Sec. 21.75.300. Cooperative insurance.

267 words·~1 min read·/ak/title-21/chapter-75/21-75-300

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(a)The director shall, by regulation, provide a general plan for the implementation of cooperative insurance coverage limited to the risks defined in AS 21.75.330 .

(b)The regulations adopted under

(a)of this section must include

(1)procedures whereby not less than the number of persons required by AS 21.75.060

(a)to organize a domestic reciprocal insurer may petition the director to initiate formation of a cooperative insurer;

(2)provision whereby the director may obtain information required to be provided by AS 21.75.060

(b)to implement organization of a domestic reciprocal insurer;

(3)provision under which the petitioners shall describe the territory within which the plan of cooperative insurance shall operate;

(4)provision by which the director may obtain any additional information that the director considers reasonably necessary to determine whether the total amount initially at risk and its distribution permit a sound cooperative insurance operation;

(5)provision whereby the director, after indicating an intention to issue a certificate of authority to a cooperative insurer under AS 21.75.300 — 21.75.330, shall provide public notice for a period of not less than 30 days to provide nonsubscribing residents within the territory or adjacent geographical area an opportunity to subscribe to the plan of insurance; and

(6)provision by which, after the issuance of a certificate of authority, the cooperative insurer may receive applications from nonsubscribing residents of the territory or adjacent geographical area for inclusion within the insurer unless the application of the nonsubscribing resident is rejected by a majority vote of the members of the subscribers' advisory committee of the cooperative insurer.