Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 25 - Surplus Lines - Unauthorized Insurers
3 AAC 25.010 - Conditions for procurement of surplus lines coverage
Universal Citation: 3 AK Admin Code 3 AAC 25.010
Current through February 24, 2025
(a) Insurance may be procured through a surplus lines broker from an eligible nonadmitted insurer only if the producing broker
(1) determines
through a diligent search that the particular policy terms or conditions that
are material to the insured cannot be obtained from an insurer that is admitted
to do business in this state;
(2)
completes the search before the surplus lines broker binds the insurance
contract; and
(3) provides
documentation of the search to the surplus lines broker not later than 15 days
after the binding of the insurance contract; the documentation must meet the
requirements of
3
AAC 25.035.
(b) Insurance may be procured through a surplus lines broker from a nonadmitted insurer that does not appear on the current published eligible list under AS 21.34.050 or on the list described in AS 21.34.040(c)(7) only if
(1) the producing broker complies with (a) of
this section; and
(2) the surp lus
lines broker has documentation that
(A) the d
irector has the nonadmitted insurer's current annual statement required by
AS
21.34.040(d); and
(B) the portion of the risk to be placed with
the nonadmitted insurer cannot be obtained from a nonadmitted insurer that
appears on the eligible list under
AS
21.34.050 or on the list described in
AS
21.34.040(c)(7).
Authority:AS 21.06.090
AS 21.34.020
AS 21.34.040
AS 21.34.060
AS 21.34.250
Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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