The Self-insurance Guaranty Fund shall be derived from the following sources: 1. Any unexpended funds, including interest thereon, held by the State Treasurer in the Workers' Compensation Self-insurance Guaranty Fund transferred to the Self-insurance Guaranty Fund as provided in Section 124 of this title; 2. In the event the net fund balance falls below Seven Hundred Fifty Thousand Dollars ($750,000.00), the Workers' Compensation Commission shall make an assessment against each private self- insurer and group self-insurance association based on an assessment rate to be determined by the commissioners, not exceeding two percent (2%) per annum of actual paid losses of the self-insurer during the preceding calendar year, payable to the Tax Commission for deposit to the fund. The assessment against private self- insurers shall be determined using a rate equal to the proportion that the deficiency in the fund attributable to private self- insurers bears to the actual paid losses of all private self- insurers for the year period of January 1 through December 31 preceding the assessment. The assessment against group self- insurance associations shall be determined using a rate equal to the proportion that the deficiency in excess of the surplus of the Group Self-Insurance Association Guaranty Fund at the date of the transfer attributable to group self-insurance associations bears to the actual paid losses of all group self-insurance associations cumulatively for any calendar year preceding the assessment. Each self-insurer shall provide the Workers' Compensation Commission with such information as the Commission may determine is necessary to effectuate the purposes of this paragraph. For purposes of this paragraph, "actual paid losses" means all medical and indemnity payments, including temporary disability, permanent disability, and death benefits, and excluding loss adjustment expenses and reserves. a. The assessment shall be paid within thirty (30) calendar days after the date the commissioners notify the self-insurer of the assessment. b. A private employer or group self-insurance association which ceases to be a self-insurer shall remain liable for any and all assessments of the self-insurer as provided in this paragraph based on actual paid losses for the calendar year period preceding the assessment. c. Failure of a self-insurer to pay, or timely pay, an assessment required by this paragraph, or to report payment of the same to the Commission within ten (10) days of payment, shall be grounds for revocation by the Commission of the self-insurer's permit to self- insure in this state, after notice and hearing. A former self-insurer failing to make payments required by this paragraph promptly and correctly, or failing to report payment of the same to the Commission within ten (10) days of payment, shall be subject to administrative penalties as allowed by law, including but not limited to, a fine in the amount of Five Hundred Dollars ($500.00) or an amount equal to one percent (1%) of the unpaid amount, whichever is greater, to be paid and deposited to the credit of the Workers' Compensation Commission Revolving Fund created in Section 28.1 of this title. It shall be the duty of the Tax Commission to collect the assessment provided for in this paragraph. The Tax Commission is authorized to bring an action for recovery of any delinquent or unpaid assessments, and may enforce payment of the assessment by proceeding in accordance with Section 79 of this title. d. An impaired self-insurer shall be exempt from assessments beginning on the date of the Commission's designation until the Commission determines the self- insurer is no longer impaired; 3. Any interest accruing on monies paid into the fund; and 4. Monies transferred pursuant to Section 99 of this title. Added by Laws 2013, c. 208, § 98, eff. Feb. 1, 2014. Amended by Laws 2014, c. 169, § 4, emerg. eff. April 25, 2014; Laws 2018, c. 182, § 2, eff. Nov. 1, 2018; Laws 2019, c. 164, § 1, eff. Nov. 1, 2019; Laws 2021, c. 278, § 1, eff. July 1, 2021.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.