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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 100. Attorney-in-Fact's Bond.
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. Action On Bond.
AS 21.75.100. Attorney-in-Fact's Bond.
- (a) Concurrently with the filing of the declaration provided in AS 21.75.060, the attorney-in-fact of a domestic reciprocal
insurer shall file with the director a bond in favor of this state for the benefit of all persons damaged as a result
of a breach by the attorney-in-fact of the conditions of the bond as set out in (b) of this section. The bond shall be
executed by the attorney-in-fact and by an authorized corporate surety, shall meet the requirements established under
AS 21.27.190, and shall be subject to the director's
- (b) The bond shall be in the sum of $100,000, aggregate in form, conditioned that the attorney-in-fact will faithfully
account for all money and other property of the insurer coming into the hands of the attorney-in-fact and that the
attorney-in-fact will not withdraw or appropriate to personal use from the funds of the insurer, money or property to
which the attorney-in-fact is not entitled under the subscriber's agreement.
- (c) [Repealed, Sec. 223 ch 67 SLA 1992].
- (d) The director may require the attorney-in-fact, unless wholly owned by the reciprocal insurer, to maintain an errors
and omissions policy issued by an admitted insurer acceptable to the director providing coverage in an amount and
issued by an insurer approved by the director. This requirement is satisfied if the attorney-in-fact maintains an
errors and omissions policy to satisfy the laws of another state in an amount approved by the director.
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