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An insurer, hospital or medical service corporation, or a fraternal benefit society may not issue group long-term care insurance to an association or a trust or the trustee of a fund established, created, or maintained for the benefit of members of one or more associations, unless the association or the insurer of the association files evidence with the director that the association has
(1) a minimum of 100 members;
(2) been organized and maintained in good faith for purposes other than that of obtaining insurance;
(3) been in active existence for at least one year; and
(4) a constitution and by-laws that require
(A) the association to hold regular meetings not less than annually to further purposes of the members;
(B) except for credit unions, the association to collect dues or solicit contributions from members; and
(C) the members to have voting privileges and representation on the governing board and committees.
Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.53.080. Organizational requirements of associations - last updated April 21, 2021 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-53-080.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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