Alaska passed HB 164. To view the bill and all of the changes go to www.legis.state.ak.us/basis/start.asp.
Here is a summary of some of the changes:
1. Insurers who do not market insurance in Alaska but cover Alaska residents under policies issued in another state are no longer required to obtain a certificate of authority if:
- The laws of the state in which the policy is issued apply to Alaska residents covered under the policy, and
- The insurer complies with any other requirements that may be adopted by regulation by the director.
2. All insurers licensed to do business in Alaska must file changes to the electronic mailing address within 90 days.
3. The “individual in a firm” or “compliance officer in a firm” licenses have been eliminated. These license types will be converted to an individual license at renewal.
4. An insurance employment contract is now required if an individual represents or is affiliated with a firm. The contract must be in writing and state the lines of insurance and classes of authority. A copy of the contract must be retained by each party.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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