12 AAC 75.420. Proof of transporter's financial responsibility

(a) At the time of application for initial licensure or license renewal for a licensing period that begins on or after January 1, 1997, an applicant for a transporter license shall complete the financial responsibility section of the application form.

(b) The applicant shall

(1) certify that the applicant has and will maintain during the licensing period, assets, general liability insurance, or a bond totaling at least a minimum of $100,000 that will be available for payment of a judgment against the applicant resulting from the applicant's transportation services;

(2) list the assets, insurance, or bond, including, if applicable,

(A) a description of the assets, their fair market value less any liens, identification of any liens against the assets, and the location of the assets;

(B) the name of the company issuing the insurance or bond, the policy or bond number, and the amount and type of coverage supplied by the insurance or bond.

(c) A transporter shall notify the department within 10 days of any change to the information reported under (b) of this section.

(d) The department will, in its discretion, require additional documentation to substantiate the information provided in (b) of this section before approving an applicant for licensure or license renewal.

History: Eff. 10/19/96, Register 140

Authority: AS 08.54.600

AS 08.54.650

AS 08.54.660

AS 08.54.680

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