What must an employer do to maintain the self-insurance privilege?
A self-insured employer, upon notice from the Commission, must file an application each year to continue the self-insurance privilege, must continue to meet the financial and security requirements as required by law and provide interim financial statements as required by the SIAB. A self-insured employer is required to promptly pay benefits due to injured employees or their dependents; meet all assessment obligations in accordance with the Workers’ Compensation and Occupational Diseases Acts; report compensable injuries, diseases, and deaths to the Commission as required by law; and promptly notify the Commission of any change in financial condition that will impact the company’s ability to self-insure. In addition, a self-insured employer is required to immediately notify the Commission before the contemplation of liquidation, sale, or transfer of ownership is made and make arrangements satisfactory to the Commission for the payment of all existing liabilities. Where can I obtain the
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