§ 22-3-2-5 — Insurance; certificates authorizing carrying of risk without insurance; state self-insurance program

(a) Every employer who is bound by the
compensation provisions of IC 22-3-2 through IC 22-3-6, except the
state, counties, townships, cities, towns, school cities, school towns,
other municipal corporations, state institutions, state boards, state
commissions, banks, trust companies, and building and loan
associations, shall insure the payment of compensation to the
employer's employees and their dependents in the manner provided in
IC 22-3-3, or procure from the worker's compensation board a
certificate authorizing the employer to carry such risk without
insurance. While such insurance or such certificate remains in force,
the employer or those conducting the employer's business and the
employer's worker's compensation insurance carrier shall be liable to
any employee and the employee's dependents for personal injury or
death by accident arising out of and in the course of employment only
to the extent and in the manner specified in IC 22-3-2 through IC 22-3-6.
(b) The state may not purchase worker's compensation insurance.
The state may establish a program of self-insurance to cover its liability
under this article. The state may administer its program of
self-insurance or may contract with any private agency, business firm,
limited liability company, or corporation to administer any part of the
program. The state department of insurance may, in the manner
prescribed by IC 4-22-2, adopt the rules necessary to implement the
state's program of self-insurance.
Formerly: Acts 1929, c.172, s.5; Acts 1961, c.187, s.1; Acts
1974, P.L.108, SEC.3. As amended by P.L.28-1983, SEC.56;
P.L.28-1988, SEC.22; P.L.8-1993, SEC.279; P.L.233-2015,
SEC.319.