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 contributions for the purpose of covering claims or losses. This includes liability claims against a fishing business operated by a member of the cooperative, as well as losses or damages to vessels or machinery used in the fishing business that are owned or leased by members of the pool.

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. This change aims to facilitate collaboration among commercial fishers in managing risks associated with their businesses without the constraints of traditional insurance regulations.

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