An insurer, hospital or medical service corporation, or a fraternal benefit society may not issue group long-term care insurance to an association or a trust or the trustee of a fund established, created, or maintained for the benefit of members of one or more associations, unless the association or the insurer of the association files evidence with the director that the association has

(1) a minimum of 100 members;
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Terms Used In Alaska Statutes 21.53.080

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Trustee: A person or institution holding and administering property in trust.
(2) been organized and maintained in good faith for purposes other than that of obtaining insurance;
(3) been in active existence for at least one year; and
(4) a constitution and by-laws that require

(A) the association to hold regular meetings not less than annually to further purposes of the members;
(B) except for credit unions, the association to collect dues or solicit contributions from members; and
(C) the members to have voting privileges and representation on the governing board and committees.
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