Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 21. Insurance
- Chapter 78. Rehabilitation and Liquidation
- Section 330. Definitions.
previous: Section 325
. Recovery From Affiliates.
next: Chapter 79
. Alaska Life and Health Insurance Guaranty Association Act
AS 21.78.330. Definitions.
In this chapter,
- (1) "delinquency proceeding" means a proceeding commenced against an insurer under this chapter for the purpose of
liquidating, rehabilitating, reorganizing, or conserving the insurer;
- (2) "domiciliary state" means the state in which an insurer is incorporated or organized, or in the case of an insurer
incorporated or organized in a foreign country, the state in which the insurer, having become authorized to do business
in the state, has at the commencement of delinquency proceedings, the largest amount of its assets held in trust and
assets held on deposit for the benefit of its policyholders or policyholders and creditors in the United States, and
the insurer is considered to be domiciled in that state;
- (3) "foreign country" means territory not in a state;
- (4) "general assets" means all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited, or
otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons, and as
to the specifically encumbered property the term includes all the property or its proceeds in excess of the amount
necessary to discharge the sum or sums secured thereby; assets held in trust and assets held on deposit for the
security or benefit of all policyholders or all policyholders and creditors in the United States shall be considered
- (5) "impairment" or "insolvency" means that the capital of a stock insurer or the surplus of a mutual or reciprocal
insurer shall be considered to be impaired and the insurer shall be considered to be insolvent, when the insurer is not
possessed of assets at least equal to all liabilities and required reserves together with its total issued and
outstanding capital stock if a stock insurer, or the minimum surplus if a mutual or reciprocal insurer required by this
title to be maintained for the kind or kinds of insurance it is then authorized to transact;
- (6) "insurer" means a person, firm, corporation, association, or aggregation of persons doing an insurance business and
subject to the insurance supervisory authority of or to liquidation, rehabilitation, reorganization, or conservation by
the director or the equivalent insurance supervisory official of another state;
- (7) "preferred claim" means a claim with respect to which the law of the state or of the United States accords priority of
payments from the general assets of the insurer;
- (8) "receiver" means receiver, liquidator, rehabilitator, or conservator as the context may require;
- (9) "reciprocal state" means a state other than this state in which in substance and effect the provisions of the Uniform
Insurers Liquidation Act, as defined in AS 21.78.200
, are in force, including the provisions requiring that the director of insurance or equivalent insurance supervisory
official be the receiver of a delinquent insurer;
- (10) "secured claim" means a claim secured by mortgage, trust deed, pledge, deposit as security, escrow, or otherwise, but
not including special deposit claims or claims against general assets; the term also includes claims which more than
four months prior to the commencement of delinquency proceedings in the state of the insurer's domicile have become
liens upon specific assets by reason of judicial process;
- (11) "special deposit claim" means a claim secured by a deposit made under statute for the security or benefit of a limited
class or classes of persons, but not including general assets;
- (12) "state" means a state of the United States and the District of Columbia and Puerto Rico.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.