Current through Register Vol. 48, No. 3, March 22, 2024
A. The Commission
may amend the self-insurance program when analysis of the program shows a
significant change in the number of employees in the state, the financial
condition, losses, the excess insurance program, management of funds, or in
material conditions of the self-insured program.
(1) The self-insurer is notified in writing
of the Commission's proposed amendment.
(2) If the self-insurer does not comply
within a time period determined by the Self-Insurance Division, but not less
than thirty days, the Self-Insurance Division may institute revocation
proceedings according to R.67-1513.
B. The self-insurer shall report any proposed
changes to its self-insurance program to the Self-Insurance Division.
(1) A change includes, but is not limited to,
altering an endorsement or amending an excess insurance policy, any change to
retention or limits of an excess insurance policy, any change in the carrier of
a surety bond, pledged securities, or letter of credit, any change regarding a
letter of credit, replacement of matured securities, or changes in the by-laws
of a fund.
(2) The Self-Insurance
Division may administratively approve a proposed change determined not a
material or substantial change to the program.
(3) If a change in a self-insurance program
is determined to affect the self-insurance program materially, the
Self-Insurance Division may request the self-insurer to comply with the program
as approved. The self-insured may request the Commission's approval of a change
in the program by writing the Self-Insurance Division.
(4) If the self-insurer refuses or neglects
to continue a self-insurance program according to the terms approved by the
Commission, the Self-Insurance Division may institute revocation proceedings
according to R.67-1513.
C. The self-insurer shall report a renewal of
existing excess insurance policies to the Self-Insurance Division. When the
renewal is with the same carrier, the self-insurer may report the change by
filing an acceptable certificate of insurance. When the self-insurer changes
carriers, the self-insurer shall file a copy of the policy as required in
R.67-1503B(1).
