AS 21.34.035: Health care insurance and disability insurance.

(a) Except for a multiple employer welfare arrangement, health care insurance and disability insurance may be placed in and written by a nonadmitted insurer if

(1) the director finds it is in the best interest of the public and issues an order to that effect; and

(2) the insurance is in compliance with this chapter.

(b) The rates and rating methods for health care insurance and disability insurance placed and written under this section are subject to AS 21.51.405 and AS 21.54.015. The surplus lines broker shall make the filings required under AS 21.51.405 and AS 21.54.015 and maintain the records and accounts as required under AS 21.87.230.

(c) Health care insurance and disability insurance may not be procured under this chapter

(1) for the purpose of obtaining a lower premium rate than acceptable by an authorized insurer; or

(2) for obtaining a competitive advantage.

(d) Health care insurance and disability insurance placed in or written by a nonadmitted insurer and the activities of the surplus lines broker relating to that transaction are subject to this title.

(e) In this section,

(1) “disability insurance” means disability insurance as defined in AS 21.12.052 that is excess insurance or for individuals unable to obtain disability insurance with any admitted insurer;

(2) “health care insurance” has the meaning given in AS 21.12.050(b).