§ 22-3-5-1 — Requirements; self-insurance; security; fees

Indiana § 22-3-5-1

• Jurisdiction: Indiana
• Art. 3: WORKER'S COMPENSATION SYSTEM
• Ch. 5: Worker's Compensation: Insurance Requirements

Text

(a) Every employer under IC 22-3-2 through IC 22-3-6, except those exempted by IC 22-3-2-5, shall:
(1) insure and keep insured the employer's liability under IC 22-3-2 through IC 22-3-6 in some corporation, association, or
organization authorized to transact the business of worker's
compensation insurance in this state; or
(2) furnish to the worker's compensation board satisfactory proof
of the employer's financial ability to pay direct the compensation
in the amount and manner and when due as provided in IC 22-3-2
through IC 22-3-6.
(b) Under subsection (a)(2) the board may require the deposit of an
acceptable security, indemnity, or bond to secure the payment of
compensation liabilities as they are incurred. The board shall charge
the following:
(1) An initial application fee of five hundred dollars ($500) to be
paid along with the proof of financial ability required under this
section.
(2) A renewal fee of two hundred fifty dollars ($250) if the
employer holds a certificate of self insurance.
(3) A late filing fee of two hundred fifty dollars ($250).
Formerly: Acts 1929, c.172, s.68. As amended by P.L.144-1986,
SEC.50; P.L.28-1988, SEC.42; P.L.170-1991, SEC.12.