W. Va. Code R. § 85-18-10

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 85-18-10 - Voluntary Termination of Self-Insured Status

10.1. A self-insured employer may terminate its self-insured status with the following conditions:

a. The employer shall remain forever liable for all accrued and contingent liabilities which the employer has incurred as a result of being self-insured;

b. The employer shall provide written notice to the Commissioner a minimum of thirty (30) days prior to the termination of its status. Upon the expiration of the thirty (30) days of notice, self-insured status shall terminate the first day of the succeeding calendar quarter.

c. The employer shall post bond or security in an amount estimated sufficient to cover the costs of all future accrued and contingent liabilities resulting from the period of self-insured status. The security or bond is subject to the Commissioner's approval of the form, type and amount of the security or bond.

10.2. A self-insured employer may enter into a contract for sale of its business or for transfer of some or all of its assets to another entity, including, either expressly or impliedly, an agreement as to the assumption by the purchasing entity or transferee of the self-insured employer's accrued and contingent liabilities resulting from the employer's self-insured status: Provided, That in the event such a contract is entered into, the provisions of this rule shall be adhered to, both with regard to section 9 ("Self-Insured Employer's Modification of Business") and this section. Any contract described in this subsection and any resulting sales, transfers and consequential effect on the employer's self-insured liabilities are subject to approval of the Commissioner prior to taking effect.

W. Va. Code R. § 85-18-10