Statutes, codes, and regulations
Arizona Administrative Code
Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCEChapter 05 - INDUSTRIAL COMMISSION OF ARIZONA
Article 15 - WORKERS' COMPENSATION SELF-INSURANCE
Section R20-5-1530 - Self-Insurance Pool Workers' Compensation Pool Operations Account; Workers' Compensation Pool Loss Account

Ariz. Admin. Code § 20-5-1530

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Current through Register Vol. 30, No. 50, December 13, 2024
Section R20-5-1530 - Self-Insurance Pool Workers' Compensation Pool Operations Account; Workers' Compensation Pool Loss Account
A. A Self-Insurance Pool shall maintain a Workers' Compensation Pool Operations Account, which is subject to all of the following:
1. All workers' compensation premiums charged to members of the Self-Insurance Pool shall be deposited into the Workers' Compensation Pool Operations Account, which account shall be maintained in a designated federally-insured depository.
2. A Self-Insurance Pool shall pay all operational expenses of the pool relating to workers' compensation, excluding administrative expenses associated with processing workers' compensation claims, from the Workers' Compensation Pool Operations Account.
3. Funds from the Workers' Compensation Pool Operations Account shall be transferred to the Workers' Compensation Pool Loss Account, as needed, to enable the Self-Insurance Pool to pay from the Workers' Compensation Pool Loss Account all liabilities imposed or arising under the Act and all administrative expenses associated with processing workers' compensation claims.
4. If the Workers' Compensation Pool Operations Account is co-mingled with another account, the activities of the Workers' Compensation Pool Operations Account are segregated in the financial records.
B. A Self-Insurance Pool shall maintain a Workers' Compensation Pool Loss Account, which is subject to all of the following.
1. A Self-Insurance Pool shall maintain its Workers' Compensation Pool Loss Account in a designated federally-insured depository.
2. A Self-Insurance Pool shall pay all workers' compensation claim expenses, including current and contingent workers' compensation claim liabilities of and administrative expenses associated with processing workers' compensation claims, from the Workers' Compensation Pool Loss Account.
3. A Self-Insurance Pool shall ensure that its Workers' Compensation Pool Loss Account is actuarially sound and able to process and pay benefits required under the Act.
4. If the Workers' Compensation Pool Loss Account is co-mingled with another account, the activities of the Workers' Compensation Pool Loss Account are segregated in the financial records.

Ariz. Admin. Code § R20-5-1530

New section made by final rulemaking at 28 A.A.R. 3435, effective 10/5/2022.