Current through Register Vol. XLI, No. 45, November 8, 2024
Section 85-18-9 - Self-insured Employer's Modification of Business9.1. In the event a self-insured employer reorganizes its business, assumes additional liability, acquires new assets or operations, buys an additional business, merges with another business, or otherwise changes its operation in any manner which is likely to impact its West Virginia workers' compensation claims liability, or ability to satisfy its financial responsibility requirements, the self-insured employer must immediately notify the Commissioner of the business modification. The notice of modification must contain specific information as to the nature of the modification, including, but not limited to, a copy of the executed contract causing the modification and the names of other employers or businesses affected by the modification, any information filed with the Securities Exchange Commission related to the modification, any audited or restated audited financial information related to the modification which was not previously submitted to the Commissioner and any pro forma financial information prepared pursuant to the modification. The employer shall also provide any additional information requested by the Commissioner regarding the transaction, within the timeframes specified.9.2. If, after reviewing and analyzing all relevant information regarding the self-insured employer's business modification, the Commissioner determines that the transaction creates a substantial new risk to the self-insured community, the Commissioner may, in his or her sole discretion, require any entity involved in the relevant transaction to file a new application for self-insured status.9.3. Under subsections 9.1. and 9.2. of this section, the Commissioner will review the employer's security and bond requirements following any changes made to the self-insured employer's account and, if necessary, make an appropriate recommendation to the Industrial Council for an adjustment to the security requirements.9.4. If the modification of business requires processing that includes any type of an actuarial analysis, a $2,500.00 processing fee shall be assessed.9.5. If the modification causes a self-insured employer to no longer qualify for the privilege of self-insured status, the Commissioner, with the approval of the Industrial Council, may terminate the self-insured employer's status in accordance with the provisions of section 14 of this rule. Settlement of estimated liability at the time of revocation shall be determined in accordance with the provisions of this rule.