1. (a) A person applying to the department to act as a self-insurer under AS 28.20.400 must submit an application to the department annually. The application must be received not later than July 1. The application may be submitted electronically on a form approved by the department and must include

   1. (1) the year, make, model, and vehicle identification number of each vehicle;
   2. (2) whether the ability to pay is for property damage, bodily injury, or both, and whether there are any open or unsatisfied judgments, including court case numbers;
   3. (3) a notarized affidavit from a certified public accountant that an audit of the financial records of a person with 25 or fewer vehicles demonstrates the ability to pay as required by AS 28.20.400(a), or an audit of the financial records of a person with more than 25 vehicles demonstrates the ability to pay as required by AS 28.20.400(b); the affidavit accompanying an application submitted electronically may be a copy, if the applicant keeps the original affidavit and makes it available to the department for inspection upon request; and
   4. (4) the person's certification that the person understands and meets the requirements of AS 28.20.400 to act as a self-insurer.

2. (b) In a certificate of self-insurance issued under AS 28.20.400, the department will include

   1. (1) the name and address of the self-insured person;
   2. (2) a certification that the department has approved the person as a self-insurer in this state, having qualified under AS 28.20.400;
   3. (3) the approval date;
   4. (4) the expiration date; and
   5. (5) a statement that the certificate of self-insurance must be carried in each self-insured vehicle and exhibited in compliance with AS 28.22.019.

3. (c) In this section,

   1. (1) "person" has the meaning in AS 01.10.060;

   2. (2) "self-insurer"

      1. (A) means a person who

         1. (i) has made the formal decision to retain risk rather than insure it; and
         2. (ii) assumes all or a part of the person's losses under a formalized plan to pay losses as they occur;

      2. (B) does not include a person who is not

         1. (i) obtaining insurance; or
         2. (ii) retaining risks through deductibles.

(Eff. 4/8/2021, Register 238)

Authority: AS 28.05.011, AS 28.20.400