97-165. Definitions. As used in this Article: (1) "Act" means the Workers’ Compensation Act established in Article 1 of this Chapter. (1a) "Affiliate of" or "person affiliated with" a specific person means a person that indirectly through one or more intermediaries or directly controls, is controlled by, or is under common control with the person […]
97-170. License applications; required information. (a) No employer shall self-insure its workers’ compensation liabilities under the Act unless it is licensed by the Commissioner under this Article. This subsection does not apply to an employer authorized to self-insure its workers’ compensation liabilities under the Act prior to December 1, 1997, whose authority to self-insure its […]
97-175. License. (a) After the review of the application and all supporting materials, the Commissioner shall either grant or deny a license. If a license is denied, the Commissioner shall notify the applicant of the denial and inform the applicant of the deficiencies that constitute the basis for denial. (b) If the deficiencies are resolved […]
97-177. License covering applicant and any subsidiary or applicant relying on a guarantor; procedure; requirements. (a) The Commissioner may, in the Commissioner’s discretion, upon request by an applicant, issue a license to an applicant or to an applicant and one or more of its subsidiaries if all of the following requirements are satisfied: (1) The […]
97-180. Reporting and records. (a) Every self-insurer shall submit, within 120 days after the end of its fiscal year, a certified audited financial statement, prepared by a CPA or submitted by a foreign registered public accounting firm, for that fiscal year. The financial statement presentation shall facilitate the application of ratio and trend analysis. If […]
97-185. Deposits; surety bonds; letters of credit. (a) Repealed by Session Laws 2005-400, s. 13, effective January 1, 2006. (a1) All individual self-insurers as defined in G.S. 97-130(5b) shall participate in the Association Aggregate Security System established under G.S. 97-131 unless excluded by the Board of Directors of the North Carolina Self-Insurance Security Association. The […]
97-190. Excess insurance. (a) Every self-insurer, as a prerequisite for licensure under this Article, shall maintain specific and aggregate excess loss coverage through an insurance policy. A self-insurer shall maintain limits and retentions commensurate with its risk. A self-insurer’s retention shall be the lowest retention suitable for the self-insurer’s exposures and level of annual premium. […]
97-195. Revocation, suspension or restriction of license. (a) Repealed by Session Laws 2005-400, s. 15, effective January 1, 2006. (a1) The Commissioner may, upon at least 45 days notice and opportunity for a hearing, revoke, suspend, or restrict the license of a self-insurer if any of the following apply: (1) The self-insurer fails or refuses […]
97-196. Civil penalties or restitution for violations; administrative procedure. (a) Whenever the Commissioner has reason to believe that a self-insurer has violated any of the provisions of this Article, and the violation subjects the license of the self-insurer to suspension or revocation, the Commissioner may, after notice and opportunity for a hearing, proceed under the […]
97-200. Claims administration. (a) A self-insurer shall not utilize any claims adjuster unless the adjuster is licensed under G.S. 58-33-26. (b) Every self-insurer shall comply with the provisions of Article 47 of Chapter 58 of the General Statutes that are related to claims administration. (1997-362, s. 4; 2015-264, s. 53.)
