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

Renewing Status as a Self-Insured Employer in Alaska

Requirements

8 AAC 46.010 provides that a company may maintain its Certificate of Self-Insurance in Alaska if it has

  1. Maintained the financial ability to meet its obligations
  2. Maintained a claims facility through its own staffed adjusting facilities located within the state or through independent, licensed, resident adjusters with power to effect settlement within the state; for purposes of this paragraph, insurance companies with a certificate of authority from the division of insurance, Department of Commerce and Economic Development, and with staff adjusters in this state, are considered independent, licensed, resident adjusters
  3. Maintained a safety/loss control program
  4. In combination with its parent company or subsidiary companies of the employer, a minimum of 100 employees either in Alaska or in another state or states; and
  5. Maintained a net worth of at least $10,000,000.
  6. 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
  7. Performed an independent actuarial review at least once every three years.

An employer who is a majority or wholly owned subsidiary must have its obligations under the Act guaranteed by its parent company.

Filing Requirements

Application for renewal of Certificate of Self-Insurance must be made on Form 07-6130.

A parent company that has multiple subsidiaries as Alaska employers must submit a list of those subsidiaries, including the legal name, address, and ownership information for each subsidiary.

When the applicant is a subsidiary of another company, a Parent Company Guarantee must be included with the Application for Certificate of Self-Insurance. The application also must be accompanied by the applicant's audited financial statements for the previous fiscal or calendar year immediately preceding the filing of the application. The applicant may submit consolidated financial statements of its parent company if the applicant does not have its own audited financial statements and the employer is a majority or wholly owned subsidiary. A public entity must submit audited comprehensive annual financial reports, including detailed schedules.

The applicant shall submit a binder of its proposed excess insurance coverage.

The above material shall be mailed to the Division of Workers’ Compensation at least 60 days prior to the expiration of its Certificate of Self-Insurance.

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Page Updated July 22, 2014