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- Alaska Statutes.
- Title 21. Insurance
- Chapter 12. Kinds of Insurance, Limits of Risk, and Reinsurance
- Section 25. Assumption Reinsurance.
previous: Section 20
. Reinsurance Credit Allowed a Domestic Ceding Insurer.
next: Section 30
. Definitions Not Mutually Exclusive.
AS 21.12.025. Assumption Reinsurance.
- (a) A nondomestic admitted insurer may not carry out an agreement of assumption reinsurance with a nonadmitted insurer
that would transfer Alaska policyholders unless
- (1) the nonadmitted insurer applies for and obtains a certificate of authority from the director; or
- (2) the admitted insurer files the assumption agreement with the director and obtains approval to apply the assumption
agreement to Alaska policies or certificates.
- (b) The director shall approve an assumption agreement involving the assumption of Alaska insurance business by a
nonadmitted insurer if
- (1) the ceding insurer is in supervision, conservation, or liquidation and the assuming insurer is in good standing in its
state of domicile; or
- (2) approval would be in the public interest of the Alaska policyholders.
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