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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 300. Cooperative Insurance.
previous: Section 290
. [Renumbered as AS 21.75.900
next: Section 310
. Certificate of Authority of Cooperative Insurer.
AS 21.75.300. Cooperative Insurance.
- (a) The director shall, by regulation, provide a general plan for the implementation of cooperative insurance coverage
limited to the risks defined in AS 21.75.330
- (b) The regulations adopted under (a) of this section must include
- (1) procedures whereby not less than the number of persons required by AS 21.75.060
(a) to organize a domestic reciprocal insurer may petition the director to initiate formation of a cooperative insurer;
- (2) provision whereby the director may obtain information required to be provided by AS 21.75.060
(b) to implement organization of a domestic reciprocal insurer;
- (3) provision under which the petitioners shall describe the territory within which the plan of cooperative insurance
- (4) provision by which the director may obtain any additional information that the director considers reasonably necessary
to determine whether the total amount initially at risk and its distribution permit a sound cooperative insurance
- (5) provision whereby the director, after indicating an intention to issue a certificate of authority to a cooperative
insurer under AS 21.75.300 - 21.75.330, shall provide public notice for a period of
not less than 30 days to provide nonsubscribing residents within the territory or adjacent geographical area an
opportunity to subscribe to the plan of insurance; and
- (6) provision by which, after the issuance of a certificate of authority, the cooperative insurer may receive applications
from nonsubscribing residents of the territory or adjacent geographical area for inclusion within the insurer unless
the application of the nonsubscribing resident is rejected by a majority vote of the members of the subscribers'
advisory committee of the cooperative insurer.
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