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Alaska Statutes Title 21. Insurance § 21.79.100. Prevention of insolvencies

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

(a) The director shall notify, by mail, the commissioner, director, or superintendent of insurance of the other states, territories of the United States, and the District of Columbia within 30 days after the date on which the following actions are taken against a member insurer:

(1) revocation of a license;

(2) suspension of a license; or

(3) a formal order that a member insurer restrict its premium writing, obtain additional contributions to surplus, withdraw from the state, reinsure all or any part of its business, or increase capital, surplus, or any other account for the security of policyholders, contract owners, certificate holders, or creditors.

(b) The director shall report to the board if an action set out in (a) of this section is taken or a report is received from a state insurance regulator that similar action has been taken in another state. The report to the board must contain all significant details of the action taken or the report received from another insurance regulator.

(c) The director shall report to the board if there is reasonable cause to believe, during or after an examination of a member insurer, that the company may be impaired or insolvent.

(d) The director shall furnish the board with the NAIC Insurance Regulatory Information System (IRIS) ratios and a listing of companies not included in the ratios developed by the NAIC, and the board may use that information to carry out its duties and responsibilities under this section. The information shall be kept confidential by the board until it is made public by the director.

(e) The director may seek the board's advice and recommendations concerning the financial condition of member insurers, insurers, hospital and medical service corporations, and health maintenance organizations who apply for admission to transact insurance business in the state.

(f) The board may

(1) make reports and recommendations to the director relating to the solvency, liquidation, rehabilitation, or conservation of a member insurer or the solvency of an insurer, hospital or medical service corporation, or health maintenance organization that applies to transact insurance business in the state; the director and the board shall keep the reports and recommendations confidential;

(2) notify the director of any information that indicates that a member insurer may be impaired or insolvent.

(g) Repealed by SLA 2000, ch. 119, § 46, eff. Sept. 4, 2000.

(h) The board may make recommendations to the director for detecting and preventing member insurer insolvencies.

(i) Repealed by SLA 2000, ch. 119, § 46, eff. Sept. 4, 2000.

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Cite this article: FindLaw.com - Alaska Statutes Title 21. Insurance § 21.79.100. Prevention of insolvencies - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-21-insurance/ak-st-sect-21-79-100/

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