If at any time the director determines that any material transaction entered into between an insurer and any of its affiliates does not meet the standards set out in AS 21.22.080 , the director may, after hearings conducted in accordance with AS 21.06, require the insurer and the affiliate to terminate, set aside, or modify the transaction as considered appropriate by the director to make the transaction conform to those standards. An insurer may submit a proposed material transaction to the director for review and the director may issue an opinion that the transaction meets the standard set out in AS 21.22.080 . The opinion creates a rebuttable presumption that neither the insurer, director, officer, employee, nor agent committed a wilful violation of this chapter by entering into the transaction. The opinion does not prohibit the director from subsequently exercising authority under this section.
Section: Previous 21.22.010 21.22.020 21.22.030 21.22.040 21.22.050 21.22.060 21.22.065 21.22.070 21.22.080 21.22.085 21.22.090 21.22.100 21.22.105 21.22.110 21.22.115 NextLast modified: November 15, 2016