Alaska Statutes.
Title 21. Insurance
Chapter 59. Automobile Service Corporations
Section 30. Qualifications For Certificate of Authority.
previous: Section 20. Incorporation and Certificate of Authority Required.
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AS 21.59.030. Qualifications For Certificate of Authority.

The director may not issue a certificate of authority to be or act as an automobile service corporation and shall revoke an existing certificate of authority unless the corporation

(1) if a newly formed corporation, possesses sufficient available working funds to pay all reasonably anticipated costs of acquisition of new business and operating expenses, other than losses, for a period of not less than six months following the date of issuance of the certificate of authority;

(2) posts with the director a bond in the amount of $50,000, issued by a corporate surety authorized under this title to act as surety and conditioned upon the organization's faithful fulfillment of its contracts; and

(3) fulfills all other applicable requirements of this chapter.

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