1. (a) An insurer providing insurance coverage for an exempt commercial policyholder shall

   1. (1) maintain adequate records to document that the exempt commercial policyholder meets the criteria under 3 AAC 29.545;
   2. (2) maintain all records and data for a period of at least five years after the date the policy was written; and
   3. (3) upon request, provide all records and data to the director at any time.
2. (b) The director may examine the records to ascertain whether the insurer is claiming an exemption for a policy issued to a policyholder that does not meet the criteria for an exempt commercial policyholder under 3 AAC 29.545.

(Eff. 6/11/2005, Register 174)

Authority: AS 21.06.090, AS 21.39.040, AS 21.42.120