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Susan R. Daniels
Fund Administrator
| Assessment History |
Assessments Authorized for 2007: |
Not available at this time. |
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Summary of Claims - Third Quarter 2007 (9/30/07) |
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Plan of Operations (2006 Revision) |
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ACCOUNTS |
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Auto |
Workers' Comp |
Other |
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Lines Covered |
19.1, 19.2, 19.3, 19.4, 21.1, 21.2 |
16 and some 33 |
1, 2.1, 2.2, 3, 4, 5.1, 5.2, 8, 9, 11, 12, 17.1, 17.2, 18.1,
18.2, 22, 26, 27, 30, 31, and 32 |
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2006
Net Assessable Premium |
$ 473,695,280 |
$ 341,706,014 |
$ 591,702,928 |
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Maximum Assessment (4%) |
$ 18,947,811.20 |
$ 13,668,240.56 |
$ 23,668,117.12 |
Assessment Recoupment Provision -
Policyholder Surcharge
Assessment Procedures -
Act amended June 16, 2004.
Three statutory accounts are Workers Compensation, Auto, Other. Allows
for maximum initial assessment per account of 4%. If the maximum
assessment of 4% is insufficient, then a spillover provision is allowed
to assess other accounts up to a maximum of 2%. The Board of Governors
determines the assessment amount needed to cover expenses for the
following 12 months.
The Act calls for an INITIAL assessment by statutory account based on
the net direct written premium “for the last year for which annual
statements have been filed on the kinds of insurance in the account.”
The initial assessment “shall be adjusted by applying the same uniform
percentage as initially used…for the calendar year following the year in
which the initial assessment was issued.” (AS 21.80.060 (a)(3)(A))
“The rates and premiums charged for insurance policies to which this
chapter applies may include surcharge rates sufficient to offset the
adjusted assessments…” “The amount charged on a policy shall be shown
separate from the premium for coverage on the policy.” (AS 21.80.140)
Board meetings are usually held on the last Friday of June to consider
financial needs. However, assessments are generally scheduled for
November unless needed earlier in the year.
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