SB 1532 Summary

• Transfers certain duties regarding impaired self-insurers and security administration from the Workers' Compensation Commission to the Self-insurance Guaranty Fund Board.

• Increases the maximum assessment rate on private self-insurers and group self-insurance associations from 1% to 2% per annum of actual paid losses to fund the Self-insurance Guaranty Fund.

• Lowers the minimum fund balance threshold from $1,000,000 to $750,000 that triggers assessments when the fund falls below the target level of $2,000,000.

• Removes the requirement for the Commission to adopt rules under the Insurance Department regarding financial ability standards for self-insuring employers.

• Updates statutory references to the "Administrative Workers' Compensation Act" and clarifies that the Self-insurance Guaranty Fund Board becomes fiduciary of segregated accounts for administering obligations of impaired self-insurers.