Sec. 21.09.320. Maintenance of records; production; civil penalty.

195 words·~1 min read·/ak/title-21/chapter-9/21-09-320

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(a)A foreign insurer shall keep at its principal place of business a complete record of its assets, transactions, and affairs in accordance with the methods and systems that are customary or suitable to the kind of business transacted.

(b)To meet the requirements of

(a)of this section, the insurer shall keep the records as required by the record maintenance requirements of the insurer's domicile jurisdiction.

(c)The director may make a request in writing to review records under

(a)of this section. An insurer shall, not later than 10 business days after the date of the request, provide the requested records to the director or make the records available for inspection and copying. All records inspected or examined under this subsection are confidential, but may be used by the director in a proceeding against the insurer.

(d)Failure by an insurer to provide information required in this section may result in a civil penalty of up to $1,000 for each violation and an additional civil penalty of up to $50 for each day the information requested is not provided.

Article 2. Corporate Governance Annual Disclosure.