Section 21.80.020. Applicability.

This chapter applies to all kinds of direct insurance written by an admitted insurer, except that this chapter does not apply to the following:
        (1) life, annuity, health, or disability insurance;
        (2) residual value, mortgage guaranty, or financial guaranty of other forms of insurance offering protection against investment risks;
        (3) bonding obligations, including fidelity or surety bonds;
        (4) insurance protecting the interests of a creditor arising out of a creditor-debtor transaction, including credit insurance, vendors' single interest insurance, or collateral protection insurance;
        (5) insurance of warranties or service contracts, including insurance providing for
             (A) the repair, replacement, or service of goods or property;
             (B) indemnification for repair, replacement, or service of goods or property; or
             (C) reimbursement for liability incurred by a person issuing a warranty or service contract;
        (6) title insurance;
        (7) a transaction or combination of transactions between a person, including the person's affiliates, and an insurer, including the insurer's affiliates, that involves the transfer of investment or credit risk unaccompanied by the transfer of insurance risk;
        (8) insurance provided by or guaranteed by a government;
        (9) a risk retention group formed under 15 U.S.C. 3901 - 3906 (Liability Risk Retention Act);
        (10) insurance written on a retroactive basis to cover known losses for which a claim has already been made and the claim is known to the insurer at the time the insurance is bound.

Authorities

21.80.180

Notes

References

AS 21.80.180 Definitions.

History

(Sec. 1 ch 121 SLA 1970; am Sec. 4 ch 52 SLA 1990; am Sec. 103 ch 62 SLA 1995; am Sec. 97 ch 56 SLA 1996; am Sec. 2 ch 39 SLA 2000)