Washington Administrative Code
Title 296 - Labor and Industries, Department of
Chapter 296-15 - Workers' compensation self-insurance rules and regulations
Section 296-15-123 - Monitoring certification
Universal Citation: WA Admin Code 296-15-123
Current through Register Vol. 24-06, March 15, 2024
(1) To maintain certification, a self-insured employer must remain in good standing with department reporting requirements and payment of assessments, and continue to demonstrate they have the ability to promptly provide benefits to its injured workers based on an analysis of the audited financial statements and related information for that employer.
(2) Credit rating evaluation for financial monitoring.
(a) Credit rating equal to or
below B+/B1: Self-insurer must increase their surety by ten percent of
estimated claim liabilities.
(b)
Credit rating equal to or below CCC+/Caa1: Selfinsurer must increase their
surety by twenty-five percent of estimated claim liabilities.
(c) Credit rating equal to or below
CCC-/Caa3: Selfinsurer will be placed on corrective action for one year. If no
improvement in credit rating, then certification may be withdrawn.
(d) To assess an employer's ability to
promptly provide any and all required benefits to its injured workers, the
department will utilize these and other financial information. The department
may also utilize industry standards and other relevant information in its
analysis.
(e) In addition to the
actions and other relevant information utilized in (a) through (d) of this
subsection, the department, with the director's discretion, may consider
general economic conditions to evaluate whether a self-insurer's certification
may be maintained or withdrawn.
Statutory Authority: RCW 51.04.020, 51.14.020, 51.32.190, 51.14.090, and 51.14.095. 06-07-141, § 296-15-123, filed 3/21/06, effective 5/1/06.
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