CSHB 350(L&C): "An Act relating to enforcement of insurance unfair claim settlement practices by a person affected by a violation; and permitting penalties for a single-act unfair claim settlement practice."
00 CS FOR HOUSE BILL NO. 350(L&C) 01 "An Act relating to enforcement of insurance unfair claim settlement practices by a 02 person affected by a violation; and permitting penalties for a single-act unfair claim 03 settlement practice." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 21.36.125(b) is repealed and reenacted to read: 06 (b) The provisions of this section may be enforced by the director under 07 applicable law or by a court of competent jurisdiction in an action brought by a person 08 harmed by a violation of this section. 09 * Sec. 2. AS 21.36.320(c) is amended to read: 10 (c) If the director or a court acting under AS 21.36.125(b) determines that a 11 person violated this chapter, the director shall serve upon the person charged an order 12 requiring that person to cease and desist from engaging in the act or practice. 13 * Sec. 3. AS 21.36.320(d) is amended to read: 14 (d) In addition to an order issued under (c) of this section, the director may,
01 after a hearing, order restitution and [,] assess a penalty of not more than $2,500 for 02 each violation or $25,000 for engaging in a general business practice in violation of 03 this chapter. In addition to these remedies, a court acting under AS 21.36.125(b) 04 may award compensatory or punitive damages as warranted. 05 * Sec. 4. AS 21.36.320(e) is amended to read: 06 (e) If the director or a court acting under AS 21.36.125(b) determines after a 07 hearing that the person charged knew or should have known that the person was in 08 violation of this chapter, in addition to the penalty prescribed in (d) of this section, a 09 suspension or revocation of the person's license and a penalty of not more than 10 $25,000 for each violation or $250,000 for engaging in the general business practice in 11 violation of this chapter may also be ordered by the director. 12 * Sec. 5. AS 21.36.320(h) is repealed.