Sec. 21.33.011. Purpose.

168 words·~1 min read·/ak/title-21/chapter-33/21-33-011

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The legislature declares that insurance transactions with nonadmitted insurers are so affected with a public interest as to require regulation, taxation, supervision, and control of the transactions and matters relating to nonadmitted insurance as provided in this chapter in order to

(1)protect the insureds and claimants of this state in transactions involving the purchase of insurance from nonadmitted insurers;

(2)avoid the obstacle of resorting to distant forums for the purpose of asserting legal rights under policies issued by nonadmitted insurers;

(3)provide a method of substituted service of process upon nonadmitted insurers for proceedings before the director and in the courts in this state;

(4)provide for the public the ability to self-procure insurance directly from nonadmitted insurers;

(5)protect the revenue of the state;

(6)protect regulated, admitted insurers from unregulated and unfair competition by nonadmitted insurers;

(7)regulate and supervise the effectuation of nonadmitted insurance under the laws of this state and 15 U.S.C. 1011; and

(8)maintain reliable insurance markets.