3 AAC 24.290. Definitions

As used in 3 AAC 24.010 - 3 AAC 24.290,

(1) "risk retention group" means any entity meeting the definition of a risk retention group in 15 U.S.C. 3901(a)(4), as amended as of October 27, 1986 (Liability Risk Retention Act);

(2) "domestic risk retention group" means a risk retention group that has been issued a certificate of authority from the director and is in compliance with all provisions of 15 U.S.C. 3901 - 3906, as amended as of October 27, 1986 (Liability Risk Retention Act);

(3) "transact" means the same as in AS 21.90.900 ;

(4) "transacting insurance" means to transact as defined in AS 21.90.900 relative to a subject or risk that is resident, located, or to be performed in this state;

(5) "liability" means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injury to another person, damage to property, or other damage or loss to a person resulting from or arising out of a business, trade, product, service, including a professional service, premises, or operation; or any activity of a state or local government, or an agency or political subdivision of a state or local government; "liability" does not include personal risk liability or employer's liability with respect to its employees other than legal liability under the Federal Employers' Liability Act (45 U.S.C. 51);

(6) "personal risk liability" means liability for damages because of injury to a person, damage to property, or other loss or damage resulting from a personal, familial, or household responsibility or activity, rather than from a responsibility or activity referred to in (5) of this section.

History: Eff. 8/23/89, Register 111; am 10/24/92, Register 124

Authority: AS 21.03.010

AS 21.06.090

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