REFERENCE TITLE: special fund; workers' compensation

State of Arizona Senate Fifty-first Legislature First Regular Session 2013

SB 1310

Introduced by Senators Yarbrough: Worsley

 

AN ACT

 

requiring a report by the industrial commission of cash and assets held by the special fund attributable to insolvent insurer claims.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Industrial commission; insolvent insurer report; transfer of insolvent insurer administration; conforming legislation

A.  On or before January 1, 2014, the industrial commission shall report the amount of cash and assets held by the special fund established by section 23‑1065, Arizona Revised Statutes, that are attributable or allocated to the payment of claims of insolvent insurers as defined in section 20‑661, paragraph 5, Arizona Revised Statutes, as of December 31, 2013.  The report shall include all insurance carriers that have had claims assigned to the special fund pursuant to section 23‑966, subsection A, Arizona Revised Statutes.  The report shall be prepared by an independent actuary who is a member of the society of actuaries and shall include any relevant data contained in the annual actuarial study of the special fund performed pursuant to section 23‑1065, subsection I, Arizona Revised Statutes.  The amount of attributed cash and assets shall include the total amount of monies that are held by the special fund from any assessments, recoveries and released deposits.  The statement of cash and assets allocated for payment of insolvent insurer claims shall be published at the first industrial commission meeting in 2014 and shall include an explanation of the methodology and all of the data relied on to produce the statement.

B.  The legislative council staff shall prepare proposed legislation transferring all rights and obligations of the industrial commission special fund in regard to the administration and funding of insolvent insurer workers' compensation claims, as provided by section 23‑966, Arizona Revised Statutes, to the Arizona property and casualty insurance guaranty fund established by section 20‑662, Arizona Revised Statutes, for consideration in the fifty‑second legislature, first regular session.