8 Alaska Admin. Code § 46.080

Current through September 25, 2024

Section 8 AAC 46.080 - Application for renewal

(a) A self-insurer shall submit an application for renewal to the board on the department's form number 07-6130. The completed application must be

(1) filed at least 60 days before the expiration of the current certificate of self-insurance;

(2) signed before a person authorized to take an oath, affirmation, or acknowledgement;

(3) accompanied by the self-insurer's audited financial statements, not previously submitted to the board in support of a prior certificate of self-insurance, for the fiscal or calendar year immediately preceding the year in which the self-insurer applies for renewal; a governmental entity must submit the audited comprehensive annual financial reports and detailed schedules, not previously submitted to the board in support of a prior certificate of self-insurance, for the fiscal or calendar year immediately preceding the year in which the governmental entity applies for renewal; and

(4) unless the requirement is waived by the board, accompanied by a description of the proposed excess insurance including the effective dates, the types of coverage, the conditions and exclusions, the limits and retentions of each type of coverage, and either a guarantee of coverage until receipt by the board of a copy of the policies or a renewal endorsement specifying the renewal terms of the policies is submitted to the board by the effective date of the renewal certificate.

(b) The application must be accompanied by a summary of the employer's or the employer's parent company's losses for the fiscal or calendar year immediately preceding the filing of the application. The summary of losses must be categorized by year by

(1) number of medical-only claims;

(2) number of indemnity claims;

(3) number of fatalities;

(4) total incurred loss;

(5) total paid losses;

(6) total amount of reserves for incurred and unpaid losses;

(7) amount of loss within retention limit;

(8) amount of loss subject to excess recovery; and

(9) amount of loss subject to subrogation recovery.

(c) The employer shall submit to the division an independent actuary's report once every three years that verifies the employer's reserves. The actuary's report must be submitted to the division for review accompanied by a letter, signed by an officer of the company, verifying that reserves have been set up in the liabilities section of the employer's or its parent company's balance sheet.

8 AAC 46.080

Eff. 11/20/83, Register 88; am 7/2/98, Register 146; am 6/20/2010, Register 194

Authority:AS 23.30.005

AS 23.30.075

AS 23.30.090

AS 44.31.020