Made available by Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.

You can also go to The Alaska Legal Resource Center or search the entire website search.

Touch N' Go, the DeskTop In-and-Out Board makes your office run smoother. Visit Touch N' Go's Website to see how.
Title 3 . Commerce, Community, and Economic Development
Chapter 21 . Miscellaneous
Section 630. Existing agreements

3 AAC 21.630. Existing agreements

(a) An insurer subject to 3 AAC 21.600 - 3 AAC 21.695 shall reduce to zero by December 31, 1995 a reserve credit or asset established by a reinsurance agreement entered into before January 1, 1995 which, under the provisions of 3 AAC 21.600 - 3 AAC 21.695, would not be allowed a reserve credit or asset.

(b) An agreement entered into after December 31, 1994 that involves the reinsurance of insurance business written before the effective date of the agreement, along with any subsequent amendments, must be filed by the ceding company with the director within 30 days of the date of execution. A filing must include data detailing the financial impact of the transaction. A ceding insurer's actuary who signs the statutory financial statement actuarial opinion with respect to valuation of reserves shall consider 3 AAC 21.600 - 3 AAC 21.695 and any applicable actuarial standards of practice when determining the proper credit in a statutory financial statement filed with the division. The actuary shall maintain adequate documentation and, upon request of the division, describe the actuarial work performed for inclusion in the statutory financial statement and demonstrate that the work conforms to 3 AAC 21.600 - 3 AAC 21.695.

(c) An increase in surplus net of federal income tax resulting from arrangements described in (b) of this section must be identified separately on the insurer's statutory financial statement as a surplus item, and recognition of the surplus increase as income must be reflected on a net of tax basis on the reinsurance ceded line of the statutory financial statement when earnings result from the insurance business reinsured.

History: Eff. 10/21/92, Register 124; am 11/25/94, Register 132

Authority: AS 21.06.090

AS 21.12.020


Note to HTML Version:

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.

Last modified 7/05/2006