Section 21.69.390. Home office and records.

   (a) Each domestic insurer shall have and maintain a place of business in this state, and shall keep in this state and in its principal place of business a complete record of its assets, transactions, and affairs in accordance with the methods and systems that are customary or suitable as to the kind or kinds of insurance transacted.
   (b) A person determined by the director, following an appropriate hearing as provided in AS 21.06.170 - 21.06.230, to have removed or attempted to remove any records from the place where they are required to be kept under (a) of this section with the intent to wrongfully remove them, or to have concealed or attempted to conceal them from the director, is subject to a civil penalty of not more than $25,000. If a domestic insurer violates a provision of this section the director may institute delinquency proceedings against the insurer under the provisions of AS 21.78.
   (c)   [Repealed, Sec. 42 ch 14 SLA 1987]. 
   (d)  [Repealed, Sec. 64 ch 41 SLA 2016].  
        (1) a general ledger;
        (2) copies of reports prepared to comply with AS 21.09.200 - 21.09.210;
        (3) if prepared in the normal course of business, financial statements prepared under generally accepted accounting principles on which a licensed certified public accountant has expressed an opinion;
        (4) filings made by a domestic insurer or affiliates of the domestic insurer with a government agency with which a domestic insurer or affiliates of the domestic insurer's securities may be registered;
        (5) a state certificate of authority;
        (6) filings made under AS 21.21;
        (7) original contract and claim files for insurance and other products sold to consumers;
        (8) a corporate minutes book;
        (9) articles of incorporation;
        (10) corporate bylaws;
        (11) administrative management contracts; and
        (12) other records required by the director by regulation.
   (e) A domestic insurer may change the place of business or the location of records with the written approval of the director. The domestic insurer must submit a list of the records and the locations of the records that will be maintained outside of this state when requesting approval. Any change in place of business, the approved list of records, and the location of the records maintained outside of this state shall be submitted 60 days before relocation and is considered approved if not disapproved by the director within 30 days after receipt. The director shall approve the change in place of business or location of records outside of this state subject to the following standards:
        (1) the place of business is readily accessible by the general public by visit and telephone;
        (2) the records are immediately available to examiners representing the director in an examination;
        (3) the domestic insurer agrees to ship the records to the state if the insurer is ordered to do so under AS 21.78;
        (4) the location of the place of business and records outside of the state has a valid business purpose that is not satisfied by maintaining a place of business or the records in the state;
        (5) the list of records and location is of sufficient detail to readily locate specific records.

Authorities

21.36.360;21.78.040

Notes

Recent Bills that will modify this

HB 372 OMNIBUS INSURANCE

Implemented As

3 AAC 21.460
3 AAC 21.470
3 AAC 21.480

References

3 AAC 21.460
3 AAC 21.470
3 AAC 21.480
AS 21.36.360 Fraudulent or criminal insurance acts.
AS 21.78.040 Grounds for rehabilitation.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 16 ch 149 SLA 1984; am Sec. 42 ch 14 SLA 1987; am Sec. 185 ch 67 SLA 1992; am Sec. 46, 47 ch 96 SLA 2004; am Sec. 84 ch 23 SLA 2011; am Sec. 59, 64 ch 41 SLA 2016)