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History: Eff. 8/23/89, Register 111

Authority: AS 21.03.010

AS 21.06.090

3 AAC 24.340. Term of initial registration

The initial registration is valid until December 31 of the year in which it was made. An annual continuation application must be filed with the director in accordance with 3 AAC 24.350 to maintain the registration in force.

History: Eff. 4/12/91, Register 118

Authority: AS 21.03.010

AS 21.06.090

3 AAC 24.350. Continuation of registration

(a) A registration is valid from January 1 through December 31 of each year. In order to continue the registration for the next year, the following must be filed with the director by December 31:

(1) continuation application on a form prescribed by the director;

(2) the annual continuation fee established in 3 AAC 31.060(a) ; and

(3) other information the director may require.

(b) Failure to submit the continuation application and fee by January 31 of the year for which registration is sought will result in the discontinuation of the registration as of the prior December 31. A registrant that submits the continuation application and fee after January 31 will be required to reapply as a new registrant under 3 AAC 24.340 and pay the initial registration fee set out in 3 AAC 31.060(a) .

(c) A purchasing group that is not in compliance with 15 U.S.C. 3901 - 3906, as amended as of October 27, 1986 (Liability Risk Retention Act), is not eligible for registration or annual continuation of its registration.

History: Eff. 4/12/91, Register 118; am 10/24/92, Register 124

Authority: AS 21.03.010

AS 21.06.090

Editor's note: As of Register 169 (April 2004), the regulations attorney made a technical revision under AS 44.62.125 (b)(6), to 3 AAC 24.350(a) (2) and (b).

3 AAC 24.590. Definitions

As used in 3 AAC 24.300 - 3 AAC 24.590,

(1) "purchasing group" means any entity meeting the definition of a purchasing group in 15 U.S.C. 3901(a)(5), as amended as of October 27, 1986 (Liability Risk Retention Act);

(2) "transact" means the same as in AS 21.97.900 ;

(3) "transacting insurance" means to transact as defined in AS 21.97.900 relative to a subject or risk that is resident, located, or to be performed in this state.

History: Eff. 8/23/89, Register 111; am 10/24/92, Register 124

Authority: AS 21.03.010

AS 21.06.090

Editor's note: As of Register 124 (January 1993) the regulations attorney corrected the parenthetical citation to the Liability Risk Retention Act of 1986 to the Liability Risk Retention Act.

In 2010 the revisor of statutes, acting under AS 01.05.031 , renumbered former AS 21.90.900 as AS 21.97.900 . As of Register 196 (January 2011), the regulations attorney made conforming technical revision under AS 44.62.125 (b)(6), to 3 AAC 24.590, so that cross-references to former AS 21.90.900 now refer to the renumbered statute, AS 21.97.900 .

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Chapter 25
Surplus Lines - Unauthorized Insurers

Section

10. Conditions for procurement of surplus lines coverage.

20. Prohibited procurement of surplus lines coverage.

30. (Repealed).

35. Documentation.

40. Surplus lines placement list.

50. Required notice of nonrenewal and premium increase.

60. Evidence of insurance.

70. Notice.

80. Taxes and filing fees.

90. Report of insurance transactions.

100. Quarterly report.

105. Amended quarterly reports.

110. (Repealed).

120. Risk retention groups.

130. Vessel tonnage.

140. Eligibility requirements for surplus lines insurers.

150. Publication of the list of eligible surplus lines insurers.

900. Definitions.

3 AAC 25.010. Conditions for procurement of surplus lines coverage

(a) Insurance may be procured through a surplus lines broker from an eligible nonadmitted insurer only if the producing broker

(1) determines through a diligent search that the particular policy terms or conditions that are material to the insured cannot be obtained from an insurer that is admitted to do business in this state;

(2) completes the search before the surplus lines broker binds the insurance contract; and

(3) provides documentation of the search to the surplus lines broker not later than 15 days after the binding of the insurance contract; the documentation must meet the requirements of 3 AAC 25.035.

(b) Insurance may be procured through a surplus lines broker from a nonadmitted insurer that does not appear on the current published eligible list under AS 21.34.050 or on the list described in AS 21.34.040 (c)(7) only if

(1) the producing broker complies with (a) of this section; and

(2) the surplus lines broker has documentation that

(A) the director has the nonadmitted insurer's current annual statement required by AS 21.34.040 (d); and

(B) the portion of the risk to be placed with the nonadmitted insurer cannot be obtained from a nonadmitted insurer that appears on the eligible list under AS 21.34.050 or on the list described in AS 21.34.040 (c)(7).

History: Eff. 8/28/91, Register 119; am 6/11/2006, Register 178; am 9/4/2014, Register 211

Authority: AS 21.06.090

AS 21.34.020

AS 21.34.040

AS 21.34.060

AS 21.34.250

3 AAC 25.020. Prohibited procurement of surplus lines coverage

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