It is the intent of the General Assembly to provide an alternative mechanism through which bona fide members of trade associations and professional associations as well as groups of municipalities, counties, school boards, and hospital authorities may extend workers’ compensation benefits to their employees through group self-insurance programs. This alternative is authorized to enable the […]
As used in this article, the term: “Administrator” means any individual, partnership, or corporation, except a sponsoring association or associations, designated and authorized by the board of the fund to carry out the day-to-day operations of the fund, including, but not limited to, the processing and payment of claims. “Basic rate” means the annual premium […]
Any group or groups of employers who are engaged in similar business activities may establish a fund or funds provided that: Such fund or funds shall comply with the provisions of this article; Separate classes, as described in Code Section 34-9-152, may not be commingled in any fund; and Such fund or funds shall be […]
At least 30 days prior to executing the initial intrastate agreement required by this article, any group authorized to form a fund under this article shall file with the Commissioner an intent to form a fund on such form as prescribed by the Commissioner. Such form shall include: The name of the group forming the […]
Any group of municipalities, counties, school boards, or hospital authorities or any trade association or professional association or any other group authorized by this article may enter into an intrastate agreement for the purpose of extending workers’ compensation benefits to employees of its members. Once a fund is established pursuant to the intrastate agreement, an […]
The Commissioner shall examine the application made under Code Section 34-9-152 to determine whether the fund will be able to comply with the laws of this state and whether membership in the fund will enable the members of the fund to meet their liability for workers’ compensation benefits under this chapter. If the Commissioner finds […]
The participation by a member in a fund created pursuant to this article shall enable it to comply with its duty as an employer to assure payment of workers’ compensation in accordance with this chapter. History. Code 1933, § 114-605a, enacted by Ga. L. 1980, p. 1686, § 1; Ga. L. 1981, p. 1759, § […]
Any other provision of law to the contrary notwithstanding, no person other than a trustee, officer, or administrator of the fund shall solicit membership or participation in any fund unless such person: Has a valid agent’s license for property and casualty insurance or a counselor’s license issued pursuant to Article 1 of Chapter 23 of […]
A member may elect to terminate voluntarily its participation in a fund by giving at least 90 days’ advance written notice to the fund and to the Commissioner, unless the fund elects to meet the requirements of subsection (e) of this Code section. Such voluntary termination shall be approved by the Commissioner, or the fund, […]
Each fund created pursuant to this article shall be operated by a board of trustees chosen by the mutual agreement of the participating members of such fund in accordance with this article and with the bylaws of the fund. The appointment of any trustee shall be subject to the approval of the Commissioner. History. Code […]
The board of the fund shall have the following specific powers, together with such other powers granted elsewhere in this article as may be necessary or incidental to effectuate the purposes of this article: To invest and reinvest funds held by it in accordance with Code Section 34-9-163; To collect and disburse all money due […]
On or before March 1 in each year after it shall have commenced to do business pursuant to a certificate of authority, every fund shall make and file with the Commissioner a report of its affairs and operations during the last preceding calendar year. This annual report shall be made in such form and shall […]
In determining the financial condition and solvency of a fund and the financial capacity of a fund to pay workers’ compensation obligations promptly and otherwise to meet its obligations under this chapter, the Commissioner shall take into consideration the following: The security deposit required by Code Section 34-9-161; The surplus required by Code Section 34-9-162; […]
Each fund shall maintain a deposit consisting of securities eligible for deposit by domestic insurance companies in accordance with Chapter 12 of Title 33 in the amount of $200,000.00, which amount equates to the deposits required of a domestic insurance company pursuant to Code Section 33-3-8. A fund may post a surety bond or bonds […]
A fund formed pursuant to this article shall possess and thereafter maintain a minimum surplus of not less than $200,000.00. Any fund established prior to July 1, 1995, which has satisfied the surplus requirement of this Code section by utilization of a surety bond shall replace such bond with cash or cash equivalent within 60 […]
Except as otherwise specifically provided for in this article, the investable assets of a fund shall be invested only in securities or other investments permitted by the laws of this state for the investment of assets constituting the legal reserves of property and casualty insurance companies or in such other securities or investments as the […]
Each member shall pay into the fund its share of the fund’s projected obligation for workers’ compensation liability, administrative expenses, and other costs incurred by the fund as may be determined by the board of the fund or by the fund’s administrator and approved by the board of the fund, all in accordance with this […]
If a fund contracts with an administrator which is not an employee of the fund, the fund and the administrator must enter into a written agreement which shall be subject to review and approval by the Commissioner in accordance with this Code section. The agreement shall set forth the following: The powers of the administrator; […]
Any trustee, officer, or administrator of a fund who receives, collects, disburses, or invests moneys in connection with the activities of the fund shall be responsible for such moneys in a fiduciary capacity. History. Code 1933, § 114-623a, enacted by Ga. L. 1980, p. 1686, § 1; Ga. L. 1981, p. 1759, § 1.
The Commissioner shall require each administrator to have and maintain a fidelity bond pursuant to Code Section 33-23-102. Errors and omissions coverage or other appropriate liability insurance in an amount which is not less than that specified by the rules and regulations of the Commissioner shall be maintained at all times by an administrator of […]
