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 370. Prohibited Pecuniary Interest of Officials.
previous: Section 360
. Bond of Officers of Mutual.
next: Section 380
. Management and Exclusive Agency Contracts.
AS 21.69.370. Prohibited Pecuniary Interest of Officials.
- (a) An officer or director, or a member of a committee or an employee of a domestic insurer who is charged with the duty
of investing or handling the insurer's funds may not deposit or invest the funds except in the insurer's corporate
name; may not borrow the funds of the insurer; may not be pecuniarily interested in a loan, pledge of deposit,
security, investment, sale, purchase, exchange, reinsurance, or other similar transaction or property of the insurer
except as a stockholder or member; and may not take or receive to personal use a fee, brokerage, commission, gift, or
other consideration for or on account of a transaction made by or on behalf of the insurer.
- (b) An insurer may not guarantee a financial obligation of any of its officers or directors.
- (c) This section does not prohibit a director or officer, or member of a committee or employee from becoming a
policyholder of the insurer and enjoying the usual rights provided for its policyholders.
- (d) The director may, by regulations from time to time, define and permit additional exceptions to the prohibition
contained in (a) of this section solely to enable payment of reasonable compensation to a director who is not otherwise
an officer or employee of the insurer, or to a corporation or firm in which a director is interested, for necessary
services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business
and in the usual private professional or business capacity of the director or the corporation or firm.
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.