Alaska2026Passed Legislature
SB115
Exemption for Commercial Fishing Insurance Cooperatives
Last scannedSep 20, 2026, 12:32 AM
In one sentence
This bill removes state insurance rules from agreements where two or more commercial fishermen join together to pay for specific claims and losses.
What it does
- Creates an exemption from Alaska's general insurance laws for certain fishing groups.
- 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 pay 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
- People engaged in commercial fishing activities
- Cooperative agreements formed by two or more fishermen
Limits and unknowns
- The exemption only applies if the agreement is between two or more people in commercial fishing.
- Coverage is limited to liability claims and damage to vessels or machines owned or leased by members.
- The effective date of this law has not been listed yet.
Plain language
Terms to know
- cooperative agreement
- A deal where people join together to pool contributions for paying claims.
- liability claim
- A demand for payment against a commercial fishing business operated by a member of the group.
Official record
Sources
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
- (S) REFERRED TO LABOR & COMMERCE384
- (S) L&C, FIN384
- (S) READ THE FIRST TIME - REFERRALS384