8 AAC 46.900. Definitions

In this chapter

(1) "Act" means the Alaska Workers' Compensation Act, as amended, AS 23.30.005 - 23.30.400;

(2) "audited comprehensive annual financial reports" means, at a minimum, general purpose financial statements including all notes, combined statements by fund type, the individual fund statements, and other schedules that provide additional detailed information relative to the general purpose financial statements, upon which an independent auditor has expressed a professional opinion that the accompanying statements present fairly the financial position of the public entity in conformity with generally accepted accounting principles, and statistical tables that present various financial, economic, social, and demographic data about the public entity for the last ten years;

(3) "audited financial statement" means a balance sheet, statement of retained earnings, statement of income, statement of changes in financial position and all notes to the financial statements, upon which a certified public accountant expresses a professional opinion that the accompanying statements present fairly the financial position of the employer in conformity with generally accepted accounting principles consistently applied, and includes tests of the accounting records and other auditing procedures considered necessary in the circumstances;

(4) "board" means a single three-member panel, or a quorum of a panel, of the Alaska Workers' Compensation Board;

(5) "commutation clause" means a clause that provides for estimation, payment, and complete discharge of all future obligations for insurance loss or losses incurred, regardless of the continuing nature of certain losses;

(6) "to effect settlement within the state" means the ability to timely pay all compensation and medical and other benefits;

(7) "tangible net worth" means the amount available after subtracting total liabilities from total assets less any intangible assets.

History: Eff. 11/20/83, Register 88; am 7/20/97, Register 143

Authority: AS 23.30.005

AS 23.30.090

AS 23.30.265

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