W. Va. Code R. § 85-19-10

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 85-19-10 - Converting to Insured Employer Status or Becoming Inactive

On or after July 1, 2004, any active self-insured employer who:

(i) becomes an insured employer or who, either voluntarily or involuntarily, has its self-insured status terminated; and

(ii) did not enter into a voluntary buy out for its liability prior to December 31, 2005, or enter into an agreement for an involuntary buy out, shall maintain surety in an amount sufficient to cover its liabilities during its period of self-insurance consistent with this rule and W. Va. Code St. R. § 85-18-1 et seq.; any such employer shall also be assessed Security Pool and Guaranty Pool assessments for a period of ten (10) years from the termination of self-insured status: Provided, That in these circumstances, Guaranty Pool assessments for each year shall be in the amount of five percent (5%) of the prior year's indemnity payments or five thousand dollars ($5,000.00), whichever is greater; Provided, further, That such assessments are subject to suspension as provided in subsection 9.2. of this rule. This provision is not to be construed as excusing any obligation of a terminated self-insured employer imposed by chapter twenty-three of the West Virginia Code or the rules promulgated thereunder.

W. Va. Code R. § 85-19-10