Alaska Stat. § 21.34.900

Current through Chapter 61 of the 2024 Legislative Session and 2024 Executive Orders 125, 133 through 135

Section 21.34.900 - Definitions

In this chapter,

(1) "affiliate" or "affiliated" means, with respect to an insured, any entity that controls, is controlled by, or is under common control with the insured;

(2) "affiliated group" means any group of entities that are all affiliated;

(3) "capital" means money paid in for stock or other evidence of ownership;

(4) "control" means, for purposes of an entity having "control" over another entity,

(A) the entity, directly or indirectly or acting through one or more other persons, owns, controls, or has the power to vote 25 percent or more of any class of voting securities of the other entity; or

(B) the entity controls, in any manner, the election of a majority of the directors or trustees of the other entity;

(5) "eligible surplus lines insurer" means a nonadmitted insurer with which a surplus lines broker may place surplus lines insurance under AS 21.34.040;

(6) "exempt commercial purchaser" has the meaning given under 15 U.S.C. 8206 (Nonadmitted and Reinsurance Reform Act of 2010);

(7) "export" means to place surplus lines insurance with a nonadmitted insurer;

(8) "home state," for purposes of determining the home state of an insured in a multistate placement of nonadmitted insurance, is defined as follows:

(A) except as provided in (B) of this paragraph, "home state" means, with respect to an insured,

(i) the state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or

(ii) if 100 percent of the insured risk is located out of the state referred to in (i) of this subparagraph, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated;

(B) if two or more insureds from an affiliated group are named insureds on a single policy, "home state" under (A) of this paragraph is based on the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract;

(C) for purposes of (A) of this paragraph, the principal place of business of an insured is the state where the insured maintains its headquarters and where the insured's high-level officers direct control and coordinate the business activities of the insured;

(9) "kind of insurance" means one of the kinds of insurance defined in AS 21.12.040 - 21.12.110;

(10) "producing broker" means the insurance producer or surplus lines broker licensed under AS 21.27 dealing directly with the client seeking insurance;

(11) "reciprocal state" means a state that the director has determined has enacted provisions substantially similar to those contained in AS 21.34.170 and 21.34.180;

(12) "remitting state" means a state that has entered into an agreement with this state for remitting to this state any premium tax collected by the other state on premiums allocated to properties, risks, or exposures located in this state;

(13) "surplus," as used in the financial requirements of AS 21.34.040, means money over and above liabilities and capital of the insurer for the protection of policyholders;

(14) "transaction of insurance" means the solicitation, negotiation, procurement, effectuation, or renewal of insurance; forwarding of applications; delivery of policies or contracts; inspection of risks; fixing of rates; investigation or adjustment of claims or losses; collection or forwarding of premiums; or transaction of matters subsequent to effectuation of the contract of insurance and arising out of it;

(15) "wet marine and transportation insurance" means one or more of the following:

(A) insurance upon, of interest in, or relating to vessels, crafts, hulls, except vessels of 50 displacement tons or less;

(B) insurance of marine builders risks, marine war risks, and contracts of marine protection and indemnity insurance;

(C) insurance of freight and disbursements pertaining to a subject of insurance coming within this paragraph; or

(D) insurance of personal property and interests in personal property, in course of exportation from or importation into a country or in the course of coastal or inland water transportation, including transportation by land, water, or air from point of origin to final destination in connection with any and all risks or perils of navigation, transit, or transportation, and while being repaired for and while awaiting shipment, and during any delays, transshipment, or reshipment incident to them.

AS 21.34.900

Amended by SLA 2011, ch. 23,sec. 58, eff. 7/21/2011.

Amended by SLA 2011, ch. 8,sec. 17, eff. 5/10/2011.