3 AAC 21.650. Failure to meet criteria for accredited reinsurer

(a) Upon the director determining that the assuming insurer has failed to meet or maintain any of the qualifications necessary to become an accredited reinsurer, the director will, in the director's discretion, after written notice and hearing under AS 21.06.180 , revoke the accreditation.

(b) The director will revoke the accreditation without advance notice or hearing if the requirements that are not met are due to

(1) the reinsurer becoming impaired or insolvent;

(2) proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings being commenced against the reinsurer in any state; or

(3) the reinsurer's authority to transact insurance is suspended or revoked by its state of domicile or state of entry into the United States, if an alien insurer.

History: Eff. 11/25/94, Register 132

Authority: AS 21.060.090

AS 21.12.020

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