00                           HOUSE BILL NO. 120                                                                           
01 "An Act excluding service contracts from regulation as insurance; and providing for an                                  
02 effective date."                                                                                                        
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 21.03.021 is amended by adding a new subsection to read:                                          
05            (e)  This title does not apply to a service contract offered, issued for delivery,                           
06       delivered, or renewed in this state.  In this subsection, "service contract" means a                              
07       contract or agreement to provide for the repair, replacement, or maintenance of                                   
08       property over a definite period of time in exchange for a fixed amount of money.                                  
09    * Sec. 2.  This Act takes effect immediately under AS 01.10.070(c).