Section 18 AAC 75.270 - Other proof of financial responsibility for tank vessels, oil barges, oil terminal facilities, oil exploration or production facilities, pipelines, and railroad tank cars(a) This section applies to other proof of financial responsibility for tank vessels, oil barges, oil terminal facilities, oil exploration or production facilities, pipelines, and railroad tank cars. An applicant may demonstrate financial responsibility for the applicable amount required under 18 AAC 75.235(a)(1) - (4) or (7) - (14), in full or in part, with a contract of indemnity or with insurance issued by a group of insureds who have agreed to cover the pollution risks of the group's members, if approved by the department.(b) Subject to AS 46.04.040(e), the department will, in its discretion, approve a protection and indemnity (P&I) club or an insurance syndicate contract of indemnification as demonstrating financial responsibility under this section if (1) a statement of indemnification issued by the P&I club or insurance syndicate contains an endorsement that meets the requirements of 18 AAC 75.250(b);(2) the P&I club or insurance syndicate has the financial solvency and a favorable history of claim handling to meet the obligations contained in the contract of indemnity; and(3) the P&I club or insurance syndicate appoints an agent for service of process in the state as required under AS 46.04.040(e).(c) The department may approve a P&I club or insurance syndicate that does not agree to be subject to direct court action in this state or that does not agree to appoint an agent for service of process in this state if the requirements of AS 46.04.040(7) are met with respect to the amount of $111,450.000 or the amount required by 18 AAC 75.235(a), whichever is less.Eff. 5/14/92, Register 122; am 11/26/94, Register 132; am 10/1/99, Register 151; am 10/28/2000, Register 156; am 10/27/2002, Register 164; am 10/16/2005, Register 176; am 8/31/2008, Register 187; am 10/1/2011, Register 199; am 10/1/2014, Register 211, October 2014; am 10/1/2017, Register 223, October 2017; am 6/24/2021, Register 238, July 2021; am 10/1/2023, Register 247, October 2023Authority:AS 46.03.020
AS 46.04.040
AS 46.04.045
AS 46.04.070