(a) The director shall suspend or revoke an insurer’s certificate of authority

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Terms Used In Alaska Statutes 21.09.140

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) if the action is required by a provision of this title;
(2) if the insurer no longer meets the requirements for the authority granted, on account of the insurer becoming impaired or insolvent or otherwise; or
(3) if the insurer’s authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(b) Except in cases of insolvency or impairment of required capital or surplus, or suspension or revocation by another state as referred to in (a)(3) of this section, the director shall give the insurer at least 15 days’ notice in advance of a suspension or revocation under this section.
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