§ 22-3-5-4 — Substitute system of insurance

(a) Subject to the approval of the worker's
compensation board, any employer may enter into or continue any
agreement with the employer's employees to provide a system of
compensation, benefit, or insurance in lieu of the compensation and
insurance provided by IC 22-3-2 through IC 22-3-6. No such substitute
system shall be approved unless it confers benefits upon injured
employees and their dependents at least equivalent to the benefits
provided by IC 22-3-2 through IC 22-3-6, nor if it requires
contributions from the employees unless it confers benefits in addition
to those provided under IC 22-3-2 through IC 22-3-6 at least
commensurate with such contributions.
(b) Such substitute system may be terminated by the worker's
compensation board on reasonable notice and hearing to the