Alaska House Passes Bill Exempting Fishing Co-Ops From Insurance Code
JUNEAU, Alaska (BestWire) - The Alaska House of Representatives passed a bill that would exempt insurance agreements between commercial fishing cooperatives from being regulated as traditional insurance under state law.
House Bill 116 would update state law to exclude cooperative agreements where fishing enterprises pool contributions to pay liability claims and cover losses or damage to vessels and machinery, according to the bill's text.
The legislation, which passed unanimously, is an attempt to address growing insurance affordability and availability issues for commercial fishing vessels, according to a statement from the...
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