Section 12.02.530. Standards for equivalent coverage.

An insurer issuing equivalent coverage under AS 08.88.172(c)(2) shall hold a certificate of authority issued under AS 21.09. All activities contemplated under AS 08.88.172 must be covered. The insurance must meet the minimum coverage standards of 12 AAC 02.510, except that   
		(1) a policy with a higher deductible amount or self-insured retention will qualify as equivalent coverage for purposes of AS 08.88.172(c)(2) if the insured licensee provides the Alaska Real Estate Commission with an affidavit certifying that the insured licensee has the financial resources to pay the higher deductible amount or self-insured retention; and  
		(2) a broker employing other real estate licensees may comply with the requirements of 12 AAC 02.510(a)(1) and (2) by obtaining insurance with coverage of a minimum of $200,000 per wrongful act and $1,000,000 aggregate, if all licensees associated with the broker are covered  

Authorities

08.88.172

Notes

Authority

AS 08.88.172

History

Eff. 12/4/2011, Register 200