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Before transacting the business of insurance in this state, a risk retention group shall submit to the director
(1) a completed registration form that shall include the following information:
(A) each state in which the risk retention group is chartered or licensed to do business as a liability insurer;
(B) the date of its charter or license;
(C) the state in which it is domiciled;
(D) the complete physical address and mailing address of
(i) its offices in its state of domicile;
(ii) its principal place of business; and
(iii) its directors and principal officers;
(E) the complete name, firm name, physical address, and mailing address of all persons acting, or offering to act, as an agent, broker, or surplus lines broker for the risk retention group, and identification of all types of licenses held by each person and firm, including the state in which each license is held;
(F) all classes or lines of insurance the risk retention group intends to offer; and
(G) such other information, including information concerning its membership, that the director requires to establish its qualification as a risk retention group to transact business in Alaska;
(2) a copy of its plan of operation and the feasibility study submitted to its state of domicile, including all revisions;
(3) a complete copy of the financial statement submitted to its state of domicile, certified by an independent public accountant, including a statement of opinion on its reserves for loss and its reserves for loss adjustment expenses prepared by a member of the American Academy of Actuaries or by another qualified specialist in such reserves;
(4) a copy of each examination of the risk retention group, certified by the commissioner or other public officer conducting the examination, except that if no examination has been conducted or if one is pending, a statement to that effect, signed by an officer of the risk retention group, shall be submitted in its place
(5) upon a form prescribed by the director, a statement appointing the director as its agent for the purpose of receiving service of legal documents or process; and
(6) such other information as the director requires to verify its qualification and continuing qualification as a risk retention group transacting or seeking to transact business in Alaska.
History: Eff. 8/23/89, Register 111
Authority: AS 21.03.010
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Last modified 7/05/2006