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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.
History: Eff. 12/25/91, Register 120; am 5/8/92, Register 122
Authority: AS 21.06.090
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Last modified 7/05/2006