Alaska § 21.12.025 - Assumption reinsurance.
Full text of Alaska Alaska Statutes § 21.12.025 — Assumption reinsurance., with citation guidance and answers to common questions.
§ 21.12.025. Assumption reinsurance.
(a) A nondomestic admitted insurer may not carry out an agreement of assumption reinsurance with a nonadmitted insurer that would transfer Alaska policyholders unless (1) the nonadmitted insurer applies for and obtains a certificate of authority from the director; or
(2) the admitted insurer files the assumption agreement with the director and obtains approval to apply the assumption agreement to Alaska policies or certificates.
(b) The director shall approve an assumption agreement involving the assumption of Alaska insurance business by a nonadmitted insurer if (1) the ceding insurer is in supervision, conservation, or liquidation and the assuming insurer is in good standing in its state of domicile; or
(2) approval would be in the public interest of the Alaska policyholders.
Frequently Asked Questions About Alaska § 21.12.025
What does Alaska Statutes § 21.12.025 cover?
Section 21.12.025 ("Assumption reinsurance.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 21.12.025?
A common citation format is "Alaska Statutes § 21.12.025" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 21.12.025 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.