Alaska Statutes Sec. 21.22.115 - Supervisory Colleges

(a) With respect to an insurer registered under AS 21.22.060 , and in accordance with (c) of this section, the director may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine the insurer's compliance with this chapter. The director may

(1) initiate the establishment of a supervisory college;

(2) clarify the membership and participation of other supervisors in the supervisory college;

(3) clarify the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;

(4) coordinate the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and

(5) establish a crisis management plan.

(b) An insurer subject to this section is liable for and shall pay the reasonable expenses of the director's participation in a supervisory college in accordance with (c) of this section, including reasonable travel expenses. Under this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of those expenses.

(c) To assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers in accordance with AS 21.22.110 , the director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The director may enter into agreements in accordance with AS 21.06.060 and AS 21.22.120 to share confidential information between the director and regulatory agencies or other members of the supervisory college.

(d) Nothing in this section delegates to the supervisory college the director's authority to regulate or supervise an insurer or its affiliates under this title.

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Last modified: November 15, 2016