COMMERCIAL FISHING INSURANCE CO-OP

Plain English Breakdown

The official source does not specify an effective date for this law.

Exemption for Commercial Fishing Insurance Cooperatives

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

What This Bill 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 Names or Affects

• People engaged in commercial fishing activities
• Cooperative agreements formed by two or more fishermen

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.

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.

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

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