Okla. Admin. Code § 810:25-9-1

Current through Vol. 42, No. 4, November 1, 2024

Section 810:25-9-1 - Application for Individual Own Risk Employer Permit

(a) To request a permit to self fund its workers' compensation obligations as authorized in 85A O.S., § 38(A)(3), an employer shall:

(1) Submit a signed and completed Application for Individual Own Risk Employer Permit in the manner prescribed by the Commission, together with all required supporting documentation and attachments completed in their entirety, at least sixty (60) days before the desired effective date of the permit. The application shall be submitted under penalty of perjury by an authorized representative of the employer. Incomplete applications will not be considered and shall be rejected. The application may be accessed from the Commission's website;

(2) Pay to the Commission a nonrefundable application fee of One Thousand Dollars ($1,000.00) for the Application for Individual Own Risk Employer Permit;

(3) Submit its current audited financial statement for the two (2) previous years, including balance sheet, statement of income, statement of cash flows and notes. If audited financial statements are unavailable, submit its financial statement for the two previous fiscal years signed by two (2) company executives, including balance sheet, statement of income, statement of cash flows and notes;

(4) Submit the employer's most recent available interim financial statements, including balance sheet and statement of income; and

(5) Provide such additional records and information germane to the application as may be required by the Commission.

(b) The application shall be reviewed by the Commission's Permitting Services Division. If the application is determined to be sufficient, the Division will issue a permit licensing the applicant to carry its own risk without compensation insurance, for a period of one year. If the application is determined to be deficient, the Division will notify the applicant thereof, stating the reasons for the deficiency. If the deficiency cannot be resolved within the stated time frame from the Division, the application will be denied.

(c) An applicant may withdraw its pending Application for Individual Own Risk Employer Permit at any time. Once withdrawn, no further action regarding the application will be taken by the Commission and the Commission's file on the application request will be considered closed.

(d) The Commission's Permitting Services Division may extend or amend an existing permit, in its discretion, if necessary for the completion of a renewal application or a change in facts of the permit.

Okla. Admin. Code § 810:25-9-1

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/12/2016

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018