(a) Notwithstanding (b) of this section, a domestic stock insurer may reinsure a portion or all of its insurance in force or a major class of its insurance with another insurer by a reinsurance agreement. A reinsurance agreement shall be filed with the director within 30 days after all parties have signed the agreement. A reinsurance agreement is designated as confidential for purposes of AS 21.06.060.
(b) A domestic stock insurer may reinsure a portion or all of its insurance in force or a major class of its insurance with another insurer by an agreement of assumption reinsurance, but an agreement of assumption reinsurance is not effective unless filed with and approved in writing by the director after a hearing.
(c) The director shall approve the agreement within a reasonable time after the filing unless the director finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the director does not approve the agreement, the director shall notify the insurer in writing specifying the reasons.
(d) This section does not apply to a facultative reinsurance contract. In this subsection, “facultative reinsurance contract” means an agreement whereby individual risk is offered by an insurer for acceptance or rejection by a reinsurer. Under a facultative reinsurance contract, both parties are free to act in their own best interest, regardless of any prior contractual arrangement.
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.