00Enrolled SB 195                                                                                                         
01 Relating to election of a domestic insurer's board of directors.                                                        
02                           _______________                                                                               
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 is not required to be a member or stockholder of                                        
09       the 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.