SPAR Financial Responsibility Amendments Chapters 75 Frequently Asked Questions
Questions from the public have been gathered along with the department’s responses. Substantially similar questions have been aggregated.
Click/tap the question below to see the answer:
- Why are the financial responsibility amounts being changed?
- AS 46.04.045, enacted in 1990, requires the dollar amount be reviewed and adjusted on a three-year cycle. Note that the scheduled 2020 update was delayed until 2021.
- How are the dollar amounts calculated?
- The dollar amounts required by AS 46.04.040 and AS 46.04.055 are adjusted based on the percentage change in the Urban Alaska Consumer Price Index (CPI). The CPI has increased by 14.0% since dollar amounts were last updated in 2021.