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(a) An applicant may demonstrate financial responsibility with a contract of guaranty, in full or in part, for the applicable amount required under 18 AAC 75.235(a) . The applicant shall submit the contract of guaranty to the department, using a form supplied by the department.
(b) The issuer of the guaranty contract must meet the financial and reporting requirements of 18 AAC 75.245.
(c) Termination or cancellation of a guaranty that serves as proof of financial responsibility under AS 46.04.040 may not become effective until 60 days after the guarantor notifies the department in writing, by certified mail, at its office in Juneau, Alaska. The guarantor remains liable for any discharge occurring before the effective date of termination or cancellation.
History: Eff. 5/14/92, Register 122; am 11/26/94, Register 132
Authority: AS 46.03.020
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Last modified 7/05/2006