Alaska Statutes 21.24.120 – Deficiency of deposit
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Terms Used In Alaska Statutes 21.24.120
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
If the market value of assets and securities of an insurer held on deposit in this state, or in another state under custodial arrangements authorized by Alaska Stat. § 21.24.040(c), falls below the amount required under this title, the insurer shall promptly deposit other or additional assets or securities eligible for deposit under this chapter and in an amount sufficient to cure the deficiency. If the insurer fails to cure the deficiency within 20 days after receipt of notice by registered mail from the director, the director shall immediately revoke the insurer’s certificate of authority.