(a) (1) (A) The Workers' Compensation Commission is hereby authorized to recognize two separate entities formed under the Arkansas Nonprofit Corporation Act, §§ 4-28-201 -- 4-28-206 and §§ 4-28-209 -- 4-28-223, to function as guaranty funds for Arkansas workers' compensation self-insurers in the private sector.
(B) One (1) guaranty fund will be established for individual self-insurers and homogeneous self-insurer groups, as defined in § 11-9-404(a)(3)(A).
(C) A separate guaranty fund will be established for common self-insurer groups, as defined in § 11-9-404(a)(3)(B).
(2) The two (2) funds shall be created, funded, and administered completely independently from each other.
(3) The assets of the two (2) funds shall remain separate for all purposes and cannot be combined, and the assets of one (1) fund shall not be utilized to satisfy the obligations of the other fund.
(b) Public sector self-insurers are specifically exempted from the provisions of this subchapter.
(c) As used in this subchapter, "public sector self-insurer" means a group of municipalities, a city, a county, or the state entity which directly exercises control over an employee and which pays the employee's salary.
Section: 11-9-902 11-9-903 11-9-904 11-9-905 11-9-906 11-9-907 11-9-908 11-9-909 11-9-910 11-9-911 NextLast modified: November 15, 2016