Sec. 21.34.090. Surplus lines association.

303 words·~1 min read·/ak/title-21/chapter-34/21-34-090

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(a)A surplus lines association of surplus lines brokers may be formed to

(1)facilitate and encourage compliance by its members with the laws of this state and the regulations relative to surplus lines insurance;

(2)attend National Association of Insurance Commissioners meetings and participate in task forces and work groups;

(3)communicate with organizations of admitted insurers with respect to the proper use of the surplus lines market;

(4)receive and disseminate to its members information relative to surplus lines coverages; and

(5)contract with the director to receive reports and affidavits under AS 21.34.080 , verify that coverage has been placed with eligible surplus lines insurers, verify the amount of taxes under AS 21.34.180 and fees under AS 21.34.190 for surplus lines insurance for each surplus lines broker, and to prepare periodic reports as required by the director.

(b)The surplus lines association shall file with the director

(1)a copy of its constitution, its articles of agreement of association, or its certificate of incorporation;

(2)a copy of its bylaws and regulations governing its activities;

(3)a current list of its members;

(4)the name of a resident of this state upon whom notices or orders of the director or processes issued at the director's instruction may be served;

(5)an agreement that the director may examine the surplus lines association in accordance with this section; and

(6)a schedule of its membership fees and assessments.

(c)A surplus lines association is subject to the same penalties under this title as a surplus lines broker.

(d)The director may, by order, require that all surplus lines brokers, as a condition of continued licensure under this chapter, join the surplus lines association.

(e)The surplus lines association shall maintain its place of business in this state.