AK SB70

Amends AS 21.36.475(b) to change "insured" to "insurance" in the definition of owner controlled or contractor controlled insurance programs.

Excludes from the definition insurance policies endorsed to name additional insureds when naming additional insureds is a contract requirement, except for major construction projects.

The amendment applies only to contracts entered into on or after the effective date of the Act.

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