Bill > S306

This bill makes several technical amendments to laws governing the North Carolina Self-Insurance Security Association, primarily focusing on clarifying definitions and establishing new guidelines for self-insurers. The bill updates and standardizes terminology throughout existing statutes, including how terms like "Association," "Fund," and "Commissioner" are defined. It introduces a new provision requiring that workers' compensation claims against the Association must be filed within five years after the claims bar date established in a former member self-insurer's insolvency proceeding, otherwise such claims will be permanently barred. The bill also allows the Association to require participating self-insurers to provide collateral based on their financial condition, and modifies rules about which individual self-insurers can participate in the Association Aggregate Security System. Specifically, self-insurers may be excluded from the system if they have revoked licenses, low debt ratings, previous payment defaults, or fail to provide sufficient financial information or required collateral. These changes aim to strengthen the financial integrity and operational clarity of the self-insurance system in North Carolina, providing more precise guidelines for member self-insurers and the Association's management of workers' compensation claims.

https://www.ncleg.gov/BillLookUp/2025/S306