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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 50. Surplus Funds Required.
previous: Section 45
. Licensing of Attorneys-in-Fact.
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. Surplus Funds For Cooperative Insurers.
AS 21.75.050. Surplus Funds Required.
- (a) A domestic reciprocal insurer formed in accordance with the provisions of this chapter shall have and maintain a
surplus no less than an amount equal to the total of the capital and one-half of the surplus that would be required of
a domestic stock insurer writing the same lines for which the reciprocal insurer seeks to be authorized.
- (b) A foreign reciprocal insurer shall have and maintain a surplus no less than an amount equal to the total capital and
surplus that would be required of a domestic stock insurer writing the same lines for which the reciprocal seeks to be
- (c) A domestic reciprocal insurer formed under this chapter by and insuring only 10 or more municipalities shall
- (1) comply with (a) of this section or post a bond for an amount equal to the capital that would be required of a domestic
stock insurer writing the same lines of insurance for which the reciprocal insurer seeks to be authorized; and
- (2) maintain a surplus of $250,000 in admitted assets or a surplus sufficient to operate the reciprocal insurer for one
year, whichever is greater.
- (d) Notwithstanding (a) and (c) of this section, or AS 21.09.080
, domestic reciprocal insurers duly licensed and capitalized on December 31, 1984, shall have and maintain the capital
and surplus required at the date of their original license.
- (e) Notwithstanding (a) - (c) of this section, the director shall establish by regulation the level of surplus to be
maintained by a reciprocal insurer providing marine insurance.
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