This part shall be known and may be cited as the “Workers’ Compensation Insurance Fund Act of 1992.” There shall be established a competitive state workers’ compensation insurance fund to insure employers under this chapter. This fund shall operate as a nonprofit insurance company and is subject to all requirements of law and regulation as […]
As used in this part, unless the context otherwise requires: “Board” means the board of directors of the competitive state compensation insurance fund; “Fund” means the competitive state compensation insurance fund; and “Personal injury” or “injury” has the meaning given to it in § 50-6-102.
The fund shall be created as a nonprofit independent public corporation for the purpose of insuring employers against liability for personal injuries for which their employees may be entitled to benefits under this part. The fund shall be organized as a domestic insurance company.
In the event the commissioner of commerce and insurance elects to make the fund operational pursuant to § 56-5-114, the existing board of directors shall terminate and a new board shall be appointed within sixty (60) days of the election. The board of directors shall initially consist of seven (7) members who are knowledgeable concerning […]
The management and control of the fund is vested solely in the board.
The board is vested with full power, authority, and jurisdiction over the fund. The board may perform all acts necessary or convenient in the exercise of any power, authority, or jurisdiction over the fund, either in the administration of the fund or in connection with the insurance business to be carried on by it under […]
The members of the board and officers or employees of the fund shall not be liable personally, either jointly or severally, for any debt or obligation created or incurred by the fund.
The fund shall insure an employer against any workers’ compensation claim arising primarily out of and in the course and scope of employment as fully as any other insurer.
The fund shall insure an employer against any workers’ compensation claim arising out of and in the course of employment as fully as any other insurer.
For purposes of exercising the specific powers granted in this part and carrying out the other purposes of this part, the fund may: Sue and be sued; Have a seal and alter it at will; Make, amend, and repeal rules relating to the conduct of the business of the fund; Enter into contracts relating to […]
All premiums and other money paid to the fund, all property and securities acquired through the use of money belonging to the fund, and all interest and dividends earned upon money belonging to the fund and deposited or invested by the fund are the sole property of the fund and shall be used exclusively for […]
The fund shall not receive any state appropriation at any time other than as provided by § 50-6-621.
The fund shall not be considered a state agency for any purpose.
Private independent insurance agents licensed to sell workers’ compensation insurance in this state may sell insurance coverage for the fund according to rules adopted by the board. The board shall, by rule, also establish a schedule of commissions that the fund will pay for the services of an agent.
The board shall submit an annual report to the governor and general assembly indicating the business done by the fund the previous year and containing a statement of the resources and liabilities of the fund.
The board shall annually report to the general assembly, governor, and the director of the division of state audit the operations of the fund up to that date. The report shall include, but not be limited to: The volume of premiums insured through the state fund and its share of the state workers’ compensation insurance […]
The state is authorized to issue bonds in accordance with law or appropriate funds in the general appropriations act to the competitive state compensation insurance fund for start-up costs to be repaid pursuant to terms set by authorizing legislation for issuance of the bonds or appropriated funds. The start-up costs may be utilized by the […]
The fund shall begin providing workers’ compensation insurance coverage when the board determines that the fund is able to do so and all requirements under state law have been met. The fund shall not issue insurance policies to employers until the approval of the director of the division of state audit has been obtained.
Before the fund established by this part shall enter into any contract, except for consulting services, or issue any bonds, or incur any liability, the board of directors shall submit organizational and operating plans for the fund to a review committee for approval. The review committee shall consist of the administrator of the workers’ compensation […]
Before the fund established by this part shall enter into any contract, except for consulting services, or issue any bonds, or incur any liability, the board of directors shall submit organizational and operating plans for the fund to a review committee for approval. The review committee shall consist of the commissioners of labor and workforce […]
