1996 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.21. INVESTMENTS
Sec. 21.21.600. Definitions.

In this chapter, unless the context requires otherwise,

(1) "admitted asset" has the meaning given in AS 21.18.900 ;

(2) "affiliated" has the meaning given in AS 21.22.200 ;

(3) "aggregate amount" means the aggregate statutory statement value of medium grade and lower grade obligations;

(4) "assets" means assets that are allowable assets under AS 21.18.010;

(5) "bank" means an organization organized under the laws of a state requiring the permission of either the United States Comptroller of the Currency or the state of domicile director of banking or equivalent state officer, to both accept deposits of individuals and businesses and make commercial loans, and whose deposits are insured by the Federal Deposit Insurance Corporation;

(6) "control" and "controlling" have the meaning given in AS 21.22.200;

(7) "domestic insurer" has the meaning given in AS 21.90.900 and, in addition, for the purposes of this chapter, includes an insurer that has been authorized to do business in this state and that, during its three preceding fiscal years taken together, or during any lesser period of time if it has been licensed to transact its business in this state only for such lesser periods of time, has written an average of more gross premiums in this state than it has written in its state of domicile during the same period, and the gross premiums written constitute 33 percent or more of its total gross premiums written everywhere in the United States for the three year or lesser period, as reported in its three most recent annual statements;

(8) "durable equipment" means only mechanical refrigerators, air conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges; in the case of apartment houses, motels, and hotels, "durable equipment" includes room furniture and furnishings;

(9) "fixed charges" includes interest on funded and unfunded debt, amortization of debt discount, and rental for leased properties;

(10) "independent" means not affiliated or not controlled;

(11) "institution" means a corporation, joint stock company, association, trust, business partnership, business joint venture, or similar entity;

(12) "lower grade obligation" means an obligation that is rated four, five, or six by the securities valuation office or its successor;

(13) "medium grade obligation" means an obligation that is rated three by the securities valuation office or its successor;

(14) "most recent statement of financial condition" means the annual report or quarterly report most recently filed under AS 21.09.200 and 21.09.205;

(15) "net earnings available for fixed charges" means net income after deducting operating and maintenance expenses, taxes other than federal income taxes, depreciation, and depletion, excluding extraordinary nonrecurring items of income or expenses appearing in the regular financial statement of an issuing, assuming, or guaranteeing institution;

(16) "options and futures contracts" means a put or call option on underlying common stocks, debt instruments, and stock indices, other stock options, purchase warrants, and financial futures contracts;

(17) "pooled investments" means a management-type investment company or investment trust, or unit investment trust, or similar investment vehicle, registered with the Securities and Exchange Commission under 15 U.S.C. 80a - 81 (Investment Company Act of 1940) and qualifying under 26 U.S.C. 851 (Internal Revenue Code of 1986);

(18) "preferred dividend requirement" means cumulative or noncumulative dividends, whether paid or not;

(19) "savings and loan" means an organization organized under the laws of a state that has qualified for the insurance protection provided by the Federal Deposit Insurance Corporation;

(20) "securities valuation office" means the organization designated by the National Association of Insurance Commissioners to determine the carrying or admitted asset value of obligations owned by the insurer.

(21) "solvent agency of the United States government" means an agency of the government of the United States whose assets exceed its liabilities, and that has not been defined as insolvent by the director for purposes of administering this chapter;

(22) "solvent institution or person or company" means an institution, person, or company whose assets exceed its liabilities and that has not been defined as insolvent by the director for purposes of administering this chapter.