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- Alaska Statutes.
- Title 21. Insurance
- Chapter 9. Authorization of Insurers and General Requirements
- Section 200. Annual Statement; Audited Financial Report.
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AS 21.09.200. Annual Statement; Audited Financial Report.
- (a) Each authorized insurer shall annually, before March 2, file with the director or the director's designee a full and
true statement of its financial condition, transactions, and affairs as of the preceding December 31. The reporting
format for a given year is the most recently approved National Association of Insurance Commissioners' annual financial
statement blank form and instructions, supplemented for additional information as required by the director. The
director may require the statement to be filed on electronic media. The statement shall be verified by the oath of the
insurer's president or vice-president, and secretary, or, if a reciprocal insurer, by oath of the attorney-in-fact or
its like officers if a corporation unless verification is waived by the director of insurance. The filing locations
must be published by the director at least annually.
- (b) The statement of an alien insurer shall relate only to its transactions and affairs in the United States unless the
director requires otherwise. If the director requires a statement concerning an alien insurer's affairs throughout the
world, the insurer shall file the statement with the director as soon as is reasonably possible. The statement shall
be verified by the insurer's United States manager or other authorized officer.
- (c) The director may refuse to accept a fee for continuance of the insurer's certificate of authority, as provided in AS
, or may suspend or revoke the certificate of authority of an insurer failing to file its annual statement when due.
- (d) At the time of filing, the insurer shall pay to the director a fee for filing its statement, set under AS 21.06.250
. The method of payment must be by electronic or other payment method specified by the director by regulation under AS
- (e) An insurer shall pay to the division $100 for each day the insurer fails to file the annual statement in the form and
location required and within the time established in (a) of this section. The authority of the insurer to enter into
new obligations or issue new or renewal policies of insurance in this state may be suspended by the director if the
annual statement has not been filed by March 1.
- (f) In addition to the requirements of (a) of this section, an authorized insurer shall file its annual statement with the
National Association of Insurance Commissioners on electronic media acceptable to the association by the due date
established by the association and shall pay the applicable filing fee. The director may waive the filing requirement
if the insurer only transacts business in this state and only accepts risks relative to a subject resident, located, or
to be performed in this state. An insurer that fails to comply with this subsection is subject to the penalties
specified in (e) of this section, calculated from the filing and fee due date established by the National Association
of Insurance Commissioners.
- (g) An insurer shall file with the director or the director's designee an annual audited financial report for
the previous year by June 1 of each year unless, under a regulation adopted by the director, the director grants an exemption based on a
finding that filing an annual audited financial report would constitute a financial or organizational hardship on the insurer. The
filing date for the annual audited financial report may be extended by the director upon showing that the standards established by
regulation have been met. If the director gives the insurer 90 days' advance notice, and for good cause, the director may require an
insurer to file an audited financial report earlier than June 1 of each year. The annual audited financial report must be prepared by a
qualified independent certified public accountant. An insurer shall notify the director of the certified public accountant engaged to
conduct the audit and issue the annual audited financial report.
- (h) Within 60 days after filing the annual audited financial report under (g) of this section, the insurer shall
file a written report on any unremediated material weakness in internal control over financial reporting noted during the audit.
- (i) [Effective December 31, 2010]. The director may adopt regulations that require the insurer to file a report
from management describing internal control over financial reporting. An insurer shall file the report on internal control by the date
specified by the director.
- (j) If the director requires the submission of additional information, the insurer shall supplement the reports
required by (h) and (i) of this section by the date specified by the director. The reports on internal control filed with the director
under (h) and (i) of this section are confidential and subject to the provisions of AS 21.06.060.
- (k) [Effective January 1, 2010]. In accordance with regulations adopted by the director, an insurer shall
designate an audit committee to engage a qualified independent certified public accountant to conduct the annual audit. The audit
committee shall oversee services performed by the certified public accountant. If an insurer does not designate an audit committee,
the entire governing board of the insurer is considered to be the audit committee for purposes of this subsection.
- (l) The certified public accountant conducting the annual audit required by (g) of this section shall notify the
governing board of the insurer or the audit committee in writing of a determination by the certified public accountant that the insurer
has materially misstated its financial condition as reported to the director or that the insurer does not meet the minimum capital
requirements and surplus requirements of this title as of the date of the balance sheet currently under audit. An insurer that has
received a report under this subsection shall forward a copy to the director. The certified public accountant shall also forward the
report to the director unless the insurer provides evidence satisfactory to the certified public accountant that the report has been
forwarded to the director.
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