An insurer that the director determines, following an appropriate hearing as provided in AS 21.06.170 - 21.06.230, has violated the provisions of AS 21.09.250 is subject to a civil penalty of not more than $2,500 for each violation. The director may suspend or revoke the license of the insurer for a violation of AS 21.09.250, but violation does not invalidate the insurance contract.
Structure Alaska Statutes
Chapter 09. Authorization, Corporate Governance Requirements
Article 1. Authorization of Insurers and General Requirements.
Sec. 21.09.010. Certificate of authority required.
Sec. 21.09.020. Exception from certificate of authority requirement.
Sec. 21.09.030. Admission for investment only.
Sec. 21.09.040. General eligibility of insurers.
Sec. 21.09.050. Name of insurer.
Sec. 21.09.060. Combinations of insuring powers in one insurer.
Sec. 21.09.070. Capital funds required of foreign insurers and new domestic insurers.
Sec. 21.09.080. Capital funds required of old domestic insurers.
Sec. 21.09.090. Deposit requirement.
Sec. 21.09.100. Management and affiliations.
Sec. 21.09.110. Application for certificate of authority.
Sec. 21.09.120. Issuance, refusal, and ownership of certificate.
Sec. 21.09.130. Continuance, expiration, reinstatement, and amendment of certificate.
Sec. 21.09.135. Voluntary surrender of certificate of authority.
Sec. 21.09.140. Mandatory revocation or suspension of certificate.
Sec. 21.09.150. Suspension or revocation for violations and special grounds.
Sec. 21.09.160. Notice of suspension or revocation and effect upon agent's authority.
Sec. 21.09.170. Duration of suspension, insurer's obligations, and reinstatement.
Sec. 21.09.175. Determination of impairment.
Sec. 21.09.180. Director attorney for service of process.
Sec. 21.09.190. Service of process.
Sec. 21.09.200. Annual statement; audited financial report.
Sec. 21.09.205. Quarterly statement.
Sec. 21.09.207. Statement of actuarial opinion and supporting documentation.
Sec. 21.09.210. Tax on insurers.
Sec. 21.09.242. Cooperation with the Department of Health.
Sec. 21.09.245. Required notice.
Sec. 21.09.247. Biographical affidavits.
Sec. 21.09.250. Prohibited acts.
Sec. 21.09.290. Risk retention groups.
Sec. 21.09.300. Disclosure of material transactions.
Sec. 21.09.310. Authorization of United States branches of alien insurers and general requirements.
Sec. 21.09.320. Maintenance of records; production; civil penalty.