Bill > HB116

This bill amends existing Alaska insurance law to create an exemption for commercial fishing cooperatives that want to create mutual insurance pools. Specifically, the bill allows two or more commercial fishing businesses to form a cooperative agreement where they pool financial contributions to cover potential liability claims or property losses related to their fishing operations. Under this exemption, such cooperative insurance arrangements would be excluded from standard state insurance regulations, giving fishing businesses more flexibility to manage their shared financial risks. The cooperative could cover claims such as liability lawsuits against a member's fishing business or losses and damages to vessels and equipment used in commercial fishing. By creating this targeted exemption, the bill provides commercial fishermen with an alternative method of risk management outside traditional insurance frameworks, potentially allowing them to create more affordable and customized insurance solutions specifically tailored to their industry's unique needs.

Agriculture and Natural Resources, Business and Industry

Fisheries (H)

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB116