AK HB75

Amends AS 21.36.475(b) to clarify that insurance policies naming additional insureds are excluded from owner and contractor controlled insurance program regulations when naming an additional insured is a contractual requirement.

Exception to the exclusion: the exemption does not apply to owner or contractor controlled insurance programs for major construction projects, which must still comply with additional insured requirements.

Changes terminology in statute from "INSURED" to "insurance" in the definition section.

Applies only to contracts entered into on or after the effective date of the Act.

Takes effect immediately upon passage under AS 01.10.070(c).