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State of Alaska > DOLWD > Workers' Compensation  > Self Insurance

Self-Insured Employers - Introduction

Every employer who has employees working in Alaska must purchase and keep in effect a workers’ compensation insurance policy, or become approved as a self-insured employer.

In order to qualify as a self-insured employer in Alaska, a company must

  • Have been in business for at least five years
  • Have at least 100 employees
  • Have a net worth of at least $10,000,000
  • Have a safety/loss program in effect
  • Provide claims services in Alaska either through its own staffed facility, or through independent, licensed, resident adjusters

An employer who meets these conditions may apply for a Certificate of Self-Insurance by completing and submitting an application Form 07-6129. The application must be accompanied by

  • Audited financial statements for the three fiscal or calendar years immediately preceding the filing of the application
  • A copy of the binder or a description of proposed excess insurance including the effective dates, type of coverage, conditions and exclusions, the limits and retentions of each type of coverage, and a guarantee of coverage until the board receives a copy of the policy
  • Statistical information regarding total Alaska payroll, Alaska workers’ compensation losses, and premiums paid for the past three years
  • A copy of or a detailed outline of its safety/loss control program
  • A security deposit in the amount of $600,000 or 125% of the total accrued workers’ compensation liability, whichever is greater. The security deposit must be in the form of a irrevocable letter of credit from a financial institution authorized to conduct business in Alaska

In addition to the above, a company which is a majority or wholly owned subsidiary must provide a written guarantee from its parent company. A joint venture must provide a copy of its operating agreement and audited financial statements for the three fiscal or calendar years immediately preceding the filing of the application for each general partner.

A Certificate of Self-Insurance is valid for a period of one year from the date of issue, and may be renewed on application Form 07-6130.


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Contact Information:
TEL:
(907) 465-2790
FAX:
(907) 465-2797
   

Address:
PO Box 115512
Juneau, AK 99811-5512

 
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Page Updated April 28, 2011