Subdivision 1. Assets maintained. The security fund shall maintain cash, readily marketable securities, or other assets, or a line of credit, approved by the commissioner, sufficient to immediately continue the payment of the compensation obligations of an insolvent private self-insurer pending receipt of the security deposit, surety bond proceeds, irrevocable letter of credit, or, if necessary, assessment of the members. The commissioner may establish the minimum amount to be maintained by, or immediately available to, the security fund for this purpose.
Subd. 2. Assessment. The security fund may assess each of its members a pro rata share of the funding necessary to carry out its obligation and the purposes of this chapter. Total annual assessments in any calendar year shall not exceed ten percent of paid indemnity losses, as defined in section 176.129, made by the self-insured employer during the preceding calendar year. The annual assessment calculation shall not include supplementary benefits paid which will be reimbursed by the special compensation fund. Funds obtained by assessments pursuant to this subdivision may only be used for the purposes of this chapter. The trustees shall certify to the commissioner the collection and receipt of all money from assessments, noting any delinquencies. The trustees shall take any action deemed appropriate to collect any delinquent assessments.
1988 c 674 s 12; 1990 c 450 s 2; 2005 c 132 s 33
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 79A — Workers' Compensation Self-insurance
Section 79A.02 — Self-insurers' Advisory Committee.
Section 79A.03 — Self-insurance Applications.
Section 79A.05 — Revocation Of Certificate To Self-insure.
Section 79A.06 — Third-party Administrator.
Section 79A.07 — Preferred Subrogation Rights Of Self-insurers' Security Fund Or Surety.
Section 79A.071 — Custodial Accounts.
Section 79A.08 — Legislative Intent.
Section 79A.09 — Security Fund.
Section 79A.10 — Assumption Of Workers' Compensation Obligations Of Insolvent Self-insurer.
Section 79A.11 — Reimbursement For Obligations Paid And Assumed.
Section 79A.13 — Audit; Annual Report.
Section 79A.14 — Letter Of Credit Form.
Section 79A.15 — Surety Bond Form.
Section 79A.16 — Open Meeting; Administrative Procedure Act.
Section 79A.18 — Existing Rules.
Section 79A.19 — Commercial Self-insurance Groups; Definitions.
Section 79A.20 — Eligibility Requirements For Commercial Self-insurance Groups.
Section 79A.21 — Commercial Self-insurance Group Application.
Section 79A.22 — Commercial Self-insurance Group Operating Requirements.
Section 79A.23 — Commercial Self-insurance Group Reporting Requirements.
Section 79A.24 — Commercial Self-insurance Group Security Deposit.
Section 79A.25 — Default Of A Commercial Self-insurance Group.
Section 79A.26 — Commercial Self-insurance Group Security Fund.
Section 79A.27 — Indemnity Agreement Form.
Section 79A.28 — Open Meeting; Administrative Procedure Act.
Section 79A.30 — Governing Law.
Section 79A.32 — Reporting To Licensed Data Service Organizations.