3 AAC 53.310 - Approval of administrator; withdrawal of approval; bonding

(a) To serve as an administrator of the AUSF, the applicant must be approved by the commission. The commission will approve the selection of an administrator of the AUSF, if the applicant meets the requirements of this section.

(b) To be approved under this section, an applicant for the administrator must

(1) be able to operate the AUSF in a neutral and impartial manner;

(2) have the skills to bill, collect, and distribute large financial sums on a monthly basis; and

(3) provide documentation of the ability to obtain and maintain a bond in the amount ordered by the commission in an amount equal to three months of estimated payments into the AUSF.

(c) If more than one applicant applies under (a) of this section, the commission will, in its discretion, approve the applicant who meets the qualifications of (b) of this section and is best able to administer the AUSF.

(d) The commission will, in its discretion, withdraw its approval of the administrator if good cause is shown or the commission determines that the approval is no longer in the best interests of the AUSF.

(e) If approved, the administrator must immediately provide to the commission documentation of obtaining the bond described in (b) of this section. The administrator must immediately notify the commission if the bond is no longer

(1) sufficient to meet the requirements of this section; or

(2) effective.

Notes

3 AAC 53.310

Eff. 1/10/99, Register 149; am 7/1/2023, Register 247, October 2023 (EMERGENCY); am 7/1/2023, Register 247, October 2023

Authority:AS 42.05.141

AS 42.05.145

AS 42.05.151

AS 42.05.431

AS 42.05.711

AS 42.05.800

AS 42.05.840