407a.452
(a) The Texas self-insurance group guaranty fund is a nonprofit association established to provide for the payment of workers’ compensation insurance benefits for injured employees covered by a group declared insolvent under Section 407A.355. (b) Each group that desires to be certified under this chapter must participate as a member of the guaranty fund. Added […]
407a.453
(a) The guaranty fund is managed by a board of directors. (b) The board is composed of the following voting members: (1) three members elected as provided by Subsection (c), each of whom represents a different group certified under this chapter; (2) one member to represent wage earners designated by the commission; (3) one member […]
407a.454
A board member or a member of the staff of the board is not liable in a civil action for an act performed in good faith in the execution of that person’s powers or duties. Added by Acts 2005, 79th Leg., ch. 1055, § 1, eff. Sept. 1, 2005.
407a.455
(a) The board shall: (1) create and maintain a trust fund for payment of the workers’ compensation liabilities of an insolvent group; (2) hire staff as necessary; (3) provide recommendations to the commissioner regarding rules or guidelines applicable to groups; (4) receive reports from the department on the financial condition of groups, including examination and […]
407a.456
(a) The board shall adopt a plan of operation governing the board’s activities and the operation of the guaranty fund and the trust fund. (b) The plan of operation adopted by the board is subject to approval by the commissioner. Added by Acts 2005, 79th Leg., ch. 1055, § 1, eff. Sept. 1, 2005.
407a.457
(a) Each group shall contribute an amount, based on the total amount of income benefit payments made in this state for the preceding reported calendar year, to create, over a period of 10 years beginning January 1, 2006, a trust fund of at least $1 million for: (1) the emergency payment of the compensation liabilities […]
407a.458
(a) On determining that a group has become insolvent, the commissioner shall secure release of the surety bond or security deposit required under Section 407A.053 and shall promptly estimate: (1) the amount of additional funds needed to supplement the bond or security deposit; and (2) the assets of the insolvent group available to pay all […]
407a.459
(a) Each member of an insolvent group shall pay the amount of its assessment under this chapter to the commissioner not later than the 30th day after the date on which the commissioner notifies the member of the assessment. The commissioner shall collect assessments and costs from the members of the insolvent group. (b) The […]
407a.460
(a) If the commissioner determines that the payment of benefits and claims administration shall be made through the guaranty fund, the guaranty fund assumes the workers’ compensation obligations on behalf of the insolvent group and shall begin the payment of the obligations for which it is liable not later than the 30th day after the […]
407a.461
On the assumption of obligations on behalf of an insolvent group by the guaranty fund under the commissioner’s determination, the guaranty fund is entitled to immediate possession of any assets of the insolvent group and any security deposited or the proceeds of any surety bond deposited by the insolvent group, along with all interest on […]