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- Alaska Statutes.
- Title 21. Insurance
- Chapter 14. Risk Based Capital For Insurers
- Section 60. Risk Based Capital Plan.
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. Mandatory Control Level Event.
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. Foreign Insurers.
AS 21.14.060. Risk Based Capital Plan.
- (a) If a plan is required under this chapter or by order of the director in response to an event described under AS 21.14.020
- 21.14.050, the plan shall be a financial plan that
- (1) identification of the conditions that contribute to the level event;
- (2) a proposal for corrective action that the insurer intends to take that would be expected to eliminate the level event;
- (3) projections for the insurer's financial results in the current year and in the four subsequent years after the current
year, with and without the proposed corrective action, including projections of statutory operating income, net income,
and capital and surplus; the projections for new and renewal business must include separate projections for each major
line of business and separately identify each significant income, expense, and benefit component;
- (4) identification of the key assumptions affecting the insurer's projections and the sensitivity of the projections to
- (5) identification of the quality of, and problems associated with, the insurer's business, including the insurer's
assets, anticipated business growth, associated surplus strain, extraordinary exposure to risk, mix of business, and
use of reinsurance in each case; and
- (6) other information required by the director.
- (b) An insurer shall submit a plan within 45 days
- (1) of an event described in AS 21.14.020
- 21.14.050; or
- (2) after the insurer receives notification from the director that the director has rejected the insurer's challenge, if
the insurer has challenged an adjusted report under AS 21.14.080
- (c) Not later than 60 days after an insurer has submitted a plan to the director, the director shall notify the insurer if
the plan is satisfactory or unsatisfactory. If the director determines the plan to be satisfactory, the insurer shall
implement the plan upon receiving notice from the director. If the director determines the plan is unsatisfactory,
notification to the insurer must state the reasons for the determination and may propose revisions that, in the
judgment of the director, will render the plan satisfactory. Upon receiving notice from the director that a plan is
unsatisfactory, the insurer shall prepare a revised plan that may incorporate revisions proposed by the director and
submit the revised plan to the director. A revised plan shall be submitted to the director within 45 days after the
insurer receives notice that
- (1) the original plan is unsatisfactory; or
- (2) the director has rejected the insurer's challenge, if the insurer challenges an unsatisfactory determination of the
director under AS 21.14.080.
- (d) A domestic insurer that files a plan or revised plan with the director shall file a copy of the plan or revised plan
with the insurance regulatory agency in each state in which the insurer transacts business, if
- (1) the state has a risk based capital provision substantially similar to AS 21.14.090
, as determined by the director; and
- (2) the insurance regulatory agency of that state has made a request in writing to the insurer.
- (e) An insurer shall file the copy of the plan or revised plan required under (d) of this section (1) within 15 days of
the insurer's receipt of a request for the filing from a state; or (2) by the date on which the plan or revised plan is
filed in this state under this section, whichever is later.
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