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Alaska Statutes (Last Updated: January 11, 2017) |
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Title 21. INSURANCE. |
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Chapter 21.69. ORGANIZATION AND CORPORATE PROCEDURES. |
Section 21.69.190. Failure to complete organization or to qualify.
Latest version.
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The director shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of the sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer, corporation or syndicate if
(1) the proposed insurer, corporation, or syndicate fails to complete its organization and obtain full payment for subscriptions and applications, and, if an insurer, it fails to secure its certificate of authority, all before expiration of the solicitation permit; or
(2) the director revokes the solicitation permit.