(a) There is established as a nonprofit legal entity the Alaska Life and Health Insurance Guaranty Association. Each member insurer shall be a member of the association as a condition of the insurer’s authority to transact insurance, a hospital or medical service corporation business, or a health maintenance organization business in this state. The association shall perform its functions under a plan of operation established and approved under Alaska Stat. § 21.79.080 and shall exercise its powers through the Board of Governors established under Alaska Stat. § 21.79.050. For purposes of administration and assessment, the association shall maintain the following accounts:
Terms Used In Alaska Statutes 21.79.040
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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
Trustee: A person or institution holding and administering property in trust.
(1) the health account; and(2) the life insurance and annuity account, including the following subaccounts:
(A) life insurance account;(B) annuity account that must include annuity contracts owned by a governmental retirement benefit plan, or its trustee, qualified under 26 U.S.C. § 401, 26 U.S.C. § 403 (b), or 26 U.S.C. § 457 (Internal Revenue Code), but that otherwise excludes unallocated annuities; and(C) unallocated annuity account that must exclude contracts owned by a governmental retirement benefit plan, or its trustee, qualified under 26 U.S.C. § 401, 26 U.S.C. § 403 (b), or 26 U.S.C. § 457 (Internal Revenue Code).(b) The association is under the supervision of the director and is subject to the insurance laws of the state. Except as provided in Alaska Stat. § 21.79.110 (b), meetings or records of the association may be open to the public upon majority vote of the Board of Governors of the association.
