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Alaska Statutes Title 21. Insurance § 21.69.220. Initial qualifications of domestic mutuals

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in (b) of this section.

(b) When applying for an original certificate of authority, the insurer must be otherwise qualified under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, must have collected in cash the full premium at a rate not less than that usually charged by stock insurers for comparable coverages, must have surplus funds on hand and deposited as of the date the insurance coverages are to become effective, or, in lieu of the applications, premiums, and surplus, may deposit surplus, all in accordance with that part of the following schedule that applies to the one kind of insurance the insurer proposes to transact:

(A)

(B)

(C)

(D)

Minimum No.

Minimum No.

Kind

of

of

Minimum

of

applicants

Subjects

Premium

Insurance

Accepted

Covered

Collected

Life (1)

500

500

annual

Health (2)

500

500

quarterly

Property (3)

100

250

annual

Casualty (4)

250

500

annual

With Workers'

Compensation

250

1,500

quarterly

Marine, Wet

Marine, and

Transportation

50

50

annual

(E)

(F)

(G)

(H)

Minimum

Maximum

Minimum

Amount of

Amount of

Surplus

Deposit

Insurance

Insurance

Funds

of Surplus

Each

Each Subject

Deposited

in Lieu of

Subject

(5)

(6)

(6)

$

1,000

$

2,500

$

800,000

$

800,000

$

10

$

25

$

800,000

$

800,000

(weekly

(weekly

indem.)

indem.)

$

1,000

$

3,000

$

600,000

$

600,000

$

1,000

$

10,000

$

1,000,000

$

1,000,000

$

1,000

$

10,000

$

1,000,000

$

1,000,000

$

1,000

$

25,000

$

1,000,000

$

1,000,000

(c) The following provisos are respectively applicable to the schedule in (b) of this section and provisions as indicated by like numerals appearing in the schedule:

(1) group insurance or term policies for terms of less than 10 years may not be included;

(2) group, blanket, or family plans of insurance may not be included; in lieu of weekly indemnity a like premium value in medical, surgical and hospital benefits may be provided; any accidental death or dismemberment benefit provided may not exceed $2,500;

(3) only insurance of the owner's interest in real property may be included;

(4) must include insurance of legal liability for bodily injury and property damage, to which the maximum and minimum insured amounts apply;

(5) the maximums provided for in column (F) are net of applicable reinsurance;

(6) the deposit of surplus in the amount specified in columns (G) and (H) must thereafter be maintained unimpaired; the deposit is subject to the provisions of AS 21.24.

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Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.69.220. Initial qualifications of domestic mutuals - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-69-220/

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