H.B. 268 Summary

• Amends Ohio workers' compensation law regarding self-insuring employers by modifying sections 4123.35, 4123.351, 4123.352, and 4123.82 and creating new section 4123.354.

• Establishes two separate guaranty funds for self-insuring employers: the "self-insuring employers' guaranty fund" under section 4123.351 for employers meeting standard requirements, and a new "self-insuring employers' guaranty B fund" under section 4123.354 for employers who obtained self-insuring status through a waiver of the financial requirements.

• Creates the self-insuring employers' guaranty B fund to provide compensation payments to employees of self-insuring employers who default on their payment obligations.

• Modifies section 4123.352 to reference both new guaranty funds and clarifies that the self-insuring employers evaluation board oversees compliance for both categories of self-insuring employers.

• Amends section 4123.82 to permit self-insuring employers to purchase indemnity insurance contracts with A.M. Best-rated insurers to cover losses exceeding $50,000 from any single event or disaster.