What does “employee stock ownership plan” (ESOP) mean when applying for certification to self insure workers compensation benefits?
When applying for certification to self insure workers’ compensation benefits, an “employee stock ownership plan” (ESOP) means the employees of a self insured firm have purchased majority controlling financial interest in the firm. The new ESOP will be required to return to the state fund for workers’ compensation coverage, and after one year in the state fund, the ESOP may apply to become self insured. (2) What minimum requirements must an ESOP meet to apply for self insurance certification? The department will consider an ESOP’s application for self insurance certification if it: (a) Meets the department’s net worth requirement; (b) Has been in business for one year; and (c) Has acceptable accident prevention programs in place for at least six months in Washington locations. (3) How does an ESOP apply? The ESOP must submit Self Insurance Application SIF-1 L&I form F207-001-000 with the most recent year’s financial statement audited by a certified independent public accountant. (4) Wh
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