Bill Text: WV SB494 | 2021 | Regular Session | Enrolled
Bill Title: Authorizing transfer of moneys from Insurance Commission Fund to Workers’ Compensation Old Fund
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2021-05-24 - Chapter 138, Acts, Regular Session, 2021 [SB494 Detail]
Download: West_Virginia-2021-SB494-Enrolled.html
WEST virginia legislature
2021 regular session
Enrolled
Senate Bill 494
By Senator Azinger
[Passed April 6, 2021; in effect 90 days from passage]
AN ACT to amend and reenact §23-2C-16 of the Code of West Virginia, 1931, as amended, relating to authorizing the Insurance Commissioner to transfer moneys during specified fiscal years from the Insurance Commission Fund, also known as the commissioner’s operating fund, into the Workers’ Compensation Old Fund to reduce any deficit balance of the Old Fund.
Be it enacted by the Legislature of West Virginia:
ARTICLE 2C. EMPLOYERS’ MUTUAL INSURANCE COMPANY.
§23-2C-16. Administration of Old Fund, Uninsured Employer Fund, Self-Insured Employer Guaranty Risk Pool, Self-Insured Employer Security Risk Pool, and Private Carrier Guaranty Fund.
(a) Notwithstanding any provision of this code to the contrary, the company shall be the initial third-party administrator of the Old Fund, Uninsured Employer Fund, Self-Insured Employer Guaranty Risk Pool, Self-Insured Employer Security Risk Pool, and Private Carrier Guaranty Fund from the termination of the commission and thereafter for a term of at least six months but not more than three years pursuant to an agreement to be entered into between the Insurance Commissioner and the company prior to the termination of the commission. The company shall be paid a reasonable fee for services provided. The company’s administrative duties may include, but not be limited to, receipt of all claims, processing said claims, providing for the payment of said claims through the State Treasurer’s office or other applicable state agency and ensuring, through the selection and assignment of counsel, that claims decisions are properly defended. The administration of said funds thereafter shall be subject to the procedures set forth in §5A-3-1 et seq. of this code.
(b) The Insurance Commissioner shall review claims determined to be payable from said funds and may contest the determination pursuant to the provisions of §23-5-1 et seq. of this code.
(c) The Insurance Commissioner may conduct or cause to be conducted an annual audit to be performed on said funds.
(d) The Insurance Commissioner may contract or employ counsel to perform legal services related solely to the collection of moneys due the Old Fund, including the collection of moneys due the Old Fund and enforcement of repayment agreements entered into for the collection of moneys due on or before June 30, 2005, in any administrative proceeding and in any state or federal court.
(e) During the fiscal years beginning July 1, 2019, July 1, 2020, July 1, 2021, July 1, 2022, and July 1, 2023, the Insurance Commissioner may, in his or her discretion, transfer special revenue moneys contained in the Insurance Commission Fund to the Old Fund in any fiscal year in which the Insurance Commissioner has determined, and an independent auditor has attested thereto, that a deficit balance existed in the Old Fund for the prior fiscal year.
