Georgia § 382 - Purpose.

§ 382. Purpose.

The purpose of creating a Self-Insurers Guaranty Trust Fund is to make payments in accordance with this chapter for the benefit of workers injured on the job in the event a participant becomes insolvent. The Fund shall be administered by an administrator appointed by the Chairperson of the Board of trustees with approval of the Board of trustees. The fund assets shall be invested only in obligations issued or guaranteed by the United States government. All returns on investment shall be retained by the Fund. In addition to paying benefits, and administrative fees, operating costs of the fund, attorneys' fees incurred by the Board of trustees and other costs reasonably incurred by the Board will be paid from this Fund. As a condition of self-insurance all private employers must make application and be accepted in the Self-Insurers Guaranty Trust Fund. Membership in the Fund shall not be permitted for any of the following: Any governmental employer authorized by the Board to self-insure; Any employer who elects to group self-insure pursuant to Code Section 34-9-152; Captive insurers as provided for in Chapter 41 of Title 33; Any employer who, pursuant to any reciprocal agreements or contracts of indemnity executed prior to March 8, 1960, created funds for the purpose of satisfying the obligations of self-insured employers under this chapter; Any individual or company who enters into a contract or agreement with an employer under which the employer outsources its workers' compensation risks, responsibilities, obligations or liabilities to such individual or company; and pursuant to such contract or agreement, is required to provide workers' compensation benefits to an injured employee even though no common-law master-servant relationship exists between the injured employee and the individual or company providing the benefits. Self-insurers must give written notice to the Board when they add or delete subsidiaries, affiliates, divisions or locations to their self-insurance certificate, or make any changes in their excess insurance policies. (See Rule 126(c).) Note as to Revisions. - The revision effective July 1, 1996, added subsection (d). The revision effective July 1, 2009, deleted "addressed to the Director of Licensure and Quality Assurance" preceding "when they add" in subsection (d). The revision effective July 1, 2010, substituted "Chairperson" for "Chairman" in the last sentence of subsection (a); substituted "costs of the fund" for "costs of the Board of trustees" in subsection (b); and substituted "all private employers" for "a private employer" in subsection (c). The revision effective July 1, 2016, in subsection (a), deleted the former last sentence, which read: "Monies in the Fund will be invested by the Board of trustees in the same manner as provided by law for investments in government backed securities." and added the present last sentence; added subsection (d); and redesignated former subsection (d) as present subsection (e).