State Codes and Statutes
Statutes > Vermont > Title-29 > Chapter-55 > 1408
§ 1408. Workers' compensation insurance
(a) The state employees' workers' compensation fund is created to provide a program for self-insurance coverage for all officers and state employees, as defined in section 1101 of Title 3, of all state agencies, departments, boards, and commissions pursuant to chapters 9 and 11 of Title 21. All state agencies, departments, boards, and commissions shall participate in the program and contribute to the fund. The fund shall be administered by the commissioner of buildings and general services who:
(1) shall authorize payments from the fund in accordance with the provisions of this section and chapters 9 and 11 of Title 21;
(2) shall make final decisions regarding voluntary acceptance of claim and case management;
(3) may contract with independent adjustment companies for claims adjustment services;
(4) may conduct actuarial reviews and loss prevention programs;
(5) may provide no more than six percent of the total annual assessment for that fiscal year for loss prevention programs and actuarial reviews.
(b) All balances remaining in the fund at the end of the fiscal year shall be carried forward to remain in the fund. Interest earned by the fund shall be deposited in the fund.
(c) On February 1, 1990, the commissioner shall assess each program participant an amount to be deposited in the fund. The assessment shall be the greater of:
(1) 115 percent of the yearly average workers' compensation losses suffered by the program participant during the preceding four years, or during the years, not to exceed four, which are documented in the insurance section of the department of buildings and general services; or
(2) 50 percent of the standard workers' compensation premium based on the National Council on Compensation Insurance rate classifications for Vermont in effect on the first day of the preceding fiscal year for that program participant.
(d) In subsequent years, the commissioner shall annually assess each program participant an amount to be deposited in the state employees' workers' compensation fund. The commissioner may adjust the annual assessment to assure that the debts and obligations of the program are adequately funded.
(e) The commissioner of finance and management may anticipate receipts to this fund and issue warrants based thereon.
(f) Losses shall be fully reserved and funded in accordance with common insurance industry practices and in accordance with the principle of accuracy rather than adequacy whenever possible. The fund shall be actuarially reviewed annually. (Added 1989, No. 104, § 1, eff. Feb. 1, 1990; amended 1995, No. 148 (Adj. Sess.), § 4(a), eff. May 6, 1996; 2003, No. 122 (Adj. Sess.), § 33, eff. June 10, 2004; 2005, No. 209 (Adj. Sess.), § 34.)
