Alaska Statutes: AS 21.59.030. Qualifications For Certificate of Authority.

Alaska Statutes. Title 21. Insurance Chapter 59. Automobile Service Corporations Section 30. Qualifications For Certificate of Authority.

previous: Section 20. Incorporation and Certificate of Authority Required.
next: Section 40. Certificate of Authority.

AS 21.59.030. Qualifications For Certificate of Authority.

The director may not issue a certificate of authority to be or act as an automobile service corporation and shall revoke an existing certificate of authority unless the corporation

(1) if a newly formed corporation, possesses sufficient available working funds to pay all reasonably anticipated costs of acquisition of new business and operating expenses, other than losses, for a period of not less than six months following the date of issuance of the certificate of authority;
(2) posts with the director a bond in the amount of $50,000, issued by a corporate surety authorized under this title to act as surety and conditioned upon the organization's faithful fulfillment of its contracts; and
(3) fulfills all other applicable requirements of this chapter.

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.