Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
(a) The director will not grant credit to a ceding insurer for reinsurance with an assuming insurer unless the reinsurance agreement between the ceding insurer and assuming insurer includes
(1) an insolvency clause stating that the assuming insurer will remain liable for a claim submitted under a reinsurance agreement by a ceding insurer even though the ceding insurer is in receivership or liquidation at the time the claim is submitted;
(2) repealed 11/21/2004;
(3) a provision requiring an unauthorized assuming insurer to submit to the jurisdiction of an alternative dispute resolution panel that is acceptable to the director or a court of competent jurisdiction within the United States, to comply with all requirements necessary to give the panel or court jurisdiction, to designate an agent upon whom service of process may be given, and to abide by the final decision of the panel or court;
(4) a provision that the reinsurance agreement and any related trust agreement or letter of credit constitute the entire contract between the parties with respect to the insurance being reinsured and that there are no understandings or agreements between the parties other than those expressed in these documents; and
(5) a provision that a change or modification to the agreement is void unless it is made by a written amendment to the agreement and signed by both parties.
(b) Repealed 11/21/2004.
History: Eff. 11/25/94, Register 132; am 11/21/2004, Register 172
Authority: AS 21.06.090
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006