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Alaska2026Passed Legislature

HB116

Exemption for Commercial Fishing Insurance Cooperatives

Last scannedSep 10, 2026, 12:32 AM

In one sentence

This law removes state insurance rules from agreements where two or more commercial fishermen join together to pay claims or losses.

What it does

  • Creates an exemption from Alaska's insurance regulations for specific groups of fishermen.
  • Allows two or more people in the fishing industry to form a cooperative agreement to pool money.
  • Permits these groups to use pooled funds to cover liability claims against their commercial fishing businesses.
  • Permits these groups to pay for damage to vessels or machines used in commercial fishing that are owned or leased by members.

Who it affects

  • Two or more people engaged in commercial fishing activities who enter into a cooperative agreement.
  • Members of the pool whose businesses face liability claims.
  • Owners or lessees of vessels and machines used in their commercial fishing business that are part of the agreement.

Limits and unknowns

  • The exemption only applies to agreements between two or more people engaged in commercial fishing.
  • Coverage is limited to liability claims and damage to vessels or machines owned or leased by members.
  • The text does not specify internal rules for the groups, such as how much money must be pooled.

Plain language

Terms to know

Cooperative Agreement
An arrangement where two or more people engaged in commercial fishing pool contributions to pay claims or losses.
Liability Claim
A claim against a commercial fishing business operated by a member of the cooperative pool.

Official record

Sources

Validated
Official bill pageIntroduced textCurrent bill text

Official summary

COMMERCIAL FISHING INSURANCE CO-OP An Act exempting from insurance regulation cooperative agreements entered into by two or more persons engaged in commercial fishing for the purpose of paying claims or losses.

Official activity

Bill history

  1. (H) EFFECTIVE DATE(S) OF LAW 10/22/251391
  2. (H) LAW W/O GOV SIGNATURE 7/24 CHAPTER 24 SLA 251391
  3. (H) 2:15 P.M. 7/1/25 TRANSMITTED TO GOVERNOR1373
  4. (S) VERSION: HB 1161305
  5. (S) RETURN TO (H), TRANSMIT TO GOV NEXT1305
  6. (S) PASSED Y20 N-1305
  7. (S) READ THE THIRD TIME HB 1161304
  8. (S) ADVANCED TO THIRD READING 5/16 CAL1277
  9. (S) READ THE SECOND TIME1277
  10. (S) RULES TO CALENDAR 5/14/20251277
  11. (S) FN2: ZERO(CED)1255
  12. (S) NR: MERRICK, YUNDT1255
  13. (S) DP: BJORKMAN, DUNBAR, GRAY-JACKSON1255
  14. (S) L&C RPT 3DP 2NR1255
  15. (S) Minutes (SL&C)Min
  16. (S) Moved HB 116 Out of Committee -- Public Testimony <Time Limit May Be Set> --Text
  17. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)Text
  18. (S) Minutes (SL&C)Min
  19. (S) Heard & HeldText
  20. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)Text