Section 21.87.100. Continuance or expiration of certificate of authority.

   (a) A certificate of authority issued to a service corporation shall continue in force as long as the corporation is entitled to it under this chapter, and until suspended or revoked by the director or terminated at the request of the corporation; subject, however, to continuance of the certificate by the corporation each year by
        (1) payment, before June 30, of the continuation fee set under AS 21.06.250;
        (2) filing by the insurer of its annual statement for the preceding calendar year as required under AS 21.87.240.
   (b) If not continued by the service corporation, its certificate of authority shall expire at midnight on the June 30 following the failure of the insurer to continue it in force. The director shall promptly notify the insurer of the occurrence of a failure resulting in impending expiration of its certificate of authority.

Notes

History

(Sec. 1 ch 120 SLA 1966; am Sec. 27 ch 26 SLA 1985)