1996 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.80. ALASKA INSURANCE GUARANTY ASSOCIATION ACT
Sec. 21.80.080. Duties and powers of the director.

(a) The director shall

(1) notify the association of the existence of an insolvent insurer no later than three days after the director receives notice of the determination of the insolvency;

(2) upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.

(b) The director may

(1) require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter; this notification shall be by mail at their last known address, when available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient;

(2) suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer that fails to pay an assessment when due or fails to comply with the plan of operation; as an alternative, the director may levy a fine on any member insurer that fails to pay an assessment when due; this fine may not exceed five per cent of the unpaid assessment per month or portion of a month, except that a fine may not be less than $250 a month;

(3) revoke the designation of any servicing facility upon a finding that claims are being handled unsatisfactorily;

(4) upon a finding by the superior court that the board of directors has failed to comply with a requirement of this chapter or the plan of operation, assume the powers of the board of directors under AS 21.80.060.