Alaska Director of Insurance
|Alaska Director of Insurance|
|Office website:||Official Link|
|2014 FY Budget:||$7,541,300|
|Length of term:||Serves at pleasure of the commissioner of commerce, community, and economic development|
|Authority:||Alaska Statutes, Title 21, Chapter 6, Section 10|
|Selection Method:||Appointed by commissioner of commerce, community, and economic development|
|Name:||Bret S. Kolb|
|Assumed office:||May 29, 2012|
|Other Alaska Executive Offices|
|Governor•Lieutenant Governor•Attorney General•Comptroller•Education Commissioner•Revenue Commissioner•Agriculture Director•Insurance Director•Natural Resources Commissioner•Labor Commissioner•Regulatory Commission|
The authority of the director of insurance derives from statute, which states that the director of the Division of Insurance is appointed by the commissioner of commerce, community, and economic development.
Alaska Statutes, Title 21, Chapter 6, Section 10
|The commissioner of commerce, community, and economic development shall appoint the director, division of insurance, Department of Commerce, Community, and Economic Development. The director serves at the pleasure of the commissioner.|
State law does not require any particular qualifications of the director of insurance.
The director is appointed by the commissioner of commerce, community, and economic development.
There are no term limits specified for the director of insurance.
Alaska law does not prescribe any particular procedure for dealing with vacancies. It is the commissioner of commerce, community, and economic development's responsibility to appoint a new director.
The mission of the Division of Insurance is to "assure competitive, viable, ethical, and lawful insurance is available to all Alaskans." The division licenses insurance providers, adjusters and brokers and examines their records to ensure compliance. It also produces educational materials for consumers and annual reports on insurance companies operating in the state. The director and his office are empowered to establish regulations, such as limitation of risk, to ensure the financial health of insurance companies and supervise their business practices. Some of the regulations the Division of Insurance enforces are established by the legislature itself, which are outlined in Title 21 of the Alaska Statutes.
Additionally, the director plays an important role in the Alaska government's reaction to natural disasters by determining whether a catastrophe has occurred for insurance purposes. He or she may also take extraordinary measures to license insurance adjusters, etc., to ensure companies speedily address and pay out claims following a disaster.
The budget for the Division of Insurance in Fiscal Year 2014 is $7,541,300.
- See also: Compensation of state executive officers
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333 Willoughby Avenue, 9th Floor
Juneau, AK 99811
Phone: (907) 465-2515
Fax: (907) 465-3422