Section 21.09.140. Mandatory revocation or suspension of certificate.

   (a) The director shall suspend or revoke an insurer's certificate of authority
        (1) if the action is required by a provision of this title;
        (2) if the insurer no longer meets the requirements for the authority granted, on account of the insurer becoming impaired or insolvent  or otherwise; or
        (3) if the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
   (b) Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in (a)(3) of this section, the director shall give the insurer at least 15 days' notice in advance of a suspension or revocation under this section.

Authorities

21.87.110

Notes

References

AS 21.87.110 Suspension or revocation of certificate of authority.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 16 ch 50 SLA 1990)