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(a) Unless an insurer, directly or through an agent or broker, without a specific request by an applicant, voluntarily offers premiums to be paid in installments not less favorable to an applicant than the minimum standards in 3 AAC 30.130, each insurer if a direct writer, agent, or broker shall provide to each applicant for workers' compensation insurance having an estimated annual premium in excess of $2,000 a clearly worded notice explaining to the applicant that premium may be paid in installments upon request by the applicant. An applicant's rejection of the voluntary offer of installment payments shall be in writing and documented in the insurer's underwriting file.
(b) If an applicant has rejected the voluntary offer of installment payments, an offer to renew the insurance by the insurer must include a written notice explaining to the insured that premium may be paid in installments upon request of the insured. Documentation of the written notice shall be maintained in the insurer's underwriting file.
History: Eff. 12/25/91, Register 120
Authority: AS 21.06.090
AS 23.30.030 (8)
AS 23.30.265 (18)
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Last modified 7/05/2006