Alaska SB 195: An Act relating to election of a domestic insurer's board of directors.

Status: (S) EFFECTIVE DATE(S) OF LAW 7/19/20 (as of 2020-05-18)

State: Alaska · Session: 31 · Bill: SB 195

Subjects: APPOINTMENTS, BUSINESS, INSURANCE

Sponsors: SENATE LABOR & COMMERCE BY REQUEST

Bill Text

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 Enrolled SB 195: Relating to election of a domestic insurer's board of directors. 

00Enrolled SB 195 01 Relating to election of a domestic insurer's board of directors. 02 _______________ 03 * Section 1. AS 21.69.340(b) is amended to read: 04 (b) Directors must be elected [FROM AND BY THE MEMBERS OR 05 STOCKHOLDERS OF A DOMESTIC INSURER, EXCEPT AS PROVIDED IN 06 AS 21.69.350,] at the time and place, and for the terms, not exceeding three years, [AS 07 MAY BE] provided in a domestic [THE] insurer's bylaws. Unless the bylaws 08 provide otherwise, a director is not required to be a member or stockholder of 09 the insurer. 10 * Sec. 2. AS 21.69.350 is amended to read: 11 Sec. 21.69.350. Participation of policyholders in election of directors. The 12 bylaws of a domestic stock life insurer may provide a plan for its policyholders to 13 participate [WITH STOCKHOLDERS] in the election of its directors. 

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