SECTION 810:25-9-19. Release of security deposit

(a)   A security deposit posted with the Commission as required by 810:25-9-4 must remain in place, at its existing amount, for two years after an individual own risk employer voluntarily leaves self-insurance. The Commission may review the adequacy or excess of the security deposit in advance of the own risk permit termination date and require modifications to the security deposit amount as necessary.

(b)   A security deposit may be reduced at the Commission's discretion after the two year waiting period upon application by the employer and submission of current financial statements and workers' compensation loss runs.

(c)   A security deposit may be released at the Commission's discretion upon application by the employer and submission of current financial statements and a signed and notarized affidavit, from a duly authorized officer of the employer, affirming that all workers' compensation claims incurred under the own risk permit of the employer have been permanently closed, and the statute of repose for reopening the claims has passed.

(d)   The security deposit shall be released in full by the Commission within a reasonable period following receipt of proof of an assumption agreement or equivalent, from a licensed insurance carrier, whereby the claims liability under the individual own risk employer permit is transferred to and assumed by the insurance company. The assumption agreement or equivalent may be entered into before expiration of the two year waiting period provided in Subsection (a) of this Section.

[Source: Added at 31 Ok Reg 497, eff 2-4-14 (emergency); Added at 32 Ok Reg 1493, eff 8-27-15]