Sec. 21.34.080. Transaction report; evidence of insurance.

187 words·~1 min read·/ak/title-21/chapter-34/21-34-080

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(a)A surplus lines broker shall execute and file with the report required by AS 21.34.170 a written report, which shall be kept confidential, regarding each surplus lines insurance transaction occurring in the preceding period. The report must include

(1)the name and address of the insured;

(2)the identity of each insurer including the National Association of Insurance Commissioners company number and the percentage of coverage provided by each;

(3)a complete description of the subject and location of the risk;

(4)the amount of gross premium written for the insurance; and

(5)other information required by the director.

(b)Instead of the report required in

(a)of this section, the director may order that evidence of insurance be filed with the surplus lines association and that the surplus lines association provide periodic reports regarding insurance transactions to the director.

(c)[Repealed, § 53 ch 96 SLA 2004.]

(d)A transaction, as used in this section, is any placement of coverage as well as changes in coverage that result in an increase or decrease of premiums, taxes, or fees.