Sec. 21.75.050. Surplus funds required.

260 words·~1 min read·/ak/title-21/chapter-75/21-75-050

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A domestic reciprocal insurer formed in accordance with the provisions of this chapter shall have and maintain a surplus no less than an amount equal to the total of the capital and one-half of the surplus that would be required of a domestic stock insurer writing the same lines for which the reciprocal insurer seeks to be authorized.

(b)A foreign reciprocal insurer shall have and maintain a surplus no less than an amount equal to the total capital and surplus that would be required of a domestic stock insurer writing the same lines for which the reciprocal seeks to be authorized.

(c)A domestic reciprocal insurer formed under this chapter by and insuring only 10 or more municipalities shall

(1)comply with

(a)of this section or post a bond for an amount equal to the capital that would be required of a domestic stock insurer writing the same lines of insurance for which the reciprocal insurer seeks to be authorized; and

(2)maintain a surplus of $250,000 in admitted assets or a surplus sufficient to operate the reciprocal insurer for one year, whichever is greater.

(d)Notwithstanding

(a)and

(c)of this section, or AS 21.09.080 , domestic reciprocal insurers duly licensed and capitalized on December 31, 1984, shall have and maintain the capital and surplus required at the date of their original license.

(e)Notwithstanding

(a)—

(c)of this section, the director shall establish by regulation the level of surplus to be maintained by a reciprocal insurer providing marine insurance.