Title 3 . Commerce, Community, and Economic Development

Chapter 21 . Miscellaneous

Section 655. Evidence of submission to jurisdiction

3 AAC 21.655. Evidence of submission to jurisdiction

A reinsurer who is required to provide evidence of its submission to this state's jurisdiction and to this state's authority to examine its books and records must do so on a certificate of assuming insurer in substantially the following form:

CERTIFICATE OF ASSUMING INSURER

I, ______________________________ ____________________________ (name of officer) (title of officer) of ___________________________________________, the assuming insurer under a (name of assuming insurer) reinsurance agreement with one or more insurers domiciled in Alaska certify that __________________________________________ ("assuming insurer"): (name of assuming insurer) (1) submits to the jurisdiction of any court of competent jurisdiction in Alaska for the adjudication of any issues arising out of the reinsurance agreement, agrees to comply with all requirements necessary to give such court jurisdiction, and will abide by the final decision of the court or any appellate court in the event of an appeal. Nothing in this paragraph constitutes or should be understood to constitute a waiver of the assuming insurer's rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States district court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state. This paragraph is not intended to conflict with or override the obligation of the parties to the reinsurance agreement to arbitrate their disputes if an obligation is created in the agreement; (2) designates the director of insurance of Alaska as its lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the ceding insurer, and arising from the reinsurance agreement; (3) submits to the authority of the director of insurance of Alaska to examine its books and records, and agrees to bear the expense of any such examination; and (4) submits with this form a current list of insurers domiciled in Alaska reinsured by the assuming insurer, and agrees to submit additions to or deletions from the list to the director of insurance of Alaska no less often than quarterly. Dated: __________________ _____________________________________ (name of assuming insurer) By: _______________________________________________________ (name of officer) ___________________________________________________________ (title of officer)

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

Authority: AS 21.06.090

AS 21.12.020