(a) The board may revoke a certificate of self-insurance based on
- (1) failure to comply with the Act or regulations adopted under the Act;
- (2) failure to comply with any legal order of the board;
- (3) deterioration of financial condition adversely and materially affecting the self-insurer's ability to pay the self-insurer's obligations under the Act; or
- (4) a change in business identity or structure which materially alters the status of the self-insurer as the self-insurer existed when the certificate was issued.
(b) If replacement coverage has not been obtained, the board will deny a renewal application or revoke a certificate of self-insurance if
- (1) an excess insurance policy is cancelled or expires; or
- (2) a security deposit's current market value drops below the value required by the board.
(Eff. 11/20/83, Register 88; am 6/20/2010, Register 194)
Authority: AS 23.30.005, AS 23.30.075, AS 23.30.090, AS 44.31.020