Section 21.09.080. Capital funds required of old domestic insurers.

   (a) In order for a domestic insurer to renew and continue the insurer's certificate of authority after January 1, 1992, the insurer must possess at least the basic capital, basic guarantee surplus, and additional maintained surplus required under AS 21.09.070(a).
   (b)   [Repealed, Sec. 85 ch 50 SLA 1990]. 
   (c)   [Repealed, Sec. 85 ch 50 SLA 1990]. 
   (d) Notwithstanding the provisions of this section, a domestic life insurer duly licensed and capitalized on December 31, 1984, shall have and maintain the capital and surplus required under the laws of this state on December 31, 1984, as if the laws had continued in force.  This subsection does not apply to a domestic life insurer if the ownership of the insurer is changed, or the class, line, and volume of the business written is materially changed from that written on December 31, 1984.

Authorities

21.09.070;21.69.270;21.75.050

Notes

References

AS 21.09.070 Capital funds required of foreign insurers and new domestic insurers.
AS 21.69.270 Additional kinds of insurance.
AS 21.75.050 Surplus funds required.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 3 ch 206 SLA 1976; am Sec. 2 ch 5 SLA 1985; am Sec. 14, 85 ch 50 SLA 1990; am Sec. 21 ch 21 SLA 1991)