  address;
(d) the organizational
				  structure (i.e., corporation, partnership, individual, trust, etc.);
(e) a description of the nature of the
				  party's business operations;
(f)
				  relationship, if any, the insurer filing the notice or requesting the approval
				  or preapproval may have with another party to the transaction, including any
				  ownership or debtor/creditor interest another party to the transaction may have
				  in the insurer or the insurer may have in another party to the transaction; and
(g) where the transaction is with
				  a non-affiliate, the name of an affiliate that will receive, in whole or
				  substantial part, the proceeds of the transaction.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.187 - Expert opinion on proposed merger or acquisition of insurer

Current through May 31, 2024
In addition to the information required by
					 3 AAC 21.186, and if necessary to make a determination
					 of the potential competitive impact of the proposed merger or acquisition, the
					 director will, in the director's discretion, require an expert selected by the
					 applicant and approved by the director to provide an expert opinion as to that
					 impact. The expert opinion must be prepared at the expense of the
					 applicant.
Authority:
AS
						21.06.090
AS 21.22.065
AS 21.22.130
AS
						21.22.200
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.195 - Definitions

Current through May 31, 2024
(a) I In
				  3 AAC 21.010 -
				  3 AAC 21.195, unless the context requires otherwise,
(1) "executive officer" means a chief
				  executive officer, chief operating officer, chief financial officer, vice
				  president, treasurer, secretary, controller and any other individual performing
				  functions corresponding to those performed by these officers under whatever
				  title;
(2) repealed
				  11/26/2015;
(3) "ultimate
				  controlling person" means a person who is not controlled by another
				  person.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.201 - Purpose

Current through May 31, 2024
The purpose of
					 3 AAC 21.201 -
					 3 AAC 21.399 is to protect the interests of insureds by
					 promoting insurer solvency and financial strength, through a reasonable balance
					 of the following objectives:
(1)
				  preservation of principal;
(2)
				  reasonable diversification as to type of investment, issuer, and credit
				  quality;
(3) the allocation of
				  investments by insurers in a manner consistent with principles of prudent
				  investment management, to achieve an adequate return so that obligations to
				  insureds are adequately met and financial strength is sufficient to cover
				  reasonably foreseeable contingencies.
Authority:
AS
						21.06.090
AS 21.21.010
AS 21.21.020
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 21.203 - Applicability

Current through May 31, 2024
(a) The provisions of
				  3 AAC 21.201 -
				  3 AAC 21.399 apply to an investment and an investment
				  practice of a domestic insurer and a United States branch of an alien insurer
				  entered through this state. Except as provided in
				  AS
				  21.42.315(c), the provisions
				  of 3 AAC 21.201 -
				  3 AAC 21.399 do not apply to separate accounts of a life
				  and health insurer.
(b) Any waiver
				  or written consent granted by the director before December 28, 2001 is
				  rescinded as of that date, if that waiver or written consent regards a
				  requirement applicable to an investment or an investment practice of a domestic
				  insurer or a United States branch of an alien insurer entered through this
				  state.
In 2010 the revisor of statutes, acting under
						AS
						01.05.031, renumbered former
						AS
						21.42.370 as
						AS
						21.42.315. As of Register 196 (January 2011),
						the regulations attorney made a conforming technical revision under
						AS
						44.62.125(b)(6), to
						3 AAC 21.203(a), so that the
						cross-reference to former
						AS
						21.42.370(c) now refers to
						the renumbered statute,
						AS
						21.42.315(c).
Authority:
AS
						21.06.090
AS 21.21.010
AS 21.21.020
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 21.206 - General investment qualifications

Current through May 31, 2024
(a) An insurer may
				  acquire, hold, or invest in an investment or engage in an investment practice
				  as set out in
				  3 AAC 21.201 -
				  3 AAC 21.399. An investment that does not conform to
				  3 AAC 21.201 -
				  3 AAC 21.399 is not an admitted asset.
(b) Subject to (c) of this section, an
				  insurer may not acquire, hold, or invest in an investment as an admitted asset
				  unless, at the time of acquisition, the investment is
(1) eligible for the payment or accrual of
				  interest or discount, whether in cash or other securities;
(2) eligible to receive dividends or other
				  distributions;
(3) income
				  producing; or
(4) acquired under
				  3 AAC 21.256(f),
				  3 AAC 21.261,
				  3 AAC 21.271,
				  3 AAC 21.286,
				  3 AAC 21.350(f),
				  3 AAC 21.355,
				  3 AAC 21.365, or
				  3 AAC 21.375, or under other authority of AS
				  21.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.211 - Authorization of investments by the board of directors

