Alaska Statutes Title 21, Chapter 21.80 - Alaska Insurance Guaranty Association Act

• Sec. 21.80.010 Purposes.
  The purposes of this chapter are to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay...
• Sec. 21.80.020 Applicability.
  This chapter applies to all kinds of direct insurance written by an admitted insurer, except that this chapter does not apply to the following:(1)...
• Sec. 21.80.030 Construction.
  This chapter shall be construed to effect the purposes under AS 21.80.010, which constitute an aid and guide to interpretation.
• Sec. 21.80.040 Creation of Association.
  (a) There is created a nonprofit incorporated legal entity to be known as the Alaska Insurance Guaranty Association. All insurers defined as member insurers...
• Sec. 21.80.050 Board of Governors.
  (a) The board of governors of the association consists of not fewer than five nor more than nine members as specified in and serving...
• Sec. 21.80.060 Powers and Duties of the Association.
  (a) The association(1) is obligated to pay covered claims existing before the order of liquidation and arising within 30 days after the order of...
• Sec. 21.80.070 Plan of Operation.
  (a) The association shall submit to the director a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and...
• Sec. 21.80.080 Duties and Powers of the Director.
  (a) The director shall(1) notify the association of the existence of an insolvent insurer no later than three days after the director receives notice...
• Sec. 21.80.090 Effect of Paid Claims.
  (a) A person recovering under this chapter is considered to have assigned the person's rights under the policy to the association to the extent...
• Sec. 21.80.095 Prohibited Claims.
  An insurer, reinsurer, insurance pool, or underwriting association may not assert a claim against a person insured under a policy issued by an insolvent...
• Sec. 21.80.100 Nonduplication of Recovery.
  (a) A person having a claim against an insurer, whether or not the insurer is a member insurer, under a provision in an insurance...
• Sec. 21.80.110 Prevention of Insolvencies.
  The board of governors may(1) upon a majority vote, make recommendations to the director regarding matters generally related to improving or enhancing regulation for...
• Sec. 21.80.120 Examination of the Association.
  The association is subject to examination and regulation by the director. The board of governors shall submit, not later than June 30 of each...
• Sec. 21.80.130 Tax Exemption.
  The association is exempt from payment of all fees and all taxes levied by the state or any of its subdivisions except taxes levied...
• Sec. 21.80.140 Recognition of Assessments in Surcharge Rates.
  The rates and premiums charged for insurance policies to which this chapter applies may include surcharge rates sufficient to offset the adjusted assessments made...
• Sec. 21.80.150 Immunity.
  There is no liability on the part of and a cause of action of any nature may not arise against a member insurer, the...
• Sec. 21.80.160 Stay of Proceedings and Reopening of Default Judgments.
  All proceedings in which the insolvent insurer is a party or is obligated to defend a party in a court in this state shall,...
• Sec. 21.80.170 Termination and Distribution of Funds. [Repealed, Sec. 12 Ch 52 Sla 1990].
  Repealed or Renumbered
• Sec. 21.80.180 Definitions.
  In this chapter, unless the context requires otherwise,(1) "account" means any one of the three accounts created by AS 21.80.040(a);(2) "affiliate of an insolvent...
• Sec. 21.80.190 Short Title.
  This chapter may be known and cited as the Alaska Insurance Guaranty Association Act.

Last modified: November 15, 2016