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(a) Before transacting the business of insurance in this state, a purchasing group shall submit to the director
(1) a completed registration form that shall include the following information:
(A) the state of domicile;
(B) the dates of its incorporation and formation as a purchasing group;
(C) the complete physical address and mailing address of;
(i) its offices in its state of domicile;
(ii) its principal place of business;
(iii) its directors and principal officers;
(iv) all persons acting, or offering to act, as an agent, broker, or surplus lines broker for the purchasing group, including all types of licenses held by each person and the states in which each license is held;
(D) all classes or lines of insurance the purchasing group intends to purchase;
(E) the insurance company or risk retention group from which it intends to purchase insurance; and
(F) such other information including information concerning its membership, that the director requires to establish its qualification and continuing qualification as a purchasing group;
(2) upon a form prescribed by the director, a statement appointing the director as the purchasing group's agent for the purpose of receiving service of legal documents or process (except where exempted by 15 U.S.C. 3903(e), as amended as of October 27, 1986).
(b) The registration requirements set out in (a) of this section do not apply to a purchasing group which is excepted under Section 4(e) of the Product Liability Risk Retention Act of 1981, as amended October 27, 1986 by P.L. 99-563, (15 U.S.C. 3903(e)) from the registration requirement of that subsection.
History: Eff. 8/23/89, Register 111; am 4/12/91, Register 118
Authority: AS 21.03.010
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Last modified 7/05/2006