Section 3 AAC 28.352 - Credit unemployment insurance rates and benefits(a) The benefits provided by a credit unemployment insurance policy must be reasonable in relation to the premium charged.(b) An insurer shall include in a credit unemployment insurance rate filing the appropriate formula and statistics upon which the rates are based. The statistics must include historical company loss and expense experience, to the extent that experience is available, and unemployment statistics for the state as published by the United States Department of Labor, Bureau of Labor Statistics, or similar unemployment statistics from another organization, if the director approves that organization's statistics for credibility and accuracy. An insurer may include as anticipated losses an amount for fluctuation in loss due to catastrophe based on the experience of at least the most recent nine years of data. The amount of fluctuation in loss due to a catastrophe used to develop premium rates may not be higher than the 75th percentile of the state's unemployment rates over that experience period.(c) A credit unemployment insurance policy must contain benefits at least as favorable to a debtor as the following provisions:(1) coverage for unemployment for any reason, except that coverage may be excluded for (A) voluntary forfeiture of salary, wage, or other employment income;(F) war or an act of war;(G) separation from the military;(H) wilful or criminal misconduct;(I) unlawful behavior; or(J) disability caused by injury, sickness, or pregnancy;(2) monthly benefits must start after a waiting period of no more than 30 days;(3) benefits need not be retroactive to the first day of unemployment;(4) the maximum benefit period may not be less than six months.(d) A credit unemployment insurance policy may not contain eligibility requirements more restrictive than the following: (1) an exclusion from coverage of (A) self-employed individuals;(B) workers in seasonal or temporary jobs designed to last no more than six months; and(C) workers who have been notified of a layoff or employment termination within 60 days before the effective date of coverage;(2) a requirement that a debtor must be employed full-time on the effective date of coverage and for at least 12 consecutive months before the effective date; for purposes of this paragraph, a debtor is employed full-time if the debtor works a regular work week of not less than 30 hours;(3) an age restriction providing that credit unemployment insurance will not become effective for a debtor on or after the attainment of age 66 and that all credit unemployment insurance will terminate once a debtor reaches the age of 66.Eff. 7/2/2001, Register 158Authority:AS 21.06.090
AS 21.57.080
AS 21.57.130