8 AAC 46.050. Excess insurance

(a) Both specific and aggregate excess insurance with policy limits and retention amounts acceptable to the board must be provided by each self-insurer unless the board waives this requirement.

(b) An acceptable excess insurance policy must

(1) be written by a casualty insurance company or reinsurance company authorized to transact such business in Alaska;

(2) not be cancellable except upon at least 60 days' advance written notice by registered or certified mail to the self-insurer and the board; and

(3) not contain any type of commutation clause, unless it provides that any commutation does not relieve the underwriter of any liability unknown at the time of the commutation.

(c) If an existing excess policy submitted in compliance with this chapter is cancelled or not renewed, the self-insurer shall file proof of replacement excess coverage within the 60-day notice period required by (b)(2) of this section.

History: Eff. 11/20/83, Register 88

Authority: AS 23.30.005

AS 23.30.075

AS 23.30.090

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