00                            SENATE BILL NO. 195                                                                         
01 "An Act relating to election of a domestic insurer's board of directors."                                               
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 21.69.340(b) is amended to read:                                                                   
04 (b)  Directors must be elected [FROM AND BY THE MEMBERS OR                                                              
05 STOCKHOLDERS OF A DOMESTIC INSURER, EXCEPT AS PROVIDED IN                                                               
06 AS 21.69.350,] at the time and place, and for the terms, not exceeding three years, [AS                                 
07 MAY BE] provided in a domestic [THE] insurer's bylaws. Unless the bylaws                                        
08 provide otherwise, a director does not need to be a member or stockholder of the                                    
09       insurer.                                                                                                      
10    * Sec. 2. AS 21.69.350 is amended to read:                                                                         
11            Sec. 21.69.350. Participation of policyholders in election of directors. The                               
12       bylaws of a domestic stock life insurer may provide a plan for its policyholders to                               
13       participate [WITH STOCKHOLDERS] in the election of its directors.