Rule 622-2-.01. Procedures for Pro Rata Refund of Assessments and Final Accounting of Subsequent Injury Trust Fund

The purpose of this amended Rule is to establish procedures for the pro rata refund of assessments as provided by O.C.G.A Section 34-9-358, to transfer the Board of Trustees to the Department of Insurance, and for the final accounting of the financial affairs of the fund as required by O.C.G.A. Section 34-9-368. (1) Suspension of Assessments to Fund by Insurers and Self-Insurers. The suspension of assessments authorized by the Administrator on January 18, 2019 shall continue in effect until such time as a completed actuarial survey shows that further assessments are needed for all bona fide claims that are to be paid by the fund. If said suspension of assessments is rescinded and assessments required, said assessments shall resume in the manner and amount authorized by Code Section 34-9-358(c). (2) Payment of Assessments to Fund by Insurers and Self-Insurers. The payment of assessments pursuant to Code Section 34-9-358 shall terminate when all claims made for injuries occurring on and prior to June 30, 2006 have been fully paid or otherwise resolved. (3) Pro-Rata Refund of Assessments. In order to receive a pro rata refund pursuant to Code Section 34-9-358(f) at the time that all eligible claims have been paid and all related administrative costs have been accrued or paid and a balance remains in the fund, all insurers or self-insurers must have been in good standing and not delinquent in the payment of any assessments required by Code Section 34-9-358. (4) Board of Trustees. Effective January 1, 2026 the Board of Trustees of the Subsequent Injury Trust Fund shall report to the Commissioner of Insurance. The Board of Trustees shall continue to have all authority granted by, and administer the fund pursuant to, Code Section 34-9-354(d). (5) Transfer to the Department of Insurance. The fund shall transfer to the Department of Insurance effective January 1, 2026; provided, however, that pursuant to Code Section 34-9-352, it shall be maintained by the Department of Insurance for the sole purpose of making payments in accordance with the provisions of Code Section 34-9-350, et seq. until such time as all claims made for injuries occurring on and prior to June 30, 2006 have been fully paid or otherwise resolved. Thereafter any unexpended funds shall be disposed of pursuant to Code Section 34-9-358(f). (6) Final Accounting. At such time as all claims made for injuries occurring on and prior to June 30, 2006 have been fully paid or otherwise resolved, the Administrator shall authorize a final accounting of the financial affairs of the fund, to be performed by an independent third-party professional. (7) No Loss Portfolio Transfer. No loss portfolio transfer or other reinsurance agreement shall be made unless and until an actuarial survey is completed by an independent third-party actuary establishing that the projected liability for all active claims exceeds 95% of the fund. Cite as Ga. Comp. R. & Regs. R. 622-2-.01
Authority: O.C.G.A. §§ 34-9-354; 34-9-358; 34-9-368.
History. Original Rule entitled "Dissolution of the Board of Trustees" adopted. F. May 19, 2025; eff. June 8, 2025.
Amended: New title, "Procedures for Pro Rata Refund of Assessments and Final Accounting of Subsequent Injury Trust Fund." F. Jan. 14, 2026; eff. Feb. 3, 2026.