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(a) An insurer may not, directly or indirectly
(1) acquire, hold, or invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in 3 AAC 21.221;
(2) acquire, hold, or invest in an obligation or security of, make a guarantee for the benefit of or in favor of, or make other investments in a business entity of which 10 percent or more of the voting securities or equity interests are owned directly or indirectly by or for the benefit of one or more officers or directors of the insurer, except as authorized in AS 21.22 or provided in 3 AAC 21.221;
(4) invest in a partnership as a general partner, unless
(A) all other partners in the partnership are subsidiaries of the insurer;
(B) the investment is for the purpose of
(i) meeting cash calls committed to before December 28, 2001;
(ii) completing those specific projects or activities of the partnership in which the insurer was a general partner as of December 28, 2001 that have been undertaken as of that date; or
(iii) making capital improvements to property owned by the partnership on December 28, 2001 if the insurer was a general partner as of that date; or
(C) the investment complies with 3 AAC 21.206(c) ; or
(5) invest in or lend the insurer's money upon the security of shares of the insurer's own stock, except that an insurer may acquire shares of the insurer's own stock, but not as admitted assets of the insurer, for the following purposes:
(A) conversion of a stock insurer into a mutual or reciprocal insurer or a mutual or reciprocal insurer into a stock insurer;
(B) issuance to the insurer's officers, employees, or agents in connection with converting a publicly held insurer into a privately held insurer or in connection with other stock option and employee benefit plans;
(C) as required by any other plan approved by the director under AS 21.
(b) This section does not prohibit a subsidiary or other affiliate of an insurer from becoming a general partner.
History: Eff. 12/28/2001, Register 160
Authority: AS 21.06.090
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Last modified 7/05/2006