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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 45. Licensing of Attorneys-in-Fact.
previous: Section 40
next: Section 50
. Surplus Funds Required.
AS 21.75.045. Licensing of Attorneys-in-Fact.
- (a) A person may not act in the capacity of attorney-in-fact for a subscriber regarding a subject that is resident,
located, or to be performed in this state or for a reciprocal insurer licensed to do business in this state unless the
person is licensed under this chapter. The director may adopt regulations that establish qualifications for being
licensed as an attorney-in-fact. The attorney-in-fact for a reciprocal insurer is exempt from licensing under this
title if the attorney-in-fact
- (1) is a wholly-owned subsidiary of the reciprocal; and
- (2) does not act as attorney-in-fact for another unaffiliated reciprocal insurer.
- (b) The director may not issue or renew a license under this chapter to a person, or to be exercised by a person, found by
the director to be untrustworthy, incompetent, financially irresponsible, or who has not established to the
satisfaction of the director that the person is qualified under this chapter.
- (c) To qualify for issuance or renewal of a license under this chapter, an applicant or licensee shall comply with this
- (1) be a trustworthy person;
- (2) have active working experience in administrative functions that, in the director's opinion, exhibits the ability to
competently perform the administrative functions of an attorney-in-fact;
- (3) not have committed an act that is a cause for denial, nonrenewal, suspension, or revocation of a license in this state
or another jurisdiction;
- (4) have and maintain a lawfully established place of business physically accessible to the public where the
attorney-in-fact principally conducts transactions under the license in this state, or if for a foreign reciprocal, in
the state of domicile;
- (5) disclose to the director all officers, directors, partners, principals, or managers and whether or not they are
licensed in this state or another jurisdiction;
- (6) designate an officer, partner, or principal responsible for the firm's compliance with the insurance statutes and
regulations of this state;
- (7) provide certified financial statements for the prior two years prepared by an independent certified public accountant
that establish that the applicant is solvent, that the applicant's system of accounting, internal control, and
procedure is operating effectively to provide reasonable assurance that money is promptly accounted for and paid to the
person entitled to the money, and any other information that the director may require to review the current financial
condition of the applicant;
- (8) provide to the director documents necessary to verify statements contained in or in connection with the application;
- (9) notify the director within 30 days in writing by certified mail of a change in officer, director, partner, principal,
or manager; place of business; mailing address; telephone number; suspension or revocation of an insurance license by
another state or jurisdiction; or a conviction of a misdemeanor or felony of the attorney-in-fact, its officers,
directors, partners, owners, or employees.
- (d) The director may adopt regulations establishing education requirements, experience requirements, or examination
requirements for applicants or licensees under this chapter.
- (e) The director may require that an attorney-in-fact maintain an errors and omissions insurance policy acceptable to the
- (f) If the director finds that the applicant or licensee is qualified and that application, license, or renewal fees set
under AS 21.06.250
have been paid, the director may issue or renew the license.
- (g) A license issued under this chapter shall be renewed each year by the attorney-in-fact when the annual statement is
filed under AS 21.75.130.
- (h) An attorney-in-fact shall be subject to hearings and orders on violations; denial, nonrenewal, suspension, or
revocation of license; penalties; and surrender of a license under the procedures of AS 21.27.405 - 21.27.460.
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