When must a self insurer provide funding for a permanent total disability (pension) or fatality claim?
Within sixty days of receipt of the department’s order, the self insurer must fund the pension or fatality claim. (2) What types of funding may a self insurer use for a pension or fatality claim? A self insurer may fund a pension or fatality claim with cash, a bond on L&I form F207-065-000, annuity on L&I form F207-129-000 or assignment of account on L&I form F207-058-000. If the pension benefit level increases, the self insurer must increase the surety level or provide additional surety to cover the deficiencies. (3) What is an annuity? An annuity is a contract with an insurance company where the insurance company agrees to pay to the department a specific amount covering the lifetime of a claimant. (4) What is an assignment of account? A self insurance assignment of account/certificate of deposit is a legal instrument executed by the self insurer and an approved commercial banking institution in Washington. The assignment of account must: (a) Identify an existing account on deposit w
