Virginia Administrative Code › Title 16 - LABOR AND EMPLOYMENT › Agency 30 - VIRGINIA WORKERS' COMPENSATION COMMISSION › Chapter 80 - REGULATIONS GOVERNING INDIVIDUAL SELF-INSURANCE UNDER THE VIRGINIA WORKERS' COMPENSATION ACT › Section 16VAC30-80-20 - Requirements for individual self-insurance

Current through Register Vol. 40, No. 24, July 15, 2024
A. Individual self-insurance for workers'
				compensation in Virginia is governed by Chapter 8 (§ 65.2-800 et seq.) of
				Title 65.2 of the Code of Virginia. Section 65.2-801 of the Code of Virginia
				specifies that the Virginia Workers' Compensation Commission shall establish
				requirements and standards for assessing and certifying that a self-insurer is
				solvent, capable of meeting its existing financial obligations, and able to pay
				all compensation that is due to its employees. Section 65.2-808 specifies that
				the commission shall issue a certificate of self-insurance to those employers
				it approves for self-insurance, and has the right to revoke that certificate
				upon 30 days' notice and hearing.
B. Currently approved individual
				self-insurers in Virginia shall not be subject to
				16VAC30-80-30,
				16VAC30-80-40, and
				16VAC30-80-50 of this chapter,
				which apply to the initial submission and review of applications. Currently
				approved self-insurers shall, however, be subject to all aspects of the
				regulations that apply after initial application and review. This shall include
				all requirements regarding bonds (including increases in bonds) contained in
				16VAC30-80-60, all reporting
				requirements in
				16VAC30-80-70, termination and
				withdrawal procedures in
				16VAC30-80-80, and assessment
				requirements in
				16VAC30-80-100. However, currently
				approved self-insurers shall have until January 1, 1994, to comply with the
				advance notification requirements regarding excess coverage that are contained
				in 16VAC30-80-70 D.
C. Applicants that are governmental entities
				must apply and be certified as individual self-insurers. However, under
				16VAC30-50-90 of the commission
				such public entities are required to provide neither proof of financial
				solvency nor any bond or security to guarantee payment of claims. The
				application and reporting requirements are therefore different, and more
				limited, for public self-insurers than they are for private self-insurers.
				Requirements for public employers are provided in
				16VAC30-80-90 of this chapter.
				Public self-insurers are also subject to
				16VAC30-80-100(Assessments).
D. This chapter does not govern any aspect of
				the application, approval, or regulation of group self-insurance under §
				65.2-802 of the Code of Virginia. Group self-insurance is regulated by
				Insurance Regulation No. 16, adopted by order of the State Corporation
				Commission on January 17, 1985. Group self-insurers are, however, subject to
				the assessment provisions of
				16VAC30-80-100 of this
				chapter.
E. This chapter may be
				amended by the commission subject to a 30-day period for public comment, and a
				separate 60-day period from notification until implementation.
Statutory Authority
§§ 65.2-201 and 65.2-801 of the Code of
					 Virginia.