Money to provide compensation held in trust; conditions when trust money to be deposited in Fund.
1. The chief executive officer of any successor organization to the State Industrial Insurance System shall continue to hold in trust any money paid to the System for the purpose of providing compensation for industrial accidents and occupational diseases and administrative expenses incidental thereto. The successor organization shall use that money only for the purpose for which it was paid.
2. If any successor organization to the State Industrial Insurance System ceases to provide industrial insurance in this state, all money held in trust pursuant to subsection 1 must be delivered to the Commissioner on a date that ensures that all benefits will be paid to qualified claimants under policies of industrial insurance previously issued by the State Industrial Insurance System or the successor organization. The Commissioner shall deposit the money delivered to him pursuant to this subsection in the State Insurance Fund.
Last modified: February 25, 2006