(a) If it appears to the director that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the director may proceed as provided in AS 21.78 to take possession of the property of that domestic insurer and to conduct its business.
(b) This section does not apply to a violation involving a security that constitutes an acquisition covered by AS 21.22.065.
Structure Alaska Statutes
Chapter 22. Insurance Holding Companies
Sec. 21.22.010. Filing requirements for acquisition of control of or merger with domestic insurer.
Sec. 21.22.020. Content of statement for acquisition or merger filing.
Sec. 21.22.030. Hearing, findings, and approval.
Sec. 21.22.040. Mailings to shareholders and expenses.
Sec. 21.22.050. Jurisdiction and consent to service.
Sec. 21.22.060. Registration required.
Sec. 21.22.065. Acquisitions involving change of control.
Sec. 21.22.070. Review by director.
Sec. 21.22.080. Transactions within an insurance holding company system.
Sec. 21.22.085. Transactions involving a domestic insurer requiring director review.
Sec. 21.22.090. Adequacy of surplus.
Sec. 21.22.100. Dividends and other distributions.
Sec. 21.22.105. Management of domestic insurers subject to registration.
Sec. 21.22.115. Supervisory colleges.
Sec. 21.22.117. Group-wide supervision of internationally active insurance groups.
Sec. 21.22.120. Confidentiality.
Sec. 21.22.150. Voting of certain securities prohibited.
Sec. 21.22.160. Sequestration of voting securities.
Sec. 21.22.170. Civil penalties for violations.
Sec. 21.22.175. Criminal penalties.
Sec. 21.22.190. Revocation, suspension, or nonrenewal of insurer's authority.