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.

HB 116 exempts cooperative agreements among commercial fishing businesses from standard insurance regulations. These agreements allow fishing businesses to pool contributions to cover claims from accidents or damage to their fishing equipment. Specifically, the exemption applies to claims against a business member or losses to vessels/machinery owned or leased by a member. This change directly affects Alaska commercial fishing businesses participating in such pooling arrangements.