The bill proposes an exemption from insurance regulation for cooperative agreements made by individuals engaged in commercial fishing. Specifically, it allows two or more commercial fishers to enter into agreements to pool their resources for the purpose of covering claims or losses related to their fishing operations.

To implement this exemption, the bill amends AS 21.03.021 by adding a new subsection that clarifies that the title does not apply to these cooperative agreements. The agreements can be used to address liability claims against a fishing business operated by a member of the cooperative or to cover losses or damages to vessels or equipment used in the fishing business that are owned or leased by members of the pool.

Statutes affected:
HB0116A, AM HB 116, introduced 02/26/2025: 21.03.021
HB0116Z, AM Enrolled HB 116, introduced 05/16/2025: 21.03.021