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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 460. Nonassessable Policies, Mutual Insurers.
previous: Section 450
. Enforcement of Contingent Liability.
next: Section 470
. Nonassessable Policies.
AS 21.69.460. Nonassessable Policies, Mutual Insurers.
- (a) When possessing surplus funds in an amount not less than the paid-in capital stock required of a domestic stock
insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the director's order so
authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions
imposing contingent liability in all its policies currently issued.
- (b) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state under its article of
incorporation and the laws of its domicile.
- (c) A policy of a domestic mutual insurer that, under the director's order, is without contingent liability and thereby
nonassessable by its terms may not be subject to assessment for a debt or liability of the insurer.
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