The bill proposes an amendment to Alaska's insurance regulation laws, specifically AS 21.03.021, to exempt cooperative agreements among individuals engaged in commercial fishing from insurance regulations. This exemption applies to agreements where two or more persons pool their contributions to cover claims or losses related to liability claims against a commercial fishing business operated by a member of the pool, as well as losses or damages to vessels or machinery used in the commercial fishing business that are owned or leased by a member.

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 to manage their risks collectively without the constraints of traditional insurance requirements. This change aims to provide greater flexibility and support for those in the commercial fishing industry in Alaska.

Statutes affected:
SB0115A, AM SB 115, introduced 02/28/2025: 21.03.021