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- Alaska Statutes.
- Title 21. Insurance
- Chapter 9. Authorization of Insurers and General Requirements
- Section 90. Deposit Requirement.
previous: Section 80
. Capital Funds Required of Old Domestic Insurers.
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. Management and Affiliations.
AS 21.09.090. Deposit Requirement.
- (a) This section applies to all insurers.
- (b) The director may not authorize an insurer to transact insurance in this state unless it makes and thereafter maintains
in trust in this state through the director for the protection of all its policyholders or of all its policyholders and
creditors, a deposit of cash or securities eligible for deposit under AS 21.24.030
in the amount of no less than $300,000, except that
- (1) from foreign insurers, in lieu of the deposit or part thereof in this state, the director may accept the certificate
in proper form of the public official having supervision over insurers in any other state to the effect that a like
deposit or part thereof by the insurer is being maintained in public custody or control under the law in that state in
trust for the protection generally of the insurer's policyholders or its policyholders and creditors, in the United
- (2) from alien insurers, in lieu of the deposit or part thereof in this state, the director may accept evidence
satisfactory to the director that the insurer maintains within the United States by way of trust deposits with public
depositaries, or in trust institutions acceptable to the director, assets available for discharge of its United States
insurance obligations, which assets shall be in an amount not less than the outstanding liabilities of the insurer
arising out of its insurance transactions in the United States together with a surplus equal to the larger of the
- (A) the largest deposit required by this title to be made by a foreign insurer transacting like kinds of insurance; or
- (B) $300,000; which surplus shall for all purposes under this title be considered to be the capital or surplus of the
- (c) Deposits of foreign insurers, or deposits of alien insurers under (b)(2)(A) or (B) of this section in another state
shall be in cash or securities of substantially as high quality as those eligible for deposit in this state under AS 21.24.030
- (d) All such deposits in this state are subject to the applicable provisions of AS 21.24.
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