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- Alaska Statutes.
- Title 21. Insurance
- Chapter 87. Hospital and Medical Service Corporations
- Section 210. Surplus Fund.
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AS 21.87.210. Surplus Fund.
- (a) Each service corporation shall set aside into a "surplus fund" an amount of money equal to not less than two percent
of all sums hereafter received by it on account of subscriber's contracts, until the surplus fund amounts to not less
than $50,000 if a medical service corporation or hospital service corporation, or $100,000 if a combination
medical-hospital service corporation.
- (b) After the minimum surplus fund is established the service corporation may in like manner increase it to an amount not
to exceed the total gross collections from subscribers during the immediately preceding seven months.
- (c) That portion of the surplus fund referred to in (a) of this section may be used by the service corporation by express
appropriation by action of its board of directors solely if necessary to pay the additional health care costs and
expenses under its contracts resulting from disease, epidemic or catastrophic occurrences in which numerous persons
were injured in the same occurrence.
- (d) If the surplus fund is at any time depleted below the minimum amount required under (a) of this section, the service
corporation shall replenish the fund by a resumption or continuance of allocations from subscribers' payments, as
provided for original accumulation of the fund under (a) of this section, or by other reasonable means that may be
approved by the director.
- (e) The director may adopt regulations that are necessary to assure that each service corporation maintains an adequate
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