About the Division
The Alaska Division of Insurance is a state agency headed by the Director of Insurance. There are two offices. One is located on the 9th floor of the State Office Building in Juneau. The other office is located on the 15th floor of the Atwood Building in Anchorage.
The most important function of the division is consumer protection, which includes oversight of the financial conditions of insurance companies. As insurance needs have grown, the need to assist Alaska consumers has also grown.
The division consists of several sections: Actuarial, Administrative, Consumer Service, Financial, Form and Rate Filing Review, Investigation, Legal, Market Examination, and Producer Licensing.
- The Actuarial Section provides technical support to other sections in the division. This includes assisting the Form and Rate Filing Review Section in monitoring the solvency of the insurers operating within the State of Alaska, and assisting the Market Examination Section in monitoring compliance with Alaska laws and participating in insurer examinations. This section also collects and analyzes data to aid in developing more effective regulation of insurance in Alaska and participates extensively in drafting insurance laws and regulations.
- The Administrative Section directs, manages, supervises, establishes policies and procedures, and provides support services to the division.
- The Consumer Services Section investigates consumer inquiries and complaints against insurance companies and producers in order to help ensure fair treatment to policyholders. Examples of complaints this section responds to include improper cancellation of insurance policies, misrepresentation of policy terms, improper claim denials, inappropriate delays in the claim settlement process, and other unfair marketing practices.
- The Financial Section reviews insurance companies to help assure that the company has enough money to pay claims, and licenses the insurance companies to sell business in Alaska.
- Form and Rate Filing Review Section reviews most policy forms to ensure that policy language is not deceptive or misleading and properly reflects the benefits under the policy. This section also evaluates premium rates for most property and casualty insurance policies to help assure that premiums are not excessive, inadequate, or unfairly discriminatory.
- The Investigation Section investigates all areas of fraudulent insurance activities. This includes claimant fraud, agent fraud, insurance company fraud, medical care provider fraud, insurance document fraud, premium fraud, and agents/agencies/companies operating without a license or certificate of authority, and workers’ compensation fraud. The investigation unit also conducts background checks of insurance license applicants. The investigations may result in a referral to the Attorney General’s Office for consideration of administrative action as well as being sent to the divisions’ prosecutor at the Office of Special Prosecutions & Appeals for consideration of criminal charges.
- The Legal Section advises division staff regarding the implementation of the policies of the Division of Insurance, assists in the legal education of division staff, and advises the division regarding statutory and regulatory matters.
- Market Examination Section performs examinations on insurers and producers to assure that they are in compliance with Alaska’s insurance laws and regulations.
- The Producer Licensing Section oversees the licensing of all insurance producers who are required to be licensed with the division in order to conduct business in the state. As of 2010, there were more than 35,465 insurance producers licensed with the division.