Section 8 AAC 46.040 - Security deposits(a) Unless granted an exemption by the board under (c) of this section, the posting of a security deposit under this section is required for authorization for an employer to self-insure the employer's obligations under the Act.(b) Unless granted an exemption by the board under (c) of this section, a security deposit must be in the amount of $600,000 or 125 percent of the total outstanding accrued self-insured workers' compensation liabilities under the Act, whichever is greater.(c) After an employer has been authorized to self-insure the employer's obligations under the Act for five years or more, an employer may include with the employer's renewal application a request for exemption for some or all of the employer's security requirement. The request for an exemption from posting a security deposit must include a statement of reasons for exemption along with the employer's application for renewal of self-insurance authorization. The board's action on the renewal application will include a determination whether a security deposit is necessary for that particular self-insured employer.Eff. 11/20/83, Register 88; am 7/20/97, Register 143; am 6/20/2010, Register 194As of Register 151 (October 1999), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Labor to the Department of Labor and Workforce Development made by ch. 58, SLA 1999 and the corresponding title change of the commissioner of labor.
Authority:AS 23.30.005
AS 23.30.075
AS 23.30.090
AS 23.30.155
AS 44.31.020