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2018 Georgia Code 34-9-388 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 34-9-388 Case Law from Google Scholar Amendments to OCGA 34-9-388

TITLE 34 LABOR AND INDUSTRIAL RELATIONS

Section 9. Workers' Compensation, 34-9-1 through 34-9-432.

ARTICLE 10 SELF-INSURERS GUARANTY TRUST FUND

34-9-388. Reports of participant's insolvency; participant's audits; review of applications for self-insurance and recommendations thereon.

  1. It shall be the duty of the board to report to the board of trustees when the board has reasonable cause to believe that any participant examined or being examined may be in danger of insolvency.
  2. The board shall, at the inception of a participant's self-insured status and at least annually thereafter, so long as the participant remains self-insured, furnish the board of trustees with a complete, original bound copy of each participant's audited annual financial statement performed in accordance with generally accepted accounting standards by an independent certified public accounting firm, three to five years of loss history, name of the individual or company to administer claims, and any other pertinent information submitted to the board to authenticate the participant's self-insured status. The board of trustees may contract for the services of a qualified certified public accountant or firm to review, analyze, and make recommendations on these documents. All financial information submitted by a participant shall be considered confidential and not public information.
  3. The board of trustees shall make reports and recommendations to the board upon any matter germane to the solvency, liquidation, or rehabilitation of any participant. The board of trustees shall examine the same documents as required in subsection (b) of this Code section. Such reports and recommendations shall not be considered public documents.
  4. The board of trustees shall have the authority to review all applications for self-insurance and shall make recommendations to the board concerning the acceptance of the prospective self-insurer. If the board rejects in part or in whole the recommendations of the board of trustees, the board shall give written notice to the board of trustees ten days prior to accepting the application for self-insurance.

(Code 1981, §34-9-388, enacted by Ga. L. 1990, p. 770, § 1; Ga. L. 1995, p. 638, § 4; Ga. L. 1998, p. 227, § 3; Ga. L. 2010, p. 126, § 4/HB 1101; Ga. L. 2016, p. 287, § 13/HB 818.)

The 2016 amendment, effective July 1, 2016, in subsection (b), in the first sentence, substituted "participant's audited annual financial statement" for "participant's audit" in the middle and substituted "individual or company" for "person or company" near the end.

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