Minnesota Legislature
HF 1433
as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:50am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 03/09/2009 |
Current Version - as introduced
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A bill for an act
relating to insurance; regulating workers' compensation self-insurance group
security requirements; providing exceptions; amending Minnesota Statutes 2008,
sections 79A.04, subdivision 1, by adding a subdivision; 79A.24, subdivision 1,
by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2008, section 79A.04, subdivision 1, is amended to read:
Subdivision 1.
Annual securing of liability.
Each year every private self-insuring
employer shall secure incurred liabilities for the payment of compensation and the
performance of its obligations and the obligations of all self-insuring employers imposed
under chapter 176 by renewing the prior year's security deposit or by making a new
deposit of security. If a new deposit is made, it must be posted deleted text begin within 60 days of the filing
of the self-insured employer's annual report with the commissioner, but in no event later
than July 1deleted text end new text begin in the following manner: within 60 days of the filing of the annual report, the
security posting for all prior years plus one-third of the posting for the current year; by
September 30, one-third of the posting for the current year; by December 31, one-third of
the posting for the current yearnew text end .
Sec. 2.
Minnesota Statutes 2008, section 79A.04, is amended by adding a subdivision
to read:
new text begin Subd. 2a. new text end
new text begin Exceptions. new text end
new text begin
Notwithstanding the requirements of subdivisions 1
and 2, the commissioner may, until the next annual securing of liability, adjust this
required security deposit for the portion attributable to the current year only, if in the
commissioner's judgment, the self-insurer will be able to meet its obligations under this
chapter until the next annual securing of liability.
new text end
Sec. 3.
Minnesota Statutes 2008, section 79A.24, subdivision 1, is amended to read:
Subdivision 1.
Annual securing of liability.
Each year every commercial
self-insurance group shall secure its estimated future liability for the payment of
compensation and the performance of the obligations of its membership imposed under
chapter 176. A new deposit must be posted deleted text begin within 30 days of the filing of the commercial
self-insurance group's annual actuarial report with the commissionerdeleted text end new text begin in the following
manner: within 30 days of the filing of the annual report, the security posting for all prior
years plus one-third of the posting for the current year; by September 30, one-third of the
posting for the current year; by December 31, one-third of the posting for the current yearnew text end .
Sec. 4.
Minnesota Statutes 2008, section 79A.24, is amended by adding a subdivision
to read:
new text begin Subd. 2a. new text end
new text begin Exceptions. new text end
new text begin
Notwithstanding the requirements of subdivisions 1
and 2, the commissioner may, until the next annual securing of liability, adjust this
required security deposit for the portion attributable to the current year only, if in the
commissioner's judgment, the self-insurer will be able to meet its obligations under this
chapter until the next annual securing of liability.
new text end
Sec. 5. new text begin EFFECTIVE DATE.
new text end
new text begin
Sections 1 to 4 are effective the day following final enactment.
new text end