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State of Alaska > DOLWD > Workers'
Compensation > Self
Insurance
Qualifying as a Self-Insured Employer in Alaska
Requirements
8 AAC 46.010 provides that a company may self-insure its workers' compensation
liability in Alaska if it has
- The financial ability to meet the obligations;
- Available claims facilities 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;
- Been in business within Alaska for at least five years immediately
preceding the filing of the application;
- A safety/loss control program;
- 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
- A net worth of at least $10,000,000.
The Alaska Workers' Compensation Board will, in its discretion, waive
the requirement in (3) of this section
- If the employer has self-insured its workers' compensation obligations
in another jurisdiction for a period of at least five years immediately
preceding the filing of the application; or
- If the employer is a wholly-owned subsidiary and its parent company
has been in business for at least five years immediately preceding
filing and guarantees the subsidiary's obligations under the Act.
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 a Certificate of Self-Insurance must be made on Form
07-6129.
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 three fiscal or calendar years 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 with the application a detailed outline of
its safety/loss control program.
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 90 days prior to the desired
effective date of self-insurance.
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Contact Information:
TEL: |
(907) 465-2790 |
FAX: |
(907) 465-2797 |
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Address:
PO Box 115512
Juneau, AK 99811-5512 |
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Toll Free:
1-877-783-4980 |
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