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- Alaska Statutes.
- Title 21. Insurance
- Chapter 6. The Director of Insurance
- Section 120. Examination of Insurers.
previous: Section 115
. Duty to Inform Public.
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. Examination of Producers, Adjusters, and Promoters.
AS 21.06.120. Examination of Insurers.
- (a) The director may examine the affairs, transactions, accounts, records, and assets of each authorized and formerly
authorized insurer and each licensed and formerly licensed managing general agent, reinsurance intermediary broker,
reinsurance intermediary manager, surplus lines broker, and surplus lines association as often as the director
considers advisable. In scheduling and determining the nature, scope, and frequency of examinations, the director may
consider any factor or material that the director determines is appropriate, including the results of financial
statement analysis and ratios, competency of management or change of ownership, actuarial opinions, reports of
independent certified public accountants, number and nature of consumer complaints, results of prior examinations,
frequency of prior violations of statute and regulation, and criteria set out in the Examiners' Handbook most recently
approved by the National Association of Insurance Commissioners and in effect when the director conducts an
examination. Examination of an alien insurer may be limited to its insurance transactions and affairs in the United
States. Examination of a reciprocal insurer may also include examination of its attorney-in-fact to the extent that the
transactions of the attorney-in-fact relate to the insurer.
- (b) The director shall in like manner examine each insurer applying for an initial certificate of authority to do business
in this state.
- (c) In place of an examination by the director, the director may accept a full report of the last recent examination of a
foreign or alien insurer, issued by the insurance supervisory official of another state, territory, commonwealth, or
district of the United States. The director may require that the
- (1) insurance regulatory agency conducting the examination be, at the time of the examination, accredited by the National
Association of Insurance Commissioners;
- (2) examination be performed under the supervision of an insurance regulatory agency accredited by the National
Association of Insurance Commissioners; and the supervising examiner, after a review of the examination work papers and
report, state under oath that the examination and report comply with the standards and procedures required by their
accredited state insurance regulatory agency; or
- (3) examiner conducting the examination be employed by an insurance regulatory agency accredited at the time of the
examination by the National Association of Insurance Commissioners and that the examiner, after review of the
examination work papers and report, state under oath that the examination and report comply with the standards and
procedures required by the accredited insurance regulatory agency.
- (d) The director may examine insurers in participation with the National Association of Insurance Commissioners.
- (e) The director may use a contract examiner to carry out the functions of this section. The selection of a contract
examiner and the award of a contract is subject to AS 36.30
(State Procurement Code), except when the director makes a written determination that an emergency selection and
contract award is necessary.
- (f) For the purpose of completing an examination of a person under this title, the director may examine or investigate any
person, or the business of any person, if the director determines that the examination or investigation is necessary or
material to the examination of the person.
- (g) The director shall examine a domestic insurer at least once every three years. The director may examine a domestic
insurer at any time when the director determines that an examination or investigation is necessary. Unless the director
determines an insurer is in danger of becoming impaired, when the director intends to conduct an interim examination of
a domestic insurer covering the same subjects that were included in the scope of the last examination report, the
director shall give at least 10 days prior written notice stating the scope and purpose of the examination. In this
subsection, "interim examination" means an examination of a domestic insurer that occurs within three years after the
start of the domestic insurer's last examination.
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