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Alaska Statutes Title 21. Insurance § 21.79.090. Powers and duties of the director

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

(a) Upon request of the board, the director shall provide the association with a statement of the premiums in the appropriate states for each member insurer.

(b) The director may

(1) after notice and hearing as provided in AS 21.06.180--21.06.230, suspend or revoke the certificate of authority to transact business in this state of a member insurer that fails to pay an assessment when due or fails to comply with the plan of operation;

(2) levy a penalty on a member insurer that fails to comply with the plan of operation; or

(3) levy a penalty on a member insurer that fails to pay an assessment when due; if the unpaid assessment is more than $2,000, the penalty may not exceed five percent of the unpaid assessment a month or be less than $100 a month; if the unpaid assessment is $2,000 or less, the penalty is $100 a month.

(c) A final action of the board or the association may be appealed to the director by a member insurer if the appeal is taken not later than 60 days after the date the notice of the action is mailed. Final action or order of the director may be reviewed by the superior court.

(d) The liquidator, rehabilitator, or conservator of an impaired or insolvent insurer may notify all interested persons of the effect of this chapter.

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Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.79.090. Powers and duties of the director - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-79-090/

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