still have to provide collateral the conventional way, by buying an LOC or posting cash.
The 2-percent assessment on each individual self-insurer
and on each group self-insurer
is to be collected until the sum of $2 million is accumulated by the individual association and the sum of $1 million is accumulated by the group association, at which time assessments will be suspended.
The board has been sending quarterly assessments to the involved self-insurers
, and as of midsummer, 13 out of the 58 group self-insurers
refused to pay the assessments.
The Workers' Compensation Commission will, upon the request of the Self-Insurer
Guaranty Association or of any other party or without any request on its own motion, enter an appropriate order finding a member self-insurer
to be in default and will determine the date of such default.
If you are a self-insurer
, make sure your excess carrier is solid.
In fact, only one self-insurer
has been terminated from the program in the last three years, McClain said.
Probably the best explanation for the government's unwillingness to grant self-insurers
tax advantages similar to those of traditional insurers is the concern that self-insurance transactions are less likely to be allocatively efficient because they are not subject to the economic forces of the insurance marketplace.
The Corporation will pay claims of injured employees if the self-insurer
becomes bankrupt or is unable to pay claims.
Though the bill targets those doctors and lawyers who directly or indirectly encourage fraud, it also requires that insurers, self-insurers
and third-party administrators report suspected fraudulent acts to the Bureau of Fraudulent Claims or to the local district attorney within 30 days of knowledge.
Upon proper notification to the Workers' Compensation Commission, the State is authorized to become a self-insurer
for legal WGA benefits and intends to transfer to a private insurer~s financial risk and examines them through this European tender which this insurance the best qualify.
Employers unable to purchase insurance from either a state fund or private insurer, or to qualify as a self-insurer
, must be able to obtain coverage in order to legally operate their business.