(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it by this title for authority to transact the kinds of insurance being transacted and the deficiency is not cured from other sources, its directors shall levy an assessment only upon its members who held policies providing for contingent liability at any time within the 12 months preceding the date notice of the assessment was mailed to them, and the members shall be liable to the insurer for the amount assessed.
(b) The assessment shall be for the amount required to cure the deficiency and to provide a reasonable amount of working funds above the minimum amount of surplus, but the working funds so provided may not exceed five percent of the insurer's liabilities as of the date as on which the amount of the deficiency was determined.
(c) In levying an assessment upon a policy providing for contingent liability, the assessment shall be computed on the basis of the premiums earned on the policy during the period to which the assessment relates.
(d) A member may not have an offset against an assessment for which the member is liable, on account of a claim for unearned premium or loss payable.
(e) As to life insurance, any part of the assessment upon a member that remains unpaid following notice of assessment, demand for payment, and lapse of a reasonable waiting period as specified in the notice, may, if approved by the director as being in the best interests of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held by the insurer to the credit of the member.
Structure Alaska Statutes
Chapter 69. Organization and Corporate Procedures
Sec. 21.69.010. Applicability of chapter.
Sec. 21.69.020. Applicability of general corporation statutes.
Sec. 21.69.030. Incorporation.
Sec. 21.69.040. Articles of incorporation.
Sec. 21.69.050. Amendment of articles of incorporation.
Sec. 21.69.060. Solicitation permit.
Sec. 21.69.070. Application for solicitation permit.
Sec. 21.69.080. Procedure upon application.
Sec. 21.69.090. Issuance of permit.
Sec. 21.69.100. Duration of permit.
Sec. 21.69.110. Permit as inducement prohibited.
Sec. 21.69.120. Solicitors' licenses.
Sec. 21.69.130. Modification, revocation of permit.
Sec. 21.69.150. Escrow of funds.
Sec. 21.69.160. Liability of organizers.
Sec. 21.69.170. Payment for subscriptions.
Sec. 21.69.180. Insurance applications.
Sec. 21.69.190. Failure to complete organization or to qualify.
Sec. 21.69.200. Subsequent financing.
Sec. 21.69.210. Penalty for exhibiting false accounts, etc.
Sec. 21.69.220. Initial qualifications of domestic mutuals.
Sec. 21.69.230. Formation of mutual insurer.
Sec. 21.69.240. Applications for insurance in formation of mutual insurer.
Sec. 21.69.250. Formation of mutuals.
Sec. 21.69.260. Failure to qualify.
Sec. 21.69.270. Additional kinds of insurance.
Sec. 21.69.280. Membership in mutuals.
Sec. 21.69.290. Bylaws of mutual.
Sec. 21.69.300. Bylaws of stock insurer.
Sec. 21.69.310. Meetings of stockholders or members.
Sec. 21.69.330. Corrupt practices.
Sec. 21.69.350. Participation of policyholders in election of directors.
Sec. 21.69.360. Bond of officers of mutual.
Sec. 21.69.370. Prohibited pecuniary interest of officials.
Sec. 21.69.380. Management and exclusive agency contracts.
Sec. 21.69.390. Home office and records.
Sec. 21.69.400. Vouchers for expenditures.
Sec. 21.69.410. Agreement not to sell property prohibited.
Sec. 21.69.420. Solicitations in other states.
Sec. 21.69.430. Contingent liability of mutual members.
Sec. 21.69.440. Levy of contingent liability.
Sec. 21.69.450. Enforcement of contingent liability.
Sec. 21.69.460. Nonassessable policies, mutual insurers.
Sec. 21.69.470. Nonassessable policies.
Sec. 21.69.480. Participating policies.
Sec. 21.69.490. Dividends to stockholders.
Sec. 21.69.500. Dividends to mutual policyholders.
Sec. 21.69.510. Illegal dividends.
Sec. 21.69.520. Borrowed surplus.
Sec. 21.69.530. Impairment of capital or assets.
Sec. 21.69.540. Assessment of stockholders or members.
Sec. 21.69.550. Directors' liability for losses during deficiency.
Sec. 21.69.560. Stock transfer during impairment of capital.
Sec. 21.69.570. Mutualization of stock insurers.
Sec. 21.69.580. Converting mutual insurer.
Sec. 21.69.590. Mergers and consolidations of stock insurers.
Sec. 21.69.600. Mergers and consolidations, mutual insurers.
Sec. 21.69.610. Reinsurance for stock insurers.
Sec. 21.69.620. Reinsurance for mutual insurers.
Sec. 21.69.630. Mutual member's share of assets on liquidation.
Sec. 21.69.640. Extinguishment of unused corporate charters.
Sec. 21.69.645. Redomestication.
Sec. 21.69.648. Voluntary surrender of certificate of authority.
Sec. 21.69.650. National emergency provisions.
Sec. 21.69.660. Adoption of emergency bylaws.
Sec. 21.69.670. Provisions in lieu of emergency bylaws.
Sec. 21.69.680. Succession of corporate officers during national emergency.
Sec. 21.69.690. Relocation of home office during national emergency.