Sec. 31-284-6. Evaluation factors.
Self-insurance is a privilege and shall only be granted to those employers capable of demonstrating the following:
(1) Financial strength and stability sufficient to permit payment of all workers’ compensation benefits and assessments required under the Act. Particular emphasis shall be placed upon:
(A) Sufficient working capital and cash flow to meet current and future obligations;
(B) Acceptable levels of long term debt; and
(C) Established record of financial stability and solvency.
(2) Accurate reporting and reserving of workers’ compensation injuries and illnesses.
(3) Acceptable levels of work hazards as determined by loss history.
(4) Qualified personnel who shall handle the administration of claims and reserves, and deliver benefits to injured workers or their beneficiaries or dependents in a fair, efficient, and competent manner in accordance with the Act.
(5) Protection against catastrophic occurrences by purchasing excess insurance at levels approved by the Chairman or his designee.
(6) Years in business in present corporate form.
(7) Reliable sources of information provided.
(8) Satisfactory responses to all applicable questions on the application.
(Effective October 1, 1996)