00Enrolled HB 101                                                                                                         
01 Increasing the value of life insurance and annuity contracts that is exempt from levy to satisfy                        
02 a debt.                                                                                                                 
03                           _______________                                                                               
04    * Section 1. AS 09.38.025(a) is amended to read:                                                                   
05            (a)  Except as provided in this section or AS 09.38.017, an individual is                                    
06       entitled to exemption of unmatured life insurance and annuity contracts owned by the                              
07       individual. If the contracts have accrued dividends and loan values available to the                              
08       individual aggregating more than $500,000 [$10,000], a creditor may obtain a court                            
09       order requiring the individual debtor to pay the creditor, and authorizing the creditor                           
10       on the debtor's behalf to obtain payment of, the amount of the accrued dividends and                              
11       loan values in excess of $500,000 [$10,000] or the amount of the creditor's claim,                            
12       whichever is less.                                                                                                
13    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
14 read:                                                                                                                   

01       APPLICABILITY. AS 09.38.025(a), as amended by sec. 1 of this Act, applies to an                                   
02 exemption that is sought on or after the effective date of this Act.