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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 610. Reinsurance For Stock Insurers.
previous: Section 600
. Mergers and Consolidations, Mutual Insurers.
next: Section 620
. Reinsurance For Mutual Insurers.
AS 21.69.610. Reinsurance For Stock Insurers.
- (a) Notwithstanding (b) of this section, a domestic stock insurer may reinsure a portion or all of its insurance in force
or a major class of its insurance with another insurer by a reinsurance agreement. A reinsurance agreement shall be
filed with the director within 30 days after all parties have signed the agreement. A reinsurance agreement is
designated as confidential for purposes of AS 21.06.060
- (b) A domestic stock insurer may reinsure a portion or all of its insurance in force or a major class of its insurance
with another insurer by an agreement of assumption reinsurance, but an agreement of assumption reinsurance is not
effective unless filed with and approved in writing by the director after a hearing.
- (c) The director shall approve the agreement within a reasonable time after the filing unless the director finds that it
is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to
its policyholders. If the director does not approve the agreement, the director shall notify the insurer in writing
specifying the reasons.
- (d) This section does not apply to a facultative reinsurance contract. In this subsection, "facultative reinsurance
contract" means an agreement whereby individual risk is offered by an insurer for acceptance or rejection by a
reinsurer. Under a facultative reinsurance contract, both parties are free to act in their own best interest,
regardless of any prior contractual arrangement.
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