KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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SB115 • 2026

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.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
SENATE RULES BY REQUEST OF TASK FORCE EVAL ALASKA SEAFOOD INDUSTRY
Last action
2025-02-28
Official status
(S) L&C
Effective date
Not listed

Plain English Breakdown

The official source material does not provide specific details on the scope and limitations beyond what is stated in the bill summary and text.

Commercial Fishing Insurance Co-op Act

This act allows commercial fishing businesses to form insurance co-ops without following state insurance rules.

What This Bill Does

  • Exempts certain cooperative agreements from insurance regulations.

Who It Names or Affects

  • Commercial fishing businesses in Alaska

Terms To Know

Cooperative agreement
An arrangement where two or more people work together for a common goal.
Insurance regulation
Rules set by the government about how insurance companies must operate.

Limits and Unknowns

  • Only applies to commercial fishing businesses in Alaska.
  • Does not cover other types of insurance arrangements.

Bill History

  1. 2025-02-28 384

    (S) REFERRED TO LABOR & COMMERCE

  2. 2025-02-28 384

    (S) L&C, FIN

  3. 2025-02-28 384

    (S) READ THE FIRST TIME - REFERRALS

Official Summary Text

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.

Current Bill Text

Read the full stored bill text 
SB0115A -1- SB 115
New Text Underlined [DELETED TEXT BRACKETED]

34-LS0682\A

SENATE BILL NO. 115

IN THE LEGISLATURE OF THE STATE OF ALASKA

THIRTY-FOURTH LEGISLATURE - FIRST SESSION

BY THE SENATE RULES COMMITTEE BY REQUEST OF THE JOINT LEGISLATIVE TASK FORCE
EVALUATING ALASKA'S SEAFOOD INDUSTRY

Introduced: 2/28/25
Referred: Labor and Commerce, Finance

A BILL

FOR AN ACT ENTITLED

"An Act exempting from insuran ce regulation coop erative agreements entered into by 1
two or more persons engaged in c ommercial fishing for the purpo se of paying claims or 2
losses." 3
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
* Section 1. AS 21.03.021 is amended by adding a new subsection to read: 5
(l) This title does not apply to two or more persons engaged in commercial 6
fishing activities who enter into a cooperative agreement with each other to pool 7
contributions for the purpose of paying claims or losses arising from 8
(1) a liability claim against a commercial fishing business op erated by 9
a member of the pool; or 10
(2) the loss of or damage to a vessel or machine used in a com mercial 11
fishing business that is owned or leased by a member of the pool. 12