Section 8 AAC 46.900 - DefinitionsIn this chapter
(1) "Act" means the Alaska Workers' Compensation Act, as amended, AS 23.30.005-23.30.400;(2) "audited comprehensive annual financial reports" means, at a minimum, general purpose financial statements including all notes, combined statements by fund type, the individual fund statements, and other schedules that provide additional detailed information relative to the general purpose financial statements, upon which an independent auditor has expressed a professional opinion that the accompanying statements present fairly the financial position of the governmental entity in conformity with generally accepted accounting principles, and statistical tables that present various financial, economic, social, and demographic data about the governmental entity for the last 10 years;(3) "audited financial statement" means a balance sheet, statement of retained earnings, statement of income, statement of changes in financial position and all notes to the financial statements, upon which a certified public accountant expresses a professional opinion that the accompanying statements present fairly the financial position of the employer in conformity with generally accepted accounting principles consistently applied, and includes tests of the accounting records and other auditing procedures considered necessary in the circumstances;(4) "board" means the southern panel, or a quorum of that panel, of the Alaska Workers' Compensation Board chaired by the commissioner or the representative designated by the commissioner under AS 23.30.005(b);(5) "commutation clause" means a clause that provides for estimation, payment, and complete discharge of all future obligations for insurance loss or losses incurred, regardless of the continuing nature of certain losses;(6) "to effect settlement within the state" means the ability to timely pay all compensation and medical and other benefits;(7) "tangible net worth" means the amount available after subtracting total liabilities from total assets less any intangible assets;(8) "actuary report" means an actuarial reserve analysis to estimate adequacy of loss reserves and outlining current conditions or future requirements of the self-insured necessary to meet its workers' compensation financial obligations prepared and signed by an independent actuary and produced in compliance with generally accepted actuarial practices;(9) "commissioner" means the commissioner of labor and workforce development;(10) "department" means the Department of Labor and Workforce Development;(11) "division" means the division of workers' compensation in the Department of Labor and Workforce Development.Eff. 11/20/83, Register 88; am 7/20/97, Register 143; am 6/20/2010, Register 194Authority:AS 23.30.005
AS 23.30.075
AS 23.30.090
AS 44.31.020