§ 85A-97. Self-insurance Guaranty Fund.

The Self-insurance Guaranty Fund shall be for the purpose of continuation of workers' compensation benefits due and unpaid or interrupted due to the inability of a self-insurer to meet its compensation obligations because its financial resources, security deposit, guaranty agreements, surety agreements and excess insurance are either inadequate or not immediately accessible for the payment of benefits.  Monies in the fund, including interest, are not subject to appropriation and shall be expended to compensate employees for eligible benefits for a compensable injury under this act, pay outstanding workers' compensation obligations of the impaired self-insurer, and for all claims for related administrative fees, operating costs of the Self-insurance Guaranty Fund Board, attorney fees, and other costs reasonably incurred by the Board in the performance of its duties.  Expenditures from the fund shall be made on warrants issued by the State Treasurer against claims as prescribed by law.  The fund shall be subject to audit in the same manner as state funds and accounts, the cost for which shall be paid for from the fund.  The Self-insurance Guaranty Fund Board shall be responsible for all liabilities and obligations of the entities that ceased existence.

Added by Laws 2013, c. 208, § 97, eff. Feb. 1, 2014.