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 these regulations. The new subsection added clarifies that this exemption applies to agreements where two or more commercial fishers pool their contributions to cover claims or losses related to liability claims against their businesses or damages to vessels and equipment used in their fishing operations.

This legislative change aims to facilitate collaboration among commercial fishers by allowing them to manage risks collectively without the burden of insurance regulation. By enabling these cooperative agreements, the bill seeks to support the fishing industry in Alaska, promoting financial stability and resource sharing among its members.

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