The Division of Insurance in Alaska is responsible for regulation of all aspects of the insurance industry in the state. The mission of the division is to protect and serve Alaska by developing, interpreting and enforcing the insurance statutes and regulations, protecting and educating the Alaskan consumer and enhancing the insurance business environment.
The division licenses approximately 11,000 qualified individuals, firms, and insurance companies to market insurance in Alaska. The division enforces the necessary statutes and regulations by investigating claims of fraud and other violations.
It reviews rate and form filings submitted by insurance companies to ascertain that rates are adequate, but not excessive, and to validate that forms are compliant with Alaska laws. The division examines insurance companies` records to ensure the consumer is treated fairly and the contract of insurance is adhered to. The division also examines insurance companies` financial records in order to verify that each company is solvent and has sufficient reserves to protect Alaskan policyholders and that investments meet statutory requirements. It investigates and resolves close to 600 individual written consumer complaints each year in addition to answering routine queries received over the phone and from the general public that stop by the office. The division, as part of its service to Alaskans, has begun an outreach program to assist and educate both consumers and employers in becoming more knowledgeable insurance purchasers. This program has been very well received in the communities visited by staff.
