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- Alaska Statutes.
- Title 21. Insurance
- Chapter 84. Fraternal Benefit Societies
- Section 535. Suspension, Revocation, or Refusal of License of Foreign or Alien Society.
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AS 21.84.535. Suspension, Revocation, or Refusal of License of Foreign or Alien Society.
- (a) When the director, upon investigation, finds that a foreign or alien society transacting or applying to transact
business in this state (1) has exceeded its powers, (2) has failed to comply with a provision of this chapter, (3) is
not fulfilling its contracts in good faith, or (4) is conducting its business fraudulently or in a manner hazardous to
its members or creditors or the public, the director shall notify the society in writing of the deficiency or
deficiencies and state in writing the reasons for the director's dissatisfaction. The director shall immediately issue
a written order to the society requiring that the deficiency or deficiencies be corrected. After receipt of the order,
the society shall have 30 days to comply with the director's order for correction. If the society fails to comply, the
director shall notify the society of the findings of noncompliance and require the society to show cause on a date to
be named why its license should not be suspended, revoked, or refused. If, on that date, the society does not present
good and sufficient reason why its authority to do business in this state should not be suspended, revoked, or refused,
the director may suspend or refuse the license of the society to do business in this state until satisfactory evidence
is furnished to the director that the suspension or refusal should be withdrawn, or the director may revoke the
authority of the society to do business in this state.
- (b) Nothing in this section shall be construed to prevent the society from continuing in good faith all contracts made in
this state during the time the society was legally authorized to transact business in this state.
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