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Session: State Capitol, Room 24 Juneau, AK 99801-1182 Toll Free: (800) 773-4968 Phone: (907) 465-4968 Fax: (907) 465-2040 Send E-Mail Interim: 716 W 4th, Suite 640 Anchorage, AK 99501-2133 Phone: (907) 269-0117 Fax: (907) 269-0119 |
Bill Updates Alaska Insurance Guaranty Association Act
| For Immediate Release: April 21, 2000 | |
| Contact: | Representative Norman Rokeberg at (907) 465-4968. |
Juneau -- The Alaska Senate Friday passed House Bill 310, sponsored by the House Labor and Commerce Committee.
HB 310 updates the Alaska Insurance Guaranty Association (AIGA) statutes to conform to new model legislation proposed by the National Association of Insurance Commissioners. AIGA protects the public in the event a property or casualty insurer becomes insolvent. The Association pays policyholders and claimants if the insurance company fails.
"These changes make the Alaska Insurance Guaranty Association Act better suited to meet its intended purpose of protecting Alaska policyholders," said Representative Norman Rokeberg (R-Anchorage), Chair of the House Labor and Commerce Committee. "Updating the act provides the added benefit of uniformity among the states, which are responsible for regulation of the insurance industry nationwide."
HB 310 passed the Senate unanimously.
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