Section 21.09.205. Quarterly statement.

   (a) The director may require an insurer to file quarterly financial statements.  If required, the statements must follow for a given quarter the reporting format specified in the quarterly financial statement blank form and instructions most recently approved by the National Association of Insurance Commissioners.
   (b) A quarterly financial statement, if required, is due 45 days after the end of the quarter to which it applies.
   (c) An insurer shall pay to the division $100 for each day the insurer fails to file the quarterly statement in the form required or within the time established in (b) of this section.
   (d) In addition to the requirements of (a) of this section, an authorized insurer shall file its quarterly statement with the National Association of Insurance Commissioners on electronic media acceptable to the association by the due date established by the association, and shall pay the applicable filing fee. The director may waive the filing requirement if the insurer only transacts business in this state and only accepts risks relative to a subject resident, located, or to be performed in this state. An insurer that fails to comply with this subsection is subject to the penalties specified in (c) of this section, calculated from the filing and fee due date established by the National Association of Insurance Commissioners.

Authorities

21.09.310;21.72.125;21.75.135;21.84.335

Notes

Implemented As

3 AAC 21.400
3 AAC 21.485
3 AAC 21.665

References

3 AAC 21.206
3 AAC 21.320
3 AAC 21.399
3 AAC 21.400
3 AAC 21.485
AS 21.09.310 Authorization of United States branches of alien insurers and general requirements.
AS 21.72.125 Quarterly statements.
AS 21.75.135 Quarterly statements.
AS 21.84.335 Applicability of other code provisions.

History

(Sec. 19 ch 50 SLA 1990; am Sec. 13 ch 62 SLA 1995; am Sec. 12 ch 38 SLA 2002)