Section 296-15-123 - Monitoring certification(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 If no improvement in credit rating, then certification may be withdrawn.(d) To assess an employer's ability to promptly provide any and all required benefits to its injured workers, the department will utilize these and other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may consider general economic conditions to evaluate whether a self-insurer's certification may be maintained or withdrawn.Wash. Admin. Code § 296-15-123
Amended by WSR 21-13-136, Filed 6/22/2021, effective 7/23/2021Statutory 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.