Okla. Admin. Code § 810:25-11-1

Current through Vol. 42, No. 8, January 2, 2025

Section 810:25-11-1 - Application

(a) Two or more employers having a common interest, as defined in Section 810:25-1-2, may be approved by the Commission as a group self-insurance association for the purpose of entering into agreements to pool their liabilities under the AWCA. Such application shall be submitted in a manner prescribed by the Commission and shall be verified by the oath of at least two members of the board or the administrator.

(b) The application shall be reviewed by the Commission's Permitting Services Division. If the application is determined to be sufficient, the Division will issue a permit licensing the applicant to act as a group self-insurance association, for a period of one year. If the application is determined to be deficient, the Division will notify the applicant thereof, stating the reasons for the deficiency. If the deficiency cannot be resolved within the stated time frame from the Division, the application will be denied.

(c) The association's application may be approved if the Commission has satisfactory proof of:

(1) The solvency of each member of the association;

(2) The financial ability of each employer to meet its obligations as a member;

(3) The ability of the association to pay or cause to be paid the compensation in the amount and manner and when due as provided in the AWCA;

(4) A minimum collective net worth of the members of at least Two Million Dollars ($2,000,000.00);

(5) Standard premium of Five Hundred Thousand Dollars ($500,000.00) at the start up date of the association; and

(6) The common interest of the members as defined in 810:25-1-2.

(d) Any permit so approved shall be subject to all conditions and requirements of this Subchapter. In order to determine continued compliance with the law and this Sub-chapter, the permit, or any renewed permit, may be reviewed or when deemed necessary by the Commission.

(e) An applicant may withdraw its pending Application for Group Self-Insurance Association Permit at any time. Once withdrawn, no further action regarding the application will be taken by the Commission and the Commission's file on the application request will be considered closed.

(f) The Commission's Permitting Services Division may extend or amend an existing permit, in its discretion, if necessary for the completion of a renewal application or a change in facts of the permit.

Okla. Admin. Code § 810:25-11-1

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018