1. A. The Individual Self-Insured Guaranty Fund and its Board provided for in Section 358 of this title and the Group Self-Insurance Association Guaranty Fund and its Board provided for in Section 359 of this title shall cease to exist and shall be succeeded by the Workers' Compensation Self-Insurance Guaranty Fund and its Board once the initial appointments to the Workers' Compensation Self-Insurance Guaranty Fund Board are made pursuant to Section 360 of this title. At that time, all unexpended funds, including interest thereon, assets, property, records, and any outstanding financial obligations and encumbrances of the Individual Self-Insured Guaranty Fund Board and Group Self-Insurance Association Guaranty Fund Board shall be transferred to the Workers' Compensation Self-Insurance Guaranty Fund Board created by Section 360 of this title. The Director of the Office of Management and Enterprise Services is hereby directed to coordinate the transfer of funds, outstanding financial obligations or encumbrances provided for in this subsection.
2. B. Any claim existing or action or proceeding pending by, against or before the Individual Self-Insured Guaranty Fund Board or the Group Self-Insurance Association Guaranty Fund Board when the entities ceased existence may be continued as if the merger into the Workers' Compensation Self-Insurance Guaranty Fund Board did not occur, or the Workers' Compensation Self-Insurance Guaranty Fund Board may be substituted in the matter. The Workers' Compensation Self-Insurance Guaranty Fund Board shall be responsible and liable for all liabilities and obligations of the entities that ceased existence.

Added by Laws 2011, SB 878, c. 318, § 65; Amended by Laws 2012, HB 3079, c. 304, § 1076 (superseded document available).