Commercial Fishing Insurance Co-op Exemption from State Regulation
Summary
Alaska HB116 exempts commercial fishing cooperative agreements from state insurance regulation, allowing qualifying co-ops to self-insure through member arrangements without being classified as insurance carriers. The bill passed both chambers unanimously (House 37-0, Senate 20-0) and takes effect October 22, 2025.
What changed
HB116 creates a new exemption under Alaska law for cooperative agreements entered into by two or more persons engaged in commercial fishing, specifically for the purpose of paying claims or losses among members. These cooperative arrangements are now exempt from state insurance regulation, meaning fishing co-ops can pool resources to cover member losses without being treated as regulated insurance entities.
Commercial fishing cooperatives operating in Alaska should review their existing or planned mutual aid agreements to determine if they qualify for this exemption. Entities should consult with Alaska insurance regulators to confirm their arrangements meet the statutory requirements. The law becomes effective October 22, 2025, and fishing industry members should verify compliance with any new operational requirements during the transition period.
What to do next
- Review existing cooperative agreements to assess eligibility for the new insurance exemption
- Consult Alaska insurance regulators to confirm qualifying criteria for exemption
- Update compliance documentation to reflect exemption status if applicable
Source document (simplified)
ChangeBridge / Alaska / HB116 Effective Date HB116 House Bill Effective Date 2025-07-30
Commercial Fishing Insurance Co-op
An Act exempting from insurance regulation cooperative agreements entered into by two or more persons engaged in commercial fishing for the purpose of paying claims or losses.
Bill Details
State Alaska
Session 34th Legislature
Chamber House
Official Source www.akleg.gov/basis/Bill/Detail/34?Root=HB116
LegiScan View on LegiScan
Sponsors
Fisheries
Action History
2025-07-30 H EFFECTIVE DATE(S) OF LAW 10/22/25 2025-07-30 H LAW W/O GOV SIGNATURE 7/24 CHAPTER 24 SLA 25 2025-07-30 H 2:15 P.M. 7/1/25 TRANSMITTED TO GOVERNOR 2025-05-16 S VERSION: HB 116 2025-05-16 S RETURN TO (H), TRANSMIT TO GOV NEXT 2025-05-16 S PASSED Y20 N- 2025-05-16 S READ THE THIRD TIME HB 116 2025-05-14 S ADVANCED TO THIRD READING 5/16 CAL 2025-05-14 S READ THE SECOND TIME 2025-05-14 S RULES TO CALENDAR 5/14/2025 2025-05-13 S FN2: ZERO(CED) 2025-05-13 S NR: MERRICK, YUNDT 2025-05-13 S DP: BJORKMAN, DUNBAR, GRAY-JACKSON 2025-05-13 S L&C RPT 3DP 2NR 2025-04-28 S L&C 2025-04-28 S READ THE FIRST TIME - REFERRALS 2025-04-25 H VERSION: HB 116 2025-04-25 H TRANSMITTED TO (S) 2025-04-25 H PASSED Y37 E3 2025-04-25 H READ THE THIRD TIME HB 116 2025-04-23 H ADVANCED TO THIRD READING 4/25 CALENDAR 2025-04-23 H READ THE SECOND TIME 2025-04-23 H RULES TO CALENDAR 4/23/2025 2025-03-26 H FN2: ZERO(CED) 2025-03-26 H NR: NELSON 2025-03-26 H DP: CARRICK, COULOMBE, BURKE, FIELDS, HALL 2025-03-26 H L&C RPT 5DP 1NR 2025-03-11 H FN1: (CED) 2025-03-11 H NR: MCCABE 2025-03-11 H DP: VANCE, KOPP, EDGMON, HIMSCHOOT, ELAM, STUTES 2025-03-11 H FSH RPT 6DP 1NR 2025-02-26 H FSH, L&C 2025-02-26 H READ THE FIRST TIME - REFERRALS
Votes
2025-04-25 House: Third Reading Final Passage Yea: 37 Nay: 0 2025-05-16 Senate: Third Reading - Final Passage Yea: 20 Nay: 0
Committee Referrals
2025-02-26 H Fisheries 2025-04-28 S Labor & Commerce 2025-05-13 S Rules
Bill Text Versions
2025-02-26 Introduced 2025-05-16 Enrolled
Subjects
Boats & Boating Business Claims Contracts Cooperatives Fish & Game (fish) Insurance Liability Vessels Legislative data powered by LegiScan (CC BY 4.0)
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