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- Alaska Statutes.
- Title 21. Insurance
- Chapter 9. Authorization of Insurers and General Requirements
- Section 140. Mandatory Revocation or Suspension of Certificate.
previous: Section 135
. Voluntary Surrender of Certificate of Authority.
next: Section 150
. Suspension or Revocation For Violations and Special Grounds.
AS 21.09.140. Mandatory Revocation or Suspension of Certificate.
- (a) The director shall suspend or revoke an insurer's certificate of authority
- (1) if the action is required by a provision of this title;
- (2) if the insurer no longer meets the requirements for the authority granted, on account of the insurer becoming impaired
or insolvent or otherwise; or
- (3) if the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry
into the United States if an alien insurer.
- (b) Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another
state as referred to in (a)(3) of this section, the director shall give the insurer at least 15 days' notice in advance
of a suspension or revocation under this section.
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