Section 12 AAC 02.530 - Standards for equivalent coverage An insurer issuing equivalent coverage under AS 08.88.172(c)(2) shall hold a certificate of authority issued under AS 21.09. All activities contemplated under AS 08.88.172 must be covered. The insurance must meet the minimum coverage standards of 12 AAC 02.510(a)(1)-(3), 12 AAC 02.510(b). and 12 AAC 02.510(c)(1) and (5), except that
(1) a policy with a higher deductible amount or self-insured retention will qualify as equivalent coverage for purposes of AS 08.88.172(c)(2) if, when applying to obtain or renew the license, the insured licensee provides the Real Estate Commission with (A) an affidavit certifying that the insured licensee has the financial resources in set-aside funds to pay the higher deductible amount or self-insured retention; and(B) a certificate of insurance from the insured licensee's insurer; and(2) a broker employing other real estate licensees may comply with the requirements of 12 AAC 02.510(a) (1) and (2) by obtaining insurance with coverage of a minimum of $300,000 per wrongful act and $1,000,000 aggregate, if all licensees associated with the broker are coveredEff. 12/4/2011, Register 200; am 3/25/2017, Register 221, April 2017; am 11/28/2019, Register 232, January 2020