(a) A foreign admitted insurer may apply for voluntary surrender of its certificate of authority and the director may accept the application, if the foreign admitted insurer

1. (1) is in compliance with the applicable sections of this title, or the director waives in writing each condition of noncompliance;
2. (2) provides written confirmation that obligations incurred before the voluntary surrender of the certificate of authority shall be paid to guarantee funds or insurance pools established by law; and

3. (3) is domiciled in a state that is

   1. (A) accredited by the National Association of Insurance Commissioners at the time of the request for voluntary surrender; or

   2. (B) not accredited by the National Association of Insurance Commissioners at the time of the request and agrees in writing to be subject to

      1. (i) AS 21.09.200 and 21.09.205 for a period of two years, including payment of any fee related to filing information with the director; and
      2. (ii) any other provision of this title that may be required in writing by the director and for the period of time the director may specify.

(b) If a foreign admitted insurer who surrenders a certificate of authority ceases to exist, all business written and in force relative to a risk resident, located, or to be performed in this state shall be lawfully cancelled or reinsured. A reinsurance agreement covering all or a part of a risk described in this subsection shall be approved by the director before accepting the certificate of authority for surrender if the agreement meets the following criteria:

1. (1) insurance coverage has not deteriorated from the policies existing at the time of the transfer;
2. (2) the assuming insurer is of equal or better financial standing; and
3. (3) the assuming insurer is admitted to do business in this state unless this requirement is waived by the director.