Section 21.14.070. Foreign insurers.

   (a) A foreign insurer shall, upon the written request of the director, submit to the director a report described under AS 21.14.010 not later than
        (1) 15 days from the receipt by the foreign insurer of a request, if the report has already been filed with the domiciliary state;
        (2) 60 days from the receipt by the foreign insurer of a request, if the report is not required to be filed with the domiciliary state; or
        (3) the date on which the report is filed with the domiciliary state or 60 days from receipt by the foreign insurer of the request, whichever is earlier, if the report is required to be filed but has not already been filed with the domiciliary state.
   (b) Within 15 days after receiving a written request from the director, a foreign insurer shall submit to the director a copy of a plan that is filed with an insurance regulatory agency of another state.
   (c) The director may require a foreign insurer to file a plan under AS 21.14.060, if
        (1) a company action level event, regulatory action level event, or authorized control level event occurs with respect to a foreign insurer as determined under
             (A) the risk based capital statute applicable in the domiciliary state of the insurer; or
             (B) this chapter, if a risk based capital statute is not in force in the domiciliary state that is substantially similar to this chapter; or
        (2) the insurance regulatory agency of the domiciliary state of the foreign insurer fails to require the foreign insurer to file a plan in the manner specified under that state's risk based capital statute.
   (d) If a foreign insurer fails to file a plan with the director as required under this section, the director may order the insurer to stop writing new insurance business in this state.
   (e) If a mandatory control level event occurs that involves a foreign insurer, the director may apply to a court under AS 21.78 for the liquidation of property of the foreign insurer that is located in this state, unless a domiciliary receiver has been appointed for the foreign insurer under the rehabilitation and liquidation statute applicable in the foreign insurer's domiciliary state.

Notes

History

(Sec. 1 ch 76 SLA 1994)