Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2022 | Updated by FindLaw Staff
(a) A domestic insurer may not make a contract granting a person or permitting a person to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, unless the contract is filed with and approved by the director. The contract shall be considered approved unless disapproved by the director within 20 days after date of filing, subject to a reasonable extension of time that the director may require by notice given within the 20 days. A disapproval shall be delivered to the insurer in writing, stating the grounds for it.
(b) The director shall disapprove a contract upon a finding that it
(1) subjects the insurer to excessive charges;
(2) is to extend for an unreasonable length of time;
(3) does not contain fair and adequate standards of performance; or
(4) contains other inequitable provision or provisions that impair the proper interests of stockholders or members of the insurer.
Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.69.380. Management and exclusive agency contracts - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-69-380/
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.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)