HB 403 Summary

• Expands the Alaska Life and Health Insurance Guaranty Association to include hospital and medical service corporations and health maintenance organizations as member insurers subject to assessment requirements

• Increases Board of Governors size from 5-9 members to 7-11 members and permits director to appoint two public representatives

• Raises coverage limits for long-term care insurance from $100,000 to $300,000 for individuals and increases governmental retirement plan annuity coverage from $100,000 to $250,000

• Adds comprehensive reinsurance succession provisions allowing the association to assume rights and obligations of ceding insurers under reinsurance contracts within 180 days of liquidation

• Takes effect July 1, 2018, with director authorized to adopt implementing regulations