Alaska Statutes 21.14.050 – Mandatory control level event

(a) If a mandatory control level event occurs for a domestic insurer, the director shall take the action necessary to place the insurer under regulatory control under Alaska Stat. Chapter 21.78 or, if a fraternal benefit society, under Alaska Stat. Chapter 21.84.

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Terms Used In Alaska Statutes 21.14.050

action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
Contract: A legal written agreement that becomes binding when signed.
property: includes real and personal property. See Alaska Statutes 01.10.060
writing: includes printing. See Alaska Statutes 01.10.060

(b) Notwithstanding (a) of this section, the director may delay taking action under Alaska Stat. Chapter 21.78 or, if a fraternal benefit society, under Alaska Stat. Chapter 21.84 for up to 90 days after the mandatory control level event occurs, if the director finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period.

(c) Notwithstanding (a) of this section, the director may allow a property and casualty insurer that is running off its business by writing no new business and by only renewing ongoing business to the extent required by law or by contract, but continuing to collect premiums and pay claims as they come due on existing business to continue the runoff under the director’s supervision without placing the insurer under regulatory control under Alaska Stat. Chapter 21.78.

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