Keyword Analysis & Research: alaska policyholder notice 3 aac 25.050

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Frequently Asked Questions

What is an Alaska surplus lines policyholder notice?

A surplus lines insurer must include with each policy, an Alaska Policyholder Notice. The surplus lines broker is responsible for ensuring the notice is attached to the policy. The approved form of the Alaska surplus lines policyholder notice required under 3 AAC 25.050 is set out below.

What is a nonadmitted insurance policy in Alaska?

3 AAC 25.050 This policy is issued by a nonadmitted or surplus lines insurer. Insurance may only be purchased from nonadmitted insurers if the full amount, kind, or class of insurance cannot be obtained from insurers who are admitted to do business in the State of Alaska.

What is the surplus lines tax in Alaska?

Surplus lines tax: 2.7% for lines other than wet marine and transportation (+ 1% filing fee), .75% (wet marine and transportation), payable by broker. Alaska does not allow domestic surplus lines insurers in the state.

Is the policyholder’s notice in the binder and cover note?

Removal of requirement that the policyholder’s notice be in the binder and cover note but the surplus lines broker continues to be responsible to ensure the notice is part of the policy; and Clarification that alien insurers not on the Quarterly Listing of Alien Insurers must pay a fee to be on Alaska’s eligibility list.

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