(a) There is established within the Second Injury Fund an account to be known as the finance account. The account shall be administered by the State Treasurer as a trust fund in, and accounted for as an account within, the Second Injury Fund. The State Treasurer may enter into contracts that may be useful to the organization, establishment, operation and administration of the account. The finance account shall be funded, first, with state revenue bond proceeds and interest income or income earned on investment of moneys for disbursement purposes and, second, from the special assessment premium surcharges for payment of debt service and reserve requirements. All costs of organizing, establishing and operating the account, including the costs of personnel and contractual services and establishing billing and collection procedures, shall be a charge upon and paid by the State Treasurer from the account unless the State Treasurer otherwise determines to pay such costs from the operating account.
(b) There is established within the finance account (1) a single cost of issuance and finance administration subaccount, (2) a bond proceeds subaccount, and (3) a debt service and reserve subaccount, which subaccounts shall be held separate and apart from each other. Additional subaccounts may be established by the State Treasurer as he deems necessary.
(c) There shall be deposited in the bond proceeds subaccount proceeds of revenue bonds issued in accordance with section 8 of public act 96-242* for application, in accordance with the bond authorization documentation for one or more of the following purposes: (1) To pay in full the settlement of certain claims, including any interest due thereon; (2) to provide cash advances for payment of other claims pending receipt of anticipated current year assessments therefor; and (3) to provide for cost of issuance, capitalized interest, if necessary, reinsurance premiums, if any, and other cash flow requirements.
(d) There shall be deposited in the debt service and reserve subaccount, in accordance with the proceeding authorizing the bonds, the proceeds of the issuance of revenue bonds which are expected to be applied as capitalized interest to the extent required prior to receipt of special assessment premium surcharges and to provide for a reserve which shall not exceed the maximum debt service in any year.
(e) There shall be deposited in the cost of issuance and finance administration subaccount: (1) The proceeds of revenue bonds expected to be deposited into the said subaccount; and (2) any additional money received from employers in payment of special assessment premium surcharges established in accordance with section 31-354 to offset the costs and expenses of administering and operating the finance account.
(f) Investment earnings credited to the assets of the finance account and to any subaccount within the account shall become part of the assets of the Second Injury Fund and applied in accordance with the bond authorization documents. Any balance remaining in the account at the end of any fiscal year shall be carried forward in the account and subaccount for the next fiscal year.
(g) Upon the issuance of revenue bonds and to the extent there are sufficient proceeds or other amounts in the finance account available therefor, the State Treasurer may withdraw from the finance account, in accordance with the bond authorization documents amounts determined to be necessary for the purposes of section 9 of public act 96-242*. The State Treasurer shall, from time to time and at least annually, determine the amount of interest, amortization, reserve and associated costs required for the finance account under this section and such amounts shall be assessed as a special assessment premium surcharge as provided in section 31-354.
(h) Unless the context requires a different meaning, the term “bonds” or “revenue bonds” under this section and section 8 of public act 96-242* includes notes issued in anticipation of the issuance of revenue bonds or notes issued pursuant to a commercial paper program.
(P.A. 96-242, S. 7, 10.)
*Note: Sections 8 and 9 of public act 96-242 are special in nature and therefore have not been codified but remain in full force and effect according to their terms.
History: P.A. 96-242 effective June 6, 1996.
Structure Connecticut General Statutes
Chapter 568 - Workers' Compensation Act
Section 31-275. - Definitions.
Section 31-275c. - Officers of fraternal organizations.
Section 31-277. - Salary of administrative law judges. Longevity payments.
Section 31-278. - Powers and duties of administrative law judges.
Section 31-279a. - Booklet to be distributed explaining act.
Section 31-279b. - Notice of availability of coverage under act. Content. Posting.
Section 31-280a. - Advisory Board of the Workers' Compensation Commission.
Section 31-280b. - Compensation Review Board.
Section 31-281. - Designation of commissioner to act in another district.
Section 31-282. - Successor may complete acts when administrative law judge dies.
Section 31-283. - Annual pension upon retirement of administrative law judge.
Section 31-283a. - Rehabilitation programs for employees suffering compensable injuries.
Section 31-283d. - Adjustment of salary of certain retired administrative law judges.
Section 31-283e. - Election of retirement benefits.
Section 31-283f. - Statistical Division.
Section 31-283h. - Financing of Division of Worker Education.
Section 31-284c. - Complaints of violations. Hearing. Findings and award. Appeal.
Section 31-285. - Substitute systems of compensation.
Section 31-286. - Certificate of employer's compliance.
Section 31-287. - Provisions required in liability insurance policies.
Section 31-289. - Disposition of fines and penalties.
Section 31-289a. - Civil action to recover civil penalties. Privileged assignment for trial.
Section 31-290. - Obligations not to be evaded.
Section 31-290b. - Penalty for false statement.
Section 31-290c. - Fraudulent claim or receipt of benefits. Penalties.
Section 31-290d. - Workers' compensation fraud unit.
Section 31-291. - Principal employer, contractor and subcontractor.
