The Workers Compensation Self-Insurance Guaranty Fund shall be for the purpose of continuation of workers' compensation benefits due and unpaid or interrupted due to the inability of an impaired self-insurer as defined in Section 8 of this act to meet its compensation obligations when its financial resources, security deposit, guaranty agreements, surety agreements and excess insurance are either inadequate or not immediately accessible for the payment of benefits. Monies in the fund, including interest accruing thereon, are not subject to appropriation and shall be expended to compensate employees for eligible benefits for a compensable injury under the Workers' Compensation Code, pay outstanding workers' compensation obligations of the impaired self-insurer, and for all claims for related administrative fees, operating costs of the Workers' Compensation Self-Insurance Guaranty Fund Board, attorney fees, and other costs reasonably incurred by the Board in the performance of its duties. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims as prescribed by law with the Director of the Office of State Finance for approval and payment. The Fund shall be subject to audit the same as state funds and accounts, the cost for which shall be paid for from the fund.

Added by Laws 2011, SB 878, c. 318, § 61.