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- Alaska Statutes.
- Title 21. Insurance
- Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers
- Section 190. Bond.
previous: Section 180
. Scope of Broker License. [Repealed, Sec. 47 Ch 51 SLA 1990].
next: Section 200
. , 21.27.210l Broker's Authority and Commissions; Agent-Broker Combinations. [Repealed, Sec. 223 Ch 67 SLA 1992].
AS 21.27.190. Bond.
- (a) In addition to any other requirements in this title, a bond required under this title or an alternative indemnity
permitted under this section shall meet the following requirements:
- (1) it shall be continuous in form;
- (2) it shall remain in force until the licensee is released from liability by the director or until cancelled by the
- (3) without prejudice to any liability accrued before the effective cancellation, it may be cancelled if the director
receives 60 days advance written notice;
- (4) the amount required to be maintained must be maintained unimpaired; and
- (5) it shall be in favor of insurers, insureds, and this state.
- (b) A bond may only be issued by an admitted insurer authorized to transact surety insurance in this state, or by a
surplus lines insurer on the most recent list of eligible surplus lines insurers published by the director, that is
acceptable to the director.
- (c) For a firm licensee, a single bond or an alternative indemnity permitted under this section may combine the sureties
- (1) by separate sections of this title; and
- (2) for separate places of business.
- (d) [Repealed, Sec. 83 ch 81 SLA 2001].
- (e) Except as provided in this title, the director may adopt, by regulation, a deposit of cash, a certificate of deposit,
or letter of credit as an alternative to a bond if the deposit of cash, certificate of deposit, or letter of credit
meets the requirements of this section, other provisions of this title, and other requirements established by the
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