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- Alaska Statutes.
- Title 21. Insurance
- Chapter 9. Authorization of Insurers and General Requirements
- Section 135. Voluntary Surrender of Certificate of Authority.
previous: Section 130
. Continuance, Expiration, Reinstatement, and Amendment of Certificate.
next: Section 140
. Mandatory Revocation or Suspension of Certificate.
AS 21.09.135. Voluntary Surrender of Certificate of Authority.
- (a) A foreign admitted insurer may apply for voluntary surrender of its certificate of authority and the director may
accept the application, if the foreign admitted insurer
- (1) is in compliance with the applicable sections of this title, or the director waives in writing each condition of
- (2) provides written confirmation that obligations incurred before the voluntary surrender of the certificate of authority
shall be paid to guarantee funds or insurance pools established by law; and
- (3) is domiciled in a state that is
- (A) accredited by the National Association of Insurance Commissioners at the time of the request for voluntary surrender;
- (B) not accredited by the National Association of Insurance Commissioners at the time of the request and agrees in writing
to be subject to
- (i) AS 21.09.200
and 21.09.205 for a period of two years, including
payment of any fee related to filing information with the director; and
- (ii) any other provision of this title that may be required in writing by the director and for the period of time the
director may specify.
- (b) If a foreign admitted insurer who surrenders a certificate of authority ceases to exist, all business written and in
force relative to a risk resident, located, or to be performed in this state shall be lawfully cancelled or reinsured.
A reinsurance agreement covering all or a part of a risk described in this subsection shall be approved by the director
before accepting the certificate of authority for surrender if the agreement meets the following criteria:
- (1) insurance coverage has not deteriorated from the policies existing at the time of the transfer;
- (2) the assuming insurer is of equal or better financial standing; and
- (3) the assuming insurer is admitted to do business in this state unless this requirement is waived by the director.
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