Ala. Admin. Code r. 480-5-3-.10

Current through Register Vol. 43, No. 1, October 31, 2024

Section 480-5-3-.10 - Powers And Authority Of The Director

(1) Examination - The Director may examine and investigate the affairs of any Fund to determine whether the Fund is operating in accordance with these Rules and the Law. The Director may order an independent fiscal and actuarial examination. The Director may hire an independent actuary or CPA at the Funds expense pursuant to the State of Alabama Code Section 41-16-72(4) to examine the affairs of any Fund, to include confirming that the rates submitted are adequate and that claims are properly reserved.

(2) Forms. The Director shall prescribe forms and instructions required by these Rules. Forms may not be modified without prior written approval of the Director.

(3) Limited Waiver Authority - The Director may not waive any of the requirements of Rule 480-5-3-.07 relative to the formation of Funds. The Director may for good cause shown waive the requirements of any other of these Rules.

(4) Merging of Fund - If an existing Fund desires to merge with another Fund, an insurance carrier or similar entity the Director may require financial, actuarial, or other information deemed appropriate to ensure that sufficient capital and/or surplus exist for the payment of incurred or unreported workers' compensation claims and that the member equity is protected. All Fund mergers must be approved in advance by the Director.

Ala. Admin. Code r. 480-5-3-.10

New Rule: Filed October 9, 1997; effective November 13, 1997. Amended: Filed July 30, 2012; effective September 3, 2012.

Author: Wilbon S. Spates, Chief, Workers' Compensation Division

Statutory Authority:Code of Ala. 1975, § 25-2-2(6).