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- Alaska Statutes.
- Title 21. Insurance
- Chapter 34. Surplus Lines Insurance
- Section 70. Declaration of Ineligibility.
previous: Section 60
. Other Nonadmitted Insurers.
next: Section 80
. Transaction Report; Evidence of Insurance.
AS 21.34.070. Declaration of Ineligibility.
- (a) If after a review of a nonadmitted insurer and consideration of factors including quality of management, capital and
surplus of a parent company, underwriting profit, investment income trends, trade practices, reserving practices,
company record, and reputation within the industry, the director finds the insurer to be unacceptable, the director may
declare the nonadmitted insurer to be ineligible.
- (b) The director may issue an order declaring a nonadmitted insurer ineligible if at any time the director has reason to
believe that the nonadmitted insurer
- (1) is in unsound financial condition;
- (2) is no longer eligible under AS 21.34.040
- (3) has wilfully violated the laws of this state or another state; or
- (4) does not reasonably investigate and make prompt payment of just losses and claims in this state or another state.
- (c) The director shall promptly mail notice of all declarations under (b) of this section to each licensed surplus lines
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