(a) Except as provided in (b) of this section and in AS 21.78.271, a mutual debt or mutual credit between an insurer and another person in connection with an action or proceeding under this chapter shall be set off, and only the balance may be allowed or paid.
(b) A setoff or counterclaim may not be allowed in favor of a person if the obligation of the
(1) insurer to the person would not, at the date of the filing of a petition for liquidation, entitle the person to share as a claimant in the assets of the insurer;
(2) insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;
(3) person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or
(4) person is to pay premiums, whether earned or unearned, to the insurer.
Structure Alaska Statutes
Chapter 78. Rehabilitation and Liquidation
Sec. 21.78.010. Jurisdiction of delinquency proceedings.
Sec. 21.78.020. Commencement of delinquency proceedings.
Sec. 21.78.030. Injunctions and orders.
Sec. 21.78.040. Grounds for rehabilitation.
Sec. 21.78.050. Grounds for liquidation.
Sec. 21.78.060. Grounds for conservation, foreign insurers.
Sec. 21.78.070. Grounds for conservation, alien insurers.
Sec. 21.78.080. Grounds for ancillary liquidation.
Sec. 21.78.090. Order of rehabilitation.
Sec. 21.78.100. Order of liquidation, domestic insurers.
Sec. 21.78.110. Order of liquidation, alien insurers.
Sec. 21.78.120. Order of conservation or ancillary liquidation of foreign or alien insurers.
Sec. 21.78.130. Conduct of delinquency proceedings against domestic and alien insurers.
Sec. 21.78.140. Conduct of delinquency proceedings against foreign insurers.
Sec. 21.78.150. Claims of nonresidents against domestic insurers.
Sec. 21.78.160. Claims against foreign insurers.
Sec. 21.78.170. Form of claim.
Sec. 21.78.180. Priority of certain claims.
Sec. 21.78.190. Attachment and garnishment of assets.
Sec. 21.78.200. Uniform Insurers Liquidation Act.
Sec. 21.78.210. Deposit of money collected.
Sec. 21.78.220. Exemption from fees.
Sec. 21.78.230. Borrowing on pledge of assets.
Sec. 21.78.240. Date rights fixed on liquidation.
Sec. 21.78.250. Fraudulent transfers before petition.
Sec. 21.78.251. Fraudulent transfer after petition.
Sec. 21.78.252. Voidable preferences and liens.
Sec. 21.78.253. Claims of holders of void or voidable rights.
Sec. 21.78.260. Priority of distribution.
Sec. 21.78.270. Setoffs and counterclaims.
Sec. 21.78.271. Recovery of premiums owed.
Sec. 21.78.272. Reinsurer's liability.
Sec. 21.78.280. Special claims.
Sec. 21.78.281. Special provisions for third-party claims.
Sec. 21.78.290. Notice to creditors and others.
Sec. 21.78.291. Duties of agents.
Sec. 21.78.292. Filing of claims.
Sec. 21.78.293. Receiver's recommendation to the court.
Sec. 21.78.294. Distribution of assets.
Sec. 21.78.295. Unclaimed and withheld money.
Sec. 21.78.296. Termination of proceedings.
Sec. 21.78.297. Reopening liquidation.
Sec. 21.78.298. Disposition of records during and after termination of liquidation.
Sec. 21.78.300. Report and petition for assessment.
Sec. 21.78.310. Order and levy of assessment.
Sec. 21.78.320. Assessment prima facie correct.