Substitute system of insurance
Sec. 4. (a) Subject to the approval of the worker's compensation
board, any employer may enter into or continue any agreement with
the employer's employees to provide a system of compensation,
benefit, or insurance in lieu of the compensation and insurance
provided by IC 22-3-2 through IC 22-3-6. No such substitute system
shall be approved unless it confers benefits upon injured employees
and their dependents at least equivalent to the benefits provided by
IC 22-3-2 through IC 22-3-6, nor if it requires contributions from the
employees unless it confers benefits in addition to those provided
under IC 22-3-2 through IC 22-3-6 at least commensurate with such
contributions.
(b) Such substitute system may be terminated by the worker's
compensation board on reasonable notice and hearing to the
interested parties if it appears that the same is not fairly
administered, its operation discloses latent defects threatening its
solvency, or if for any substantial reason it fails to accomplish the
purpose of IC 22-3-2 through IC 22-3-6. In this case the board shall
determine upon the proper distribution of all remaining assets, if any,
subject to the right of any party in interest to take an appeal to the
court of appeals.
(Formerly: Acts 1929, c.172, s.71.) As amended by P.L.144-1986,
SEC.52; P.L.28-1988, SEC.45.
Last modified: May 27, 2006