The Workers' Compensation Self-Insurance Guaranty Fund shall be derived from the following sources:

1. 1. Any unexpended funds, including interest thereon, held by the State Treasurer in the Individual Self-Insured Guaranty Fund or Group Self-Insurance Association Guaranty Fund transferred to the Workers' Compensation Self-Insurance Guaranty Fund pursuant to Section 65 of this act;

2. 2. Until the Workers' Compensation Self-Insurance Guaranty Fund contains Two Million Dollars ($2,000,000.00) or in the event the amount in the fund falls below One Million Dollars ($1,000,000.00), an assessment against each private self-insurer and group self-insurance association based on an assessment rate to be determined by the Court Administrator, not exceeding one percent (1%) of actual paid losses of the self-insurer during the preceding calendar year, payable to the Oklahoma Tax Commission for deposit to the fund. The assessment against private self-insurers shall be determined using a rate equal to the proportion that the deficiency in the fund attributable to private self-insurers bears to the actual paid losses of all private self-insurers for the year period of January 1 through December 31 preceding the assessment. The assessment against group self-insurance associations shall be determined using a rate equal to the proportion that the deficiency in excess of the surplus of the Group Self-Insurance Association Guaranty Fund at the date of the transfer attributable to group self-insurance associations bears to the actual paid losses of all group self-insurance associations cumulatively for any calendar year preceding the assessment. Each self-insurer shall provide the Administrator with such information as the Administrator may determine is necessary to effectuate the purposes of this paragraph. For purposes of this paragraph, "actual paid losses" means all medical and indemnity payments, including temporary disability, permanent disability, and death benefits, and excluding loss adjustment expenses and reserves.

   1. a. The assessment shall be paid within thirty (30) calendar days after the date the Administrator of the Workers' Compensation Court notifies the self-insurer of the assessment.
   2. b. A private employer or group self-insurance association which ceases to be a self-insurer shall remain liable for any and all assessments of the self-insurer as provided in this paragraph based on actual paid losses for the calendar year period preceding the assessment.
   3. c. Failure of a self-insurer to pay, or timely pay, an assessment required by this paragraph, or to report payment of the same to the Administrator within ten (10) days of payment, shall be grounds for revocation by the Administrator of the self-insurer's permit to self-insure in this state, after notice and hearing. A former self-insurer failing to make payments required by this paragraph promptly and correctly, or failing to report payment of the same to the Administrator within ten (10) days of payment, shall be subject to administrative penalties as allowed by law, including, but not limited to, a fine in the amount of Five Hundred Dollars ($500.00) or an amount equal to one percent (1%) of the unpaid amount, whichever is greater, to be paid to the Administrator for deposit to the credit of the Administrator of Workers' Compensation Revolving Fund created in Section 70 of this act. It shall be the duty of the Oklahoma Tax Commission to collect the assessment provided for in this paragraph. The Tax Commission is authorized to bring an action for recovery of any delinquent or unpaid assessments. The Tax Commission also may enforce payment of the assessment by proceeding in accordance with Section 46 of this act.
   4. d. An impaired self-insurer shall be exempt from assessments beginning on the date of the Administrator's designation until the Administrator determines the self-insurer is no longer impaired.
   5. e. The Tax Commission shall determine the fund balance as of March 1 and September 1 of each year, and when otherwise requested by the Administrator, and shall advise the Administrator thereof in writing within thirty (30) days of each such determination; and
3. 3. Any interest accruing on monies paid into the fund.

Added by Laws 2011, SB 878, c. 318, § 62.