1. (a) Unless granted an exemption by the board under (c) of this section, the posting of a security deposit under this section is required for authorization for an employer to self-insure the employer's obligations under the Act.
2. (b) Unless granted an exemption by the board under (c) of this section, a security deposit must be in the amount of $600,000 or 125 percent of the total outstanding accrued self-insured workers' compensation liabilities under the Act, whichever is greater.
3. (c) After an employer has been authorized to self-insure the employer's obligations under the Act for five years or more, an employer may include with the employer's renewal application a request for exemption for some or all of the employer's security requirement. The request for an exemption from posting a security deposit must include a statement of reasons for exemption along with the employer's application for renewal of self-insurance authorization. The board's action on the renewal application will include a determination whether a security deposit is necessary for that particular self-insured employer.

(Eff. 11/20/83, Register 88; am 7/20/97, Register 143; am 6/20/2010, Register 194)

Authority: AS 23.30.005, AS 23.30.090, AS 44.31.020, AS 23.30.075, AS 23.30.155