Sec. 21.69.640. Extinguishment of unused corporate charters.
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Sec. 21.69.640. Extinguishment of unused corporate charters.
(a)The corporate charter of a corporation formed under the laws of this state more than three years before July 1, 1966, for the purpose of becoming an insurer, which corporation, within the three-year period, has not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the director under laws then in force, is extinguished and nullified.
(b)The corporate charter of any other corporation formed under the laws of this state for the purpose of becoming an insurer, and which corporation during any period of 36 consecutive months after July 1, 1966, is not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the director under law currently in force, is automatically extinguished and nullified at the expiration of the 36-month period.
(c)The period during which the corporation referred to in
(b)of this section is the subject of delinquency proceedings under AS 21.78 shall not be counted as part of the 36-month period.
(d)Upon merger or consolidation of a domestic insurer with another insurer under this chapter, the corporate charter of the merged or consolidated domestic insurer is automatically extinguished and nullified.