Click for State of Alaska Home Page spacer
   Job Seekers    Workers    Employers    Researchers    Labor Shortcuts
To search our site type search terms in the box and click the find button




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

  1. The financial ability to meet the obligations;
  2. 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;
  3. Been in business within Alaska for at least five years immediately preceding the filing of the application;
  4. A safety/loss control program;
  5. 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
  6. 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

    1. 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
    2. 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.


Back

 

Quick Links
Workers' Comp Home
Adjudications
Annual Reports
Benefit Guaranty Fund
Bulletins
Electronic Data - EDI
Employer Information
Fishermen’s Fund
Forms
Information and
Assistance Unit
Legal Research
Medical Services
Review Committee
Online Employer Coverage Verification Service
Rate Tables
Reemployment Benefits
Second Injury Fund
Self-Insurance
Special Investigations
Workers' Comp and You -
Info for Injured Workers
Workers' Comp Board

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

Address:
PO Box 115512
Juneau, AK 99811-5512

 
Toll Free:
1-877-783-4980

 

   Job Seekers    Workers    Employers     Researchers    Department Shortcuts    Webmaster
Page Updated April 28, 2011