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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 530. Impairment of Capital or Assets.
previous: Section 520
. Borrowed Surplus.
next: Section 540
. Assessment of Stockholders or Members.
AS 21.69.530. Impairment of Capital or Assets.
- (a) If an insurer becomes impaired, the director shall determine the amount of deficiency and serve notice upon the
insurer to make good the deficiency within 60 days after service of the notice.
- (b) The deficiency may be made good in cash or in assets eligible under AS 21.21 for the investment of the insurer's funds; or if a stock
insurer, by reduction of the insurer's capital to an amount not below the minimum required for the kinds of insurance
thereafter to be transacted; or if a mutual insurer, by amendment of its certificate of authority to cover only the
kind or kinds of insurance thereafter for which the insurer has sufficient surplus under this title.
- (c) If the deficiency is not made good and proof filed with the director within the 60-day period, the insurer shall be
considered insolvent and the director shall institute delinquency proceedings against it under AS 21.78; except that if the deficiency exists because of increased
loss reserves required by the director, or because of disallowance by the director of certain assets or reduction of
the value at which carried in the insurer's accounts, the director may, upon application and good cause shown, extend
for not more than an additional 60 days the period within which the deficiency may be made good and the proof filed.
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