The bill proposes an amendment to Alaska's insurance regulations, specifically AS 21.03.021, to exempt cooperative agreements among individuals engaged in commercial fishing from insurance oversight. This exemption applies to agreements where two or more commercial fishers pool their resources to cover claims or losses related to liability claims against their businesses or damages to vessels and equipment used in their operations.

The new legal language added to the statute clarifies that these cooperative agreements are not subject to the existing insurance regulations, thereby allowing commercial fishers greater flexibility in managing risks associated with their businesses. This change aims to support the fishing community by facilitating a more collaborative approach to handling financial liabilities and losses without the constraints of traditional insurance requirements.

Statutes affected:
HB0116A, AM HB 116, introduced 02/26/2025: 21.03.021