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- Alaska Statutes.
- Title 28. Motor Vehicles
- Chapter 20. Motor Vehicle Safety Responsibility Act
- Section 70. Requirements as to Policy or Bond.
previous: Section 60
. Exceptions to Requirement of Security.
next: Section 80
. Form and Amount of Security.
AS 28.20.070. Requirements as to Policy or Bond.
- (a) A policy or bond is not effective under AS 28.20.060
unless it is issued by an insurance company or surety company authorized to do business in this state, except as
provided in (b) of this section, and if the accident resulted in bodily injury or death, unless the policy or bond is
subject to a limit, exclusive of interest and costs, of not less than $50,000 because of bodily injury to or death of
one person in any one accident and, subject to the same limit for one person, to a limit of not less than $100,000
because of bodily injury to or death of two or more persons in any one accident, and if the accident has resulted in
injury to, or destruction of, property to a limit of not less than $25,000 because of injury to or destruction of
property of others in any one accident.
- (b) A policy or bond is not effective under AS 28.20.060
with respect to a vehicle not registered in this state or a vehicle that was registered in another jurisdiction at the
effective date of the policy or bond or the most recent renewal of it, unless the insurance or surety company issuing
the policy or bond is authorized to do business in this state, or if the company is not authorized to do business in
this state, unless it executes a power of attorney authorizing the director of the division of insurance to accept
service on its behalf of notice or process in an action upon the policy or bond arising out of the accident.
- (c) The department may rely upon the information in an accident report as to the existence of insurance or a bond unless
the department has reason to believe that the information is erroneous.
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