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- Alaska Statutes.
- Title 21. Insurance
- Chapter 22. Insurance Holding Companies
- Section 30. Hearing, Findings, and Approval.
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. Content of Statement For Acquisition or Merger Filing.
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. Mailings to Shareholders and Expenses.
AS 21.22.030. Hearing, Findings, and Approval.
- (a) The director shall approve a merger or other acquisition of control referred to in AS 21.22.010
unless, after a public hearing, the director finds that
- (1) after the change of control, the domestic insurer referred to in AS 21.22.010
would not be able to satisfy the requirements for the issuance of a license to write the line or lines of insurance
for which it is presently licensed;
- (2) the effect of the merger or other acquisitions of control would be substantially to lessen competition in insurance in
this state or tend to create a monopoly in this state;
- (3) the financial condition of an acquiring party is such that it might jeopardize the financial stability of the insurer
or prejudice the interest of its policyholders or the interests of any remaining securityholders who are unaffiliated
with the acquiring party;
- (4) the terms of the offer, request, invitation, agreement, or acquisition referred to in AS 21.22.010
are unfair and unreasonable to the securityholders of the insurer;
- (5) the plans or proposals that the acquiring party has to liquidate the insurer, sell its assets, or consolidate or merge
it with any person, or to make any other material change in its business or corporate structure or management, are
unfair and unreasonable to policyholders of the insurer and not in the public interest;
- (6) the competence, experience, and integrity of those persons who would control the operation of the insurer are such
that it would not be in the interest of policyholders of the insurer and of the public to permit the merger or other
acquisition of control; or
- (7) the acquisition is likely to be hazardous or prejudicial to the insurance-buying public.
- (b) The purchase, merger, or other acquisition of control referred to in AS 21.22.010
(a) may not be made until the director either approves the transaction within 60 days after the statement required by
AS 21.22.010(b) has been filed or the director fails
to disapprove the transaction within the 60-day period.
- (c) When evaluating the effect of a merger or other acquisition under (a)(2) of this section, the director may consider
relevant factors including market shares, volatility of ranking market leaders, number of competitors, concentration,
trend of concentration in the industry, and ease of entry into and exit out of the market, but may not consider the
standards under AS 21.22.065
(d)(3), (4), or (e).
- (d) The director may retain at the acquiring person's expense an attorney, actuary, accountant, or other expert not
otherwise a part of the director's staff, if reasonably necessary to assist the director in reviewing the proposed
acquisition of control.
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