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- Alaska Statutes.
- Title 21. Insurance
- Chapter 84. Fraternal Benefit Societies
- Section 175. Reinsurance.
previous: Section 170
next: Section 180
. Qualifications For Membership. [Repealed, Sec. 36 Ch 96 SLA 1997].
AS 21.84.175. Reinsurance.
- (a) A domestic society may, by a reinsurance agreement, cede an individual risk or risks in whole or in part to an
insurer, other than another fraternal benefit society, that has the power to make reinsurance and that is authorized to
do business in this state or, if not authorized, that is approved by the director. However, a society may not reinsure
substantially all of its insurance in force without the written permission of the director. A society may take credit
for the reserves on the ceded risks to the extent reinsured, but a credit may not be allowed as an admitted asset or a
deduction from liability to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective
after January 1, 1998, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the
ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding
- (b) Notwithstanding the limitation in (a) of this section, a society may reinsure the risks of another society in a
consolidation or merger approved by the director under AS 21.84.185
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