Current through May 31, 2024
(a) The board of
				  directors of an insurer shall adopt a written plan for acquiring, holding, and
				  investing in an investment and for engaging in an investment practice. The
				  written plan must specify guidelines as to the quality, maturity, and
				  diversification of investments and must contain other specifications including
				  investment strategies intended to ensure that an investment or investment
				  practice is appropriate for the business conducted by the insurer, the
				  insurer's liquidity needs, and the insurer's capital and surplus. The board of
				  directors shall review and assess the insurer's technical investment and
				  administrative capabilities and expertise before adopting a written plan
				  concerning an investment strategy or investment practice.
(b) An investment acquired, held, and
				  invested in under
				  3 AAC 21.201 -
				  3 AAC 21.399 must be acquired and held under the
				  supervision and direction of the board of directors of the insurer. The board
				  of directors shall evidence by formal resolution, at least annually, that it
				  has determined that each investment has been made in accordance with
				  delegations, standards, limitations, and investment objectives prescribed by
				  the board of directors or a committee of the board of directors charged with
				  the responsibility to direct its investments.
(c) On at least a quarterly basis, and more
				  often if considered appropriate, an insurer s board of directors or committee
				  of the board of directors shall
(1) receive
				  and review a summary report on the insurer's investment portfolio, the
				  insurer's investment activities, and the insurer's investment practices engaged
				  in under delegated authority to determine whether the portfolio, activities,
				  and practices are consistent with the written plan; and
(2) review and revise, as appropriate, the
				  written plan.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.213 - Derivative instruments

Current through May 31, 2024
(a) Before engaging in a derivative
				  transaction, an insurer shall establish, and submit to the director for
				  approval, written guidelines that will be used for effecting and maintaining
				  derivative transactions. The guidelines must
(1) specify insurer objectives for engaging
				  in derivative transactions and strategies and all applicable risk constraints,
				  including credit risk limits;
(2)
				  establish counterparty exposure limits and credit quality standards;
(3) identify permissible derivative
				  transactions and the relationship of those transactions to insurer operations,
				  including a precise identification of the risks being hedged by a derivative
				  transaction; and
(4) require
				  compliance with internal control procedures.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.216 - Prohibited investments

Current through May 31, 2024
(a) An insurer may not, directly or
				  indirectly
(1) acquire, hold, or invest in an
				  obligation or security or make a guarantee for the benefit of or in favor of an
				  officer or director of the insurer, except as provided in
				  3 AAC 21.221;
(2) acquire, hold, or invest in an obligation
				  or security of, make a guarantee for the benefit of or in favor of, or make
				  other investments in a business entity of which 10 percent or more of the
				  voting securities or equity interests are owned directly or indirectly by or
				  for the benefit of one or more officers or directors of the insurer, except as
				  authorized in AS 21.22 or provided in
				  3 AAC 21.221;
(3) engage on its own behalf or through one
				  or more affiliates in a transaction or series of transactions designed to evade
				  the prohibitions in
				  3 AAC 21.201 -
				  3 AAC 21.399;
(4) invest in a partnership as a general
				  partner, unless
(A) all other partners in the
				  partnership are subsidiaries of the insurer;
(B) the investment is for the purpose of
(i) meeting cash calls committed to before
				  December 28, 2001;
(ii) completing
				  those specific projects or activities of the partnership in which the insurer
				  was a general partner as of December 28, 2001 that have been undertaken as of
				  that date; or
(iii) making capital
				  improvements to property owned by the partnership on December 28, 2001 if the
				  insurer was a general partner as of that date; or
(C) the investment complies with
				  3 AAC 21.206(c); or
(5) invest in or lend the
				  insurer's money upon the security of shares of the insurer's own stock, except
				  that an insurer may acquire shares of the insurer's own stock, but not as
				  admitted assets of the insurer, for the following purposes:
(A) conversion of a stock insurer into a
				  mutual or reciprocal insurer or a mutual or reciprocal insurer into a stock
				  insurer;
(B) issuance to the
				  insurer's officers, employees, or agents in connection with converting a
				  publicly held insurer into a privately held insurer or in connection with other
				  stock option and employee benefit plans;
(C) as required by any other plan approved by
				  the director under AS 21.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.221 - Loans to officers and directors

Current through May 31, 2024
(a) Except as
				  provided in (d) of this section, and without the prior written approval of the
				  director that will be given only if the transaction is consistent with the
				  purposes of
				  3 AAC 21.201 -
				  3 AAC 21.399 as stated in
				  3 AAC 21.201 and is in the public interest, an insurer
				  may not directly or indirectly
(1) make a
				  loan to or other investment in an officer or director of the insurer or a
				  person in which the officer or director has a direct or indirect financial
				  interest;
(2) make a guarantee for
				  the benefit of or in favor of an officer or director of the insurer or a person
				  in which the officer or director has a direct or indirect financial interest;
				  or
(3) enter into an agreement for
				  the purchase or sale of property from or to an officer or director of the
				  insurer or a person in which the officer or director has a direct or indirect
				  financial interest.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 2 - Investments › 3 AAC 21.231 - General single issuer diversification, medium-grade investments and lower-grade investments, and Canadian investments for a life and health insurer

Current through May 31, 2024
(a) Except as
				  otherwise provided in
				  3 AAC 21.201 -
				  3 AAC 21.399, a life and health 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 life and health insurer would hold more than three
				  percent of its admitted assets in investments of all kinds issued, assumed,
				  accepted, insured, or guaranteed by a single person. However,
(1) the three 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 three 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 life and health 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 life and health insurer's three
				  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 21.236 - Rated credit instruments for a life and health insurer

Current through May 31, 2024
(a) Notwithstanding
				  3 AAC 21.231(a), a life and health
				  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 21.241 - Insurer investment pools for a life and health insurer

Current through May 31, 2024
(a) A life and
				  health insurer may acquire, hold, or make an investment in an investment pool
				  that invests only in an investment
(1) that a
				  life and health insurer may acquire under
				  3 AAC 21.201 -
				  3 AAC 21.399, if the life and health insurer's
				  proportionate interest in the amount invested in that investment 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 21.246 - Equity interests for a life and health insurer

Current through May 31, 2024
(a) A life and
				  health insurer may acquire, hold, or invest in an equity interest in a business
				  entity organized under the laws of a domestic jurisdiction.
(b) A life and health 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 life and
				  health insurer under this section would exceed, for
(1) a life and health insurer other than an
				  accident and health insurer, 20 percent of the life and health insurer's
				  admitted assets, or five percent of admitted assets for equity interests then
				  held by the insurer that are not listed on a qualified exchange; or
(2) an accident and health insurer, the
				  greater of 25 percent of the accident and health insurer' s admitted assets or
				  100 percent of its 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 21.251 - Tangible personal property under lease for a life and health insurer

Current through May 31, 2024
(a) Subject to
				  the requirements in (b) of this section, a life and health 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 life and health 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 life and health insurer under
				  3 AAC 21.236 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 life and
				  health 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 life and health insurer
				  resulting from ownership of the property, is adequate to return the cost of the
				  life and health insurer' s investment in the property, plus a return considered
				  adequate by the life and health 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 21.256 - Mortgage loans and real estate for a life and health insurer

Current through May 31, 2024
(a) A life and
				  health 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 life and health insurer may not
				  acquire, hold, or invest in a mortgage loan that is secured by other than a
				  first lien unless the life and health insurer is the holder of the first lien.
				  An obligation held by a life and health 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 life and health 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 21.261 - Securities lending, repurchase, reverse repurchase, and dollar roll transactions for a life and health insurer

Current through May 31, 2024
(a) A life and
				  health insurer may enter into a securities lending, repurchase, reverse
				  repurchase, or dollar roll transaction with a business entity if the life and
				  health 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 life and health
				  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 life and health
				  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 21.266 - Foreign investments and foreign currency exposure for a life and health insurer

Current through May 31, 2024
(a) Subject to the limitations in
				  3 AAC 21.231, a life and health 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 life and health 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 21.241; and
(2) as a result of and after giving effect to
				  the investment, the aggregate amount of foreign investments then held by the
				  life and health insurer under this subsection
(A) does not exceed 20 percent of the life
				  and health insurer's admitted assets; and
(B) in a single foreign jurisdiction does not
				  exceed
(i) 10 percent of the life and health
				  insurer's admitted assets if that foreign jurisdiction has a sovereign debt
				  rating of one from the securities valuation office; or
(ii) three percent of the life and health
				  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 21.271 - Derivative transactions for a life and health insurer

Current through May 31, 2024
(a) A life and
				  health insurer may, directly or indirectly through an investment subsidiary,
				  engage in a derivative transaction under the following conditions:
(1) a life and health insurer may use a
				  derivative instrument to engage in a hedging transaction or in an income
				  generation transaction;
(2) a life
				  and health 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 21.276 - Policy loans for a life and health insurer

Current through May 31, 2024
A life and health insurer may lend to a policyholder on the
					 security of the cash surrender value of the policyholder's policy a sum not
					 exceeding the legal reserve that the life and health insurer is required to
					 maintain on the policy.
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 21.281 - Investment transactions with affiliated or controlling persons for a life and health insurer

Current through May 31, 2024
(a) Except as provided in this section, a
				  life and health insurer may not, without first fulfilling the obligations
				  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 21.286 - Additional investment authority for a life and health insurer

Current through May 31, 2024
(a) Solely for the
				  purpose of acquiring an investment that exceeds the quantitative limitations of
				  3 AAC 21.231 -
				  3 AAC 21.266, a life and health insurer may acquire,
				  hold, or make an investment or engage in an investment practice described in
				  3 AAC 21.261. However, under this subsection, the life
				  and health insurer may not acquire, hold, or make an investment or engage in an
				  investment practice described in
				  3 AAC 21.261 if, as a result of and after giving effect
				  to the transaction, the aggregate amount of investments then held by the life
				  and health insurer under this subsection
(1)
				  would exceed three percent of the life and health insurer's admitted assets;
				  or
(2) as to one limitation in
				  3 AAC 21.231 -
				  3 AAC 21.266 would exceed one percent of the life and
				  health insurer's admitted assets.