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- Alaska Statutes.
- Title 21. Insurance
- Chapter 21. Investments
- Section 410. Custodian of Insurer Assets.
previous: Section 260
. - 21.21.400. [Repealed, Sec. 84 Ch 81 SLA 2001].
next: Section 420
AS 21.21.410. Custodian of Insurer Assets.
- (a) The custodian for assets, securities, or investments of the insurer may be only a bank, trust company,
securities firm, or clearing corporation that is properly authorized by the insurer and approved by the director.
- (b) When securities are deposited with a clearing corporation, certificates representing securities of the same
class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities
deposited with the clearing corporation by any person, regardless of the ownership of the securities, and certificates representing
securities of small denominations may be merged into one or more certificates of larger denominations. The records of any custodian
through which an insurer holds securities in a clearing corporation must show that the securities are held for the insurer and for which
accounts of the insurer. Ownership of, and other interest in, the securities may be transferred by bookkeeping entry on the books of the
clearing corporation without physical delivery of certificates representing the securities.
- (c) A custodial agreement between an insurer and an institution holding the assets, securities, or investments
of the insurer must be in writing and must be authorized by a resolution of the board of directors of the insurance company or of an
authorized committee of the board. The terms of the custodial agreement must comply with the requirements of the director.
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