Section 31-291a. - Method of computing workers' compensation premiums for construction contractors.
Section 31-292. - Liability of employer for worker lent to or employed by another.
Section 31-293a. - No right against fellow employee; exception.
Section 31-294. - Notice of injury and of claim for compensation.
Section 31-294a. - Eligibility for podiatric care.
Section 31-294b. - Report of injury to employer. Notice of claim form provided by commission.
Section 31-294f. - Medical examination of injured employee. Medical reports.
Section 31-294g. - State employee notice of claim for compensation.
Section 31-294k. - Benefits for post-traumatic stress injury. Eligibility.
Section 31-294l. - Firefighters claim due to cancer diagnosis. Record.
Section 31-296. - Voluntary agreements.
Section 31-296a. - Discontinuance or reduction of payments under oral agreements.
Section 31-297. - Hearing of claims.
Section 31-297a. - Informal hearings.
Section 31-298. - Conduct of hearings.
Section 31-298a. - Use of medical panel. Duties of commissioner and panel. Appeal. Regulations.
Section 31-299b. - Initial liability of last employer. Reimbursement.
Section 31-301a. - Decision of Compensation Review Board.
Section 31-301b. - Appeal of decision of Compensation Review Board.
Section 31-301c. - Costs of appeal. Interest added to award affirmed on appeal.
Section 31-302. - Payment of compensation. Commutation into monthly, quarterly or lump sums.
Section 31-303. - Day when compensation payments become due. Penalty for late payments.
Section 31-304. - Destruction of agreement.
Section 31-305. - Medical examinations.
Section 31-306. - Death resulting from accident or occupational disease. Dependents. Compensation.
Section 31-306b. - Written notice of potential eligibility for death benefits.
Section 31-307. - Compensation for total incapacity.
Section 31-307a. - Cost-of-living adjustment in compensation rates.
Section 31-307b. - Benefits after relapse from recovery. Recurrent injuries.
Section 31-307c. - Compensation under agreements or awards effected prior to October 1, 1953.
Section 31-308. - Compensation for partial incapacity.
Section 31-308a. - Additional benefits for partial permanent disability.
Section 31-308b. - Dependency allowance.
Section 31-310a. - Average weekly wage of supernumerary policemen and volunteer police officers.
Section 31-310b. - Average weekly wage of General Assembly member.
Section 31-310c. - Average weekly wage of worker with an occupational disease.
Section 31-311. - Replacement of artificial aids.
Section 31-314. - Allowance for advance payments.
Section 31-315. - Modification of award or voluntary agreement.
Section 31-317. - Claims against the state.
Section 31-318. - Action for minor or mentally incompetent person.
Section 31-319. - Fees to be approved.
Section 31-320. - Exemption and preference of compensation.
Section 31-321. - Manner of serving notices.
Section 31-322. - Injuries received in interstate commerce.
Section 31-323. - Attachments to secure payment of compensation.
Section 31-324. - Reservation of cases for the Appellate Court.
Section 31-325. - Acknowledgment by employees having certain physical conditions.
Section 31-326. - Proceedings against delinquent insurance companies or employers.
Section 31-327. - Award of fees and expenses.
Section 31-328. - Mutual associations authorized.
Section 31-329. - Approval by Insurance Commissioner.
Section 31-332. - Policies. Number of members required.
Section 31-333. - Officers and voting.
Section 31-334. - Safety rules.
Section 31-335. - Premium rates. Reserve notes.
Section 31-336. - Assessments.
Section 31-337. - Investments.
Section 31-338. - Bylaws and regulations.
Section 31-339. - Appeals to Superior Court.
Section 31-340. - Insurer directly liable to employee or dependent.
Section 31-341. - Notice to insurer.
Section 31-342. - Award; enforcement.
Section 31-343. - Certain defenses not available against employee or dependent.
Section 31-344. - When representations avoid policy.
Section 31-344a. - Workers' Compensation Administration Fund established.
Section 31-346. - Damages for material misstatements.
Section 31-347. - Experience in compensation insurance.
Section 31-348. - Compensation insurance companies to report their risks.
Section 31-348a. - Compensation insurers to reduce premiums.
Section 31-349. - Compensation for second disability.
Section 31-349a. - Powers of investigators in the office of the State Treasurer.
Section 31-349c. - Controverted issues of previous disability. Physician panel established.
Section 31-349d. - Treasurer to solicit proposals for the managing of Second Injury Fund claims.
Section 31-349e. - Advisory board for the Second Injury Fund.
Section 31-349f. - Condition of the Second Injury Fund. Report to the Governor and General Assembly.
Section 31-349h. - Transfer of claims. Claims not transferred.
Section 31-349i. - Cost-saving methodologies.
Section 31-350 and 31-351. - Notice to commissioner of second injury. Hearings; awards.
Section 31-352. - Enforcement of liability of third person.
Section 31-353. - Voluntary agreements and stipulated settlements; approval.
Section 31-354. - Second Injury Fund contributions. Duties and powers of State Treasurer.
Section 31-354a. - Assistant administrators of the Second Injury Fund.