Current through Register Vol. XLI, No. 50, December 13, 2024
Section 85-18-4 - Self Insurance Status4.1. Self insurance status. An employer may become self-insured if the Commissioner, with the approval of the Industrial Council, determines the employer meets the financial responsibility and procedural requirements set forth in W. Va. Code § 23-2-9, and in this rule.4.2. An employer owned by another business may have its self-insured workers' compensation risks guaranteed by a parent, if the relationship between the employer and parent is adequately documented, as determined by the Commissioner, and if the parent can satisfy the financial responsibility requirements set forth in W. Va. Code § 23-2-9 and this rule4.3. Any employer granted the privilege of self-insured status shall give security or bond in the form, of the type, and in the amount required by the Commissioner, with the approval of the Industrial Council, pursuant to W. Va. Code § 23-2-9 and this rule. Additionally, any employer granted the privilege of self-insured status shall abide by the requirements for maintaining, modifying, or terminating the self-insured status, as set forth in W. Va. Code § 23-2-9 and this rule.