3 AAC 24.040 - Operations

(a) A risk retention group may only transact the business of liability insurance.

(b) At least 30 days before a domestic risk retention group may transact business in this state, any other state, or upon a subject or risk that is resident, located, or to be performed in this or any other state, a plan of operation or feasibility study must be filed with and approved by the director in writing. At least 30 days before a domestic risk retention group implements a material change or revision to a previously approved plan of operation or feasibility study the domestic risk retention group must file those changes with and secure the written approval of the director. A domestic risk retention group may not transact an additional kind or class of liability insurance in this state, another state, or upon a subject or risk that is resident, located, or to be performed in this or any other state, before a change or revision to the plan of operation or feasibility study has been approved by the director.

Notes

3 AAC 24.040

Eff. 8/23/89, Register 111; am 10/24/92, Register 124

Authority:AS 21.03.010

AS 21.06.090