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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 12. Professional Regulations. |
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Part 12.1. Boards and Commissions Subject to Centralized Licensing. |
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Chapter 12.02. General Occupational Licensing Functions. |
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Article 12.02.2. Occupational Licensing Fees. |
Section 12.02.560. Method of adjustment.
Latest version.
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Every five years after the initial procurement of the master errors and omissions insurance policy, the department may adjust the amount of coverage under 12 AAC 02.510(a) and the maximum amount of the premium under 12 AAC 02.550 to reflect the change in the consumer price index for all urban consumers in the Anchorage metropolitan area using the standards set out in this section. The department will not make an adjustment if the department finds the adjustment will significantly reduce the number of insurers willing to bid on a contract to offer the master errors and omissions insurance policy. An adjustment in the limits of liability under 12 AAC 02.510(a) must be an increment of no less than $25,000. An adjustment in the amount of the premium must be in an increment of no less than $25. The department will give notice of the adjustments under this section by posting the amounts on its Internet Website. An adjustment under this section does not take effect until the renewal or the issuance of a new master errors and omissions insurance policy.