# Alaska Stat. § 21.79.040: Association established

> Alaska · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.040

## Section

- **Citation:** Alaska Stat. § 21.79.040
- **Heading:** Association established
- **Jurisdiction:** Alaska
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** AK Code / Title 21 / Chapter 21.79 / Section 21.79.040

## Text

(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 AS 21.79.080 and shall exercise its powers through the Board of Governors established under AS 21.79.050 . For purposes of administration and assessment, the association shall maintain the following accounts: (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 AS 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.

## Nearby sections

- [Alaska Stat. § 21.79.010 Purpose.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.010.md)
- [Alaska Stat. § 21.79.020 Scope.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.020.md)
- [Alaska Stat. § 21.79.025 Liability limits.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.025.md)
- [Alaska Stat. § 21.79.030 Construction.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.030.md)
- [Alaska Stat. § 21.79.040 Association established.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.040.md)
- [Alaska Stat. § 21.79.050 Board of governors.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.050.md)
- [Alaska Stat. § 21.79.060 Powers and duties of the association.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.060.md)
- [Alaska Stat. § 21.79.070 Assessments.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.070.md)
- [Alaska Stat. § 21.79.080 Plan of operation.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.080.md)
- [Alaska Stat. § 21.79.090 Powers and duties of the director.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.090.md)
- [Alaska Stat. § 21.79.100 Prevention of insolvencies.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.100.md)
- [Alaska Stat. § 21.79.110 Miscellaneous provisions.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.110.md)
- [Alaska Stat. § 21.79.120 Examination of the association, annual report.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.120.md)
- [Alaska Stat. § 21.79.130 Tax exemption.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.130.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AK_T21_C21.79_S21.79.040. Check the current official text before relying on it. Not legal advice.