HB 120: "An Act excluding service contracts from regulation as insurance; and providing for an effective date."
00 HOUSE BILL NO. 120 01 "An Act excluding service contracts from regulation as insurance; and providing for an 02 effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 21.03.021 is amended by adding a new subsection to read: 05 (e) This title does not apply to a service contract offered, issued for delivery, 06 delivered, or renewed in this state. In this subsection, "service contract" means a 07 contract or agreement to provide for the repair, replacement, or maintenance of 08 property over a definite period of time in exchange for a fixed amount of money. 09 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).