3 Alaska Admin. Code § 26.075

Current through September 25, 2024

Section 3 AAC 26.075 - Arbitration

An insurer may include an arbitration provision in an insurance contract subject to the following:

(1) the insurer and the insured must agree to the arbitration provision;

(2) the arbitration provision must describe the manner for

(A) initiating the arbitration process; and

(B) appointing the arbitrator; the descriptions required in (A) of this paragraph and this subparagraph may be accomplished by reference to a specific arbitration entity or arbitration rules;

(3) the insurer and the insured must agree to the venue of an arbitration proceeding before the proceeding begins; if no agreement on the venue of an arbitration proceeding is reached, the insurer, insured, or both jointly may request the director to make the venue determination after a hearing;

(4) a participant in an arbitration proceeding must have the option of participating by telephone;

(5) except as otherwise provided in AS 21.96.020(f), AS 09.43 must govern the agreement to arbitrate; and

(6) the insurer must retain in the insurer's records documentation to establish the insurer or the insurer's agent specifically informed the insured, before the insured entering into the insurance contract, of

(A) the arbitration provision in the insurance contract; and

(B) the right of a participant in an arbitration proceeding to participate by telephone; the insurer shall retain the documentation required under this paragraph for the longer of four years or until the arbitration provision is no longer in effect or contested.

3 AAC 26.075

Eff. 8/20/2016, Register 219, October 2016

Authority:AS 21.06.090

AS 21.36.125

AS 21.42.120

AS 21.42.130