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- Alaska Statutes.
- Title 21. Insurance
- Chapter 76. Joint Insurance Arrangements
- Section 40. Financial Provisions of Agreements.
previous: Section 30
. General Provisions of Cooperative Agreements.
next: Section 50
. Contracting With Private Administrators.
AS 21.76.040. Financial Provisions of Agreements.
- (a) A cooperative agreement must include a provision requiring an annual determination by a casualty actuary who is a
member of the American Academy of Actuaries that procedures for establishing reserves for losses of the joint insurance
arrangement are actuarially sound.
- (b) A joint insurance arrangement shall be subject to an annual independent audit. The audit shall be conducted in
accordance with generally accepted auditing standards and must include a review of the actuarial assumptions used for
establishing the reserves under (a) of this section. The audit report must include certification from a casualty
actuary who is a member of the American Academy of Actuaries that the actuarial assumptions continue to be sound and
the level of the reserves are adequate.
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