It is the purpose of this article through the establishment of a guaranty trust fund to provide for the continuation of workers’ compensation benefits due and unpaid, excluding penalties, fines, and attorneys’ fees assessed against a participant, when such participant becomes an insolvent self-insurer. History. Code 1981, § 34-9-380 , enacted by Ga. L. 1990, […]
As used in this article, the term: “Applicant” means an employee entitled to workers’ compensation benefits. “Board” means the State Board of Workers’ Compensation. “Board of trustees” means the board of trustees of the fund. “Company” means a corporation, association, partnership, proprietorship, firm, or other form of business organization. “Fund” means the Self-insurers Guaranty Trust […]
There is established a Self-insurers Guaranty Trust Fund for the sole purpose of making payments in accordance with this article. The fund shall be administered by an administrator appointed by the chairperson of the board of trustees with the approval of the board of trustees. All moneys in the fund shall be held in trust […]
Each member of the board of trustees shall be an employee of a participant. The board of trustees shall consist of a chairperson and six trustees elected by the participants. The board of trustees shall initially be appointed by the Governor not later than August 1, 1990. Three of the initial trustees shall be appointed […]
The board of trustees shall possess all powers necessary and convenient to accomplish the objectives prescribed by this article, including, but not limited to, the following: Not later than 90 days from its appointment, the board of trustees must make and submit to the board for approval such bylaws, rules, regulations, and resolutions as are […]
Any participant who files for relief under the federal Bankruptcy Act or against whom bankruptcy proceedings are filed or for whom a receiver is appointed shall file written notice of such fact with the board and the board of trustees within 30 days of the occurrence of such event. Any individual who files an application […]
The board of trustees shall, commencing January 1, 1991, assess each participant in accordance with paragraph (2) of this subsection. Upon reaching a funded level of $15 million net of all liabilities, all annual assessments against participants who have paid at least three prior assessments shall cease except as specifically provided in paragraph (4) of […]
The board of trustees shall have the right and duty to obtain reimbursement from any participant for payment of compensation obligations in the amount of the participant’s compensation obligations assumed by the board of trustees and paid from the fund by the board of trustees as directed by the board, including, but not limited to, […]
It shall be the duty of the board to report to the board of trustees when the board has reasonable cause to believe that any participant examined or being examined may be in danger of insolvency. The board shall, at the inception of a participant’s self-insured status and at least annually thereafter, so long as […]
The State of Georgia shall not be responsible for any debts incurred as a result of the operation or administration of this fund. History. Code 1981, § 34-9-389 , enacted by Ga. L. 1990, p. 770, § 1; Ga. L. 2010, p. 126, § 4/HB 1101.
