(a) When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in (b) of this section.
(b) When applying for an original certificate of authority, the insurer must be otherwise qualified under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, must have collected in cash the full premium at a rate not less than that usually charged by stock insurers for comparable coverages, must have surplus funds on hand and deposited as of the date the insurance coverages are to become effective, or, in lieu of the applications, premiums, and surplus, may deposit surplus, all in accordance with that part of the following schedule that applies to the one kind of insurance the insurer proposes to transact:
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(A) (B) (C) (D)
Minimum No. Minimum No.
of of Minimum
Kind of Applicants Subjects Premium
Insurance Accepted Covered Collected
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Life (1) 500 500 annual
Health (2) 500 500 quarterly
Property (3) 100 250 annual
Casualty (4) 250 500 annual
With Workers'
Compensation 250 1,500 quarterly
Marine, Wet
Marine, and
Transportation 50 50 annual
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(E) (F) (G) (H)
Maximum
Minimum Amount of Minimum
Amount of Insurance Surplus Deposit
Insurance Each Funds of Surplus
Each Subject Deposited in Lieu of
Subject (5) (6) (6)
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$1,000 $ 2,500 $ 800,000 $ 800,000
$ 10 $ 25 $ 800,000 $ 800,000
(weekly (weekly
indem.) indem.)
$1,000 $ 3,000 $ 600,000 $ 600,000
$1,000 $10,000 $1,000,000 $1,000,000
$1,000 $10,000 $1,000,000 $1,000,000
$1,000 $25,000 $1,000,000 $1,000,000
(c) The following provisos are respectively applicable to the schedule in (b) of this section and provisions as indicated by like numerals appearing in the schedule:
(1) group insurance or term policies for terms of less than 10 years may not be included;
(2) group, blanket, or family plans of insurance may not be included; in lieu of weekly indemnity a like premium value in medical, surgical and hospital benefits may be provided; any accidental death or dismemberment benefit provided may not exceed $2,500;
(3) only insurance of the owner's interest in real property may be included;
(4) must include insurance of legal liability for bodily injury and property damage, to which the maximum and minimum insured amounts apply;
(5) the maximums provided for in column (F) are net of applicable reinsurance;
(6) the deposit of surplus in the amount specified in columns (G) and (H) must thereafter be maintained unimpaired; the deposit is subject to the provisions of AS 21.24.
Section: Previous 21.69.150 21.69.160 21.69.170 21.69.180 21.69.190 21.69.200 21.69.210 21.69.220 21.69.230 21.69.240 21.69.250 21.69.260 21.69.270 21.69.280 21.69.290 NextLast modified: November 15, 2016