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Title 3 . Commerce, Community, and Economic Development
Chapter 21 . Miscellaneous
Section 520. Remedial action

3 AAC 21.520. Remedial action

(a) If the director determines that an insurer is impaired or in imminent danger of becoming impaired, the director will, in the director's discretion, order the insurer to take one or more of the following actions:

(1) reduce, suspend, or limit the volume of business being accepted or renewed;

(2) reduce general insurance and commission expenses by specified methods;

(3) increase the insurer's capital and surplus;

(4) suspend or limit the declaration and payment of a dividend by an insurer to its stockholders or its policyholders;

(5) file a report in a form acceptable to the director concerning the market value of the insurer's assets;

(6) limit or withdraw from certain investments or discontinue certain investment practices to the extent the director deems necessary;

(7) document the adequacy of a premium rate in relation to the risk insured;

(8) file interim financial reports, in addition to the regular annual statements, on a form adopted by the National Association of Insurance Commissioners unless another form is designated by the director; or

(9) any other remedial action designed to prevent impairment or diminish the imminent danger of impairment.

(b) An insurer who is aggrieved by an order under (a) of this section may request a hearing under AS 21.06.170 - 21.06.230. Unless the director grants an exception under AS 21.06.150 (g), a hearing is open to the public. An insurer may submit a written request to have all or part of a hearing closed to the public. The request must identify facts supporting why conducting a closed hearing is necessary to protect the insurer against unwarranted injury or is in the public interest. A hearing or part of a hearing may be closed to the public if the director, upon review of the facts and law, finds that conducting the hearing in public will cause unwarranted injury to the insurer or is not in the public interest.

History: Eff. 10/24/92, Register 124

Authority: AS 21.06.090

AS 21.06.150

AS 21.09.175

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Last modified 7/05/2006