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.

SB 115 exempts commercial fishing businesses that form cooperative agreements to pool funds from standard insurance regulations. Specifically, it removes regulatory requirements for agreements where members pool contributions to cover: (1) liability claims against a member's fishing business, or (2) damage/loss to a vessel or machine owned or leased by a member. This directly affects commercial fishing operators in Alaska who organize such risk-sharing pools. The bill creates a specific regulatory exemption for these fishing industry cooperatives, without altering insurance coverage standards for other sectors.