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- Alaska Statutes.
- Title 21. Insurance
- Chapter 33. Unauthorized Insurers
- Section 11. Purpose.
previous: Section 10
. Unauthorized Insurers (Unadmitted Companies). [Repealed, Sec. 2 Ch 234 SLA 1968].
next: Section 15
. Unauthorized Insurance Prohibited. [Repealed, Sec. 26 Ch 117 SLA 1984].
AS 21.33.011. Purpose.
The legislature declares that insurance transactions with nonadmitted insurers are so affected with a public interest
as to require regulation, taxation, supervision, and control of the transactions and matters relating to nonadmitted
insurance as provided in this chapter in order to
- (1) protect the insureds and claimants of this state in transactions involving the purchase of insurance from nonadmitted
- (2) avoid the obstacle of resorting to distant forums for the purpose of asserting legal rights under policies issued by
- (3) provide a method of substituted service of process upon nonadmitted insurers for proceedings before the director and
in the courts in this state;
- (4) provide for the public the ability to self-procure insurance directly from nonadmitted insurers;
- (5) protect the revenue of the state;
- (6) protect regulated, admitted insurers from unregulated and unfair competition by nonadmitted insurers;
- (7) regulate and supervise the effectuation of nonadmitted insurance under the laws of this state and 15 U.S.C. 1011; and
- (8) maintain reliable insurance markets.
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