Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 250. Formation of Mutuals.
previous: Section 240
. Applications For Insurance in Formation of Mutual Insurer.
next: Section 260
. Failure to Qualify.
AS 21.69.250. Formation of Mutuals.
- (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance shall
be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this
section and AS 21.69.240
(c)(3). The corporation shall file an executed copy of the trust agreement with the director.
- (b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the
applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer, shall
thereafter in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance
provided by the policies shall be effective as of the date of the certificate of authority or thereafter as provided by
the respective policies.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.