(a) The purpose of creating a Self-Insurers Guaranty Trust Fund is to make payments in accordance with this chapter for the benefit of workers injured on the job in the event a participant becomes insolvent. The Fund shall be administered by an administrator appointed by the Chairman of the Board of trustees with approval of the Board of trustees. Monies in the Fund will be invested by the Board of trustees in the same manner as provided by law for investments in government backed securities.
(b) All returns on investment shall be retained by the Fund. In addition to paying benefits, and administrative fees, operating costs of the Board of trustees, attorneys’ fees incurred by the Board of trustees and other costs reasonably incurred by the Board will be paid from this Fund.
(c) As a condition of self-insurance a private employer must make application and be accepted in the Self-Insurers Guaranty Trust Fund.
(d) Self-insurers must give written notice to the Board addressed to the Director of Licensure and Quality Assurance when they add or delete subsidiaries, affiliates, divisions or locations to their self-insurance certificate, or make any changes in their excess insurance policies. (See Rule 126(c).)