Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 2 - Division of Insurance
Chapter 30 - Workers' Compensation
Article 2 - Premium Installment Payments
3 AAC 30.130 - Minimum standards

Universal Citation: 3 AK Admin Code 30.130

Current through February 24, 2025

Calculated in accordance with AS 23.30.030(8), an installment payment plan must offer terms at least as favorable to the insured as a deposit premium, due at the inception of coverage, of

(1) 50 percent of the estimated annual premium, and one installment for the balance of the estimated premium, which is due

(A) 90 days after inception of coverage if the estimated earned premium based on estimated payroll for the first three-month period of the policy is 30 percent or less of the estimated annual premium;

(B) 60 days after inception of coverage if the estimated earned premium based on estimated payroll for the first three-month period of the policy is more than 30 percent but less than 40 percent of the estimated annual premium; or

(C) 30 days after inception of coverage if the estimated earned premium based on estimated payroll for the first three-month period of the policy is 40 percent or more of the estimated annual premium;

(2) 30 percent of the estimated annual premium, and installments calculated using the insured's monthly report of actual payroll to the insurer; or

(3) more than 50 percent of the estimated annual premium, and installments, calculated on the insured's monthly report of actual payroll to the insurer, if the installment payment plan options in (1) or (2) of this section would create an unacceptable credit exposure to the insurer; under this paragraph, the insurer must document its evaluation of the insured's creditworthiness, in writing, in the insurer's underwriting file at the time of each offering and renewal.

Authority:AS 21.06.090

AS 21.39.130

AS 23.39.030

Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.