Alaska Statutes Title 21. Insurance § 21.34.020. Placement of surplus lines insurance

(1) the insurer is an eligible surplus lines insurer;

(2) the full amount, kind, or class of insurance cannot be obtained from insurers who are admitted to do business in this state;

(3) the producing broker has conducted and documented a diligent search among insurers who are admitted to transact business in this state and are actually writing the particular kind or class of insurance required by the client in this state;

(4) the director authorizes an exception to (2) of this section by regulation or by written authorization for an individual placement upon written request by the broker; and

(5) all other requirements of this chapter are met.

(1) the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that the insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and

(2) the exempt commercial purchaser has subsequently requested in writing that the broker procure or place the insurance from a nonadmitted insurer.

(1) “amount” means limit, sublimit, retention, and broadening or restrictive endorsement;

(2) “class” means rating class;

(3) “kind” means one or more kinds of insurance as defined in AS 21.12.