(a) An insurer receiving the director's notice mentioned in AS 21.69.530(a)
(1) if a stock insurer, by resolution of its board of directors and subject to limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition; if a stockholder fails to pay a lawful assessment after notice given to the stockholder in person or by advertisement in the time and manner approved by the director, the insurer may require the return of the original certificate of stock held by the stockholder, and issue a new certificate for the number of shares the stockholder may then be entitled to, upon the basis of the stockholder's proportionate interest in the amount of the insurer's capital stock as determined by the director to be remaining at the time of determination of amount of impairment under AS 21.69.530, after deducting from the proportionate interest the amount of the unpaid assessment; the insurer may pay for or reissue fractional shares under this subsection;
(2) if a mutual insurer, shall levy an assessment upon members as provided for under AS 21.69.440;
(b) Neither this section nor AS 21.69.530 prohibits the insurer from curing the deficiency through any lawful means other than those referred to in those sections.
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.