Alaska Statutes Title 21, Chapter 21.75, Article 01 - Reciprocal Insurers

• Sec. 21.75.010 Applicability.
  (a) All authorized reciprocal insurers shall be governed by those sections of this chapter not expressly made applicable to domestic reciprocals.(b) Existing authorized reciprocal...
• Sec. 21.75.020 Insuring Powers of Reciprocals.
  (a) Except as provided in (c) of this section, a reciprocal insurer may, upon qualifying as provided for by this title, transact any kind...
• Sec. 21.75.030 Name, Suits.
  (a) A reciprocal insurer shall(1) have and use a business name; the name must include the word "reciprocal" or "interinsurer" or "exchange" or "underwriters"...
• Sec. 21.75.040 Attorney-In-fact.
  (a) [Repealed, Sec. 223 ch 67 SLA 1992].(b) The attorney-in-fact of a foreign or alien reciprocal insurer, that is authorized to transact insurance in...
• Sec. 21.75.045 Licensing of Attorneys-In-fact.
  (a) A person may not act in the capacity of attorney-in-fact for a subscriber regarding a subject that is resident, located, or to be...
• Sec. 21.75.050 Surplus Funds Required.
  (a) A domestic reciprocal insurer formed in accordance with the provisions of this chapter shall have and maintain a surplus no less than an...
• Sec. 21.75.055 Surplus Funds for Cooperative Insurers.
  A cooperative insurer organized under AS 21.75.300 - 21.75.330, if it has otherwise complied with the applicable provisions of this chapter, may be authorized...
• Sec. 21.75.060 Organization of Reciprocal Insurer.
  (a) Ten or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the director for a certificate...
• Sec. 21.75.070 Certificate of Authority.
  (a) The certificate of authority of a reciprocal insurer shall be issued to its attorney-in-fact in the name of the insurer.(b) The director may...
• Sec. 21.75.080 Authority of Attorney-In-fact.
  (a) A subscriber's agreement providing for an advisory committee consistent with AS 21.75.170 shall be executed by each subscriber and shall grant authority to...
• Sec. 21.75.090 Modifications.
  Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by...
• Sec. 21.75.100 Attorney-In-fact's Bond.
  (a) Concurrently with the filing of the declaration provided in AS 21.75.060 , the attorney-in-fact of a domestic reciprocal insurer shall file with the...
• Sec. 21.75.110 Action on Bond.
  Action on the attorney-in-fact's bond or to recover against a deposit made in lieu of the bond may be brought at any time by...
• Sec. 21.75.115 Examination of an Attorney-In-fact.
  An attorney-in-fact of a reciprocal insurer is subject to examination by order of the director under AS 21.06.120 and 21.06.140 - 21.06.160 for the...
• Sec. 21.75.120 Service of Process.
  (a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney-in-fact at the principal offices of the attorney-in-fact or...
• Sec. 21.75.130 Annual Statement.
  (a) The annual statement of a reciprocal insurer shall be made by its attorney-in-fact and filed with the director, as provided in AS 21.09.200.(b)...
• Sec. 21.75.135 Quarterly Statements.
  (a) The director may require a reciprocal insurer's attorney-in-fact to file a quarterly financial statement as provided in AS 21.09.205 .(b) A statement required...
• Sec. 21.75.140 Contributions to Insurer.
  The attorney-in-fact or other parties may advance to a domestic reciprocal insurer upon reasonable terms the funds it may require from time to time...
• Sec. 21.75.150 Determination of Financial Condition.
  In determining the financial condition of a reciprocal insurer the director shall apply the following rules:(1) the same reserves as are required of incorporated...
• Sec. 21.75.160 Who May Be Subscribers.
  Individuals, partnerships, and corporations of this state may make application, enter into agreement for, and hold policies or contracts in or with and be...
• Sec. 21.75.170 Subscriber's Advisory Committee.
  (a) The subscriber's advisory committee shall meet at least annually and shall consist of not less than nine individuals elected by the subscribers, at...
• Sec. 21.75.180 Subscribers' Liability.
  (a) The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual,...
• Sec. 21.75.190 Subscribers' Liability on Judgment.
  (a) An action may not lie against a subscriber upon an obligation claimed against the insurer until a final judgment has been obtained against...
• Sec. 21.75.200 Assessments.
  (a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable under the terms of their policies by...
• Sec. 21.75.210 Time Limit for Assessments.
  A subscriber of a domestic reciprocal insurer having contingent liability is liable for and shall pay the subscriber's share of any assessment, as computed...
• Sec. 21.75.220 Aggregate Liability.
  A single policy or subscriber as to the policy may not be assessed or charged with an aggregate of contingent liability as to obligations...
• Sec. 21.75.230 Nonassessable Policies.
  (a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital and surplus required of...
• Sec. 21.75.240 Distribution of Savings.
  A reciprocal insurer may from time to time return to its subscribers any unused premiums, savings, or credits accruing to their accounts. The distribution...
• Sec. 21.75.250 Subscribers' Share in Assets.
  Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of contributions of...
• Sec. 21.75.260 Merger or Conversion.
  (a) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of its subscribers who vote on the merger after due notice...
• Sec. 21.75.270 Financial Impairment; Determination of Insolvency.
  (a) If the assets of a reciprocal insurer are at any time insufficient to discharge its liabilities, other than a liability on account of...
• Sec. 21.75.280 [Renumbered As As 21.75.900 (2)].
  
  Repealed or Renumbered
• Sec. 21.75.290 [Renumbered As As 21.75.900 (3)].
  
  Repealed or Renumbered

Last modified: November 15, 2016