Section 3.28.050. Capital surplus minimum.

	(a)  No company may be authorized to issue or deliver variable contracts unless its capital and surplus exceeds $5,000,000.  
	(b)  The director may waive any or all of the requirements set forth in (a) of this section if by reason of a company's capital structure, surplus, amount of business in force and plan of operations, it substantially conforms to such requirements, or, in the opinion of the director, otherwise affords adequate protection to contract holders.  

Authorities

21.06.090;21.42.315;01.05.031;21.42.370;44.62.125

Notes

Authority

AS 21.06.090 AS 21.42.315 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.42.370 as AS 21.42.315. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 28.050, so that the citation to former AS 21.42.370(j) now refers to the renumbered statute, AS 21.42.315.

History

Eff. 11/8/73, Register 48

References

3.28.050