A. Upon the default of any self-insured employer, the assistant secretary shall deposit the proceeds from the security or the bond into an interest-bearing account. The interest derived therefrom shall be used to offset the administration of claims. The office may thereafter contract for the administration of claims from the account. B. The assistant secretary shall immediately proceed to take such steps as are necessary to administer the claims for benefits owed under this Chapter. C. The assistant secretary , in addition to other powers, shall have the following powers: (1) To audit the books and records of the employer insofar as those records are necessary to administer the claims for benefits owed under this Chapter. (2) To enter into such agreements or contracts as are necessary to carry out the full or partial plan for distribution. (3) To enter into such agreements or contracts as are necessary to carry out the administration of claims.
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