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(a) An employer may self-insure its obligations under the Act if the employer provides satisfactory proof to the board that it has
(1) the financial ability to meet the obligations;
(2) available claims facilities through its own staffed adjusting facilities located within the state or through independent, licensed, resident adjusters with power to effect settlement within the state; for purposes of this paragraph, insurance companies with a certificate of authority from the division of insurance, Department of Commerce, Community, and Economic Development, and with staff adjusters in this state, are considered independent, licensed, resident adjusters;
(3) been in business within Alaska for at least five years immediately preceding the filing of the application;
(4) a safety/loss control program;
(5) in combination with its parent company or subsidiary companies of the employer, a minimum of 100 employees either in Alaska or in another state or states; and
(6) a net worth of at least $5,000,000.
(b) The board will, in its discretion, waive the requirement in (a)(3) of this section
(1) if the employer has self-insured its workers' compensation obligations in another jurisdiction for a period of at least five years immediately preceding the filing of the application; or
(2) if the employer is a wholly-owned subsidiary and its parent company has been in business for at least five years immediately preceding filing and guarantees the subsidiary's obligations under the Act.
(c) An employer which is a majority or wholly-owned subsidiary must have its obligations under the Act guaranteed by its parent company.
History: Eff. 11/20/83, Register 88
Authority: AS 23.30.005
Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.
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Last modified 7/05/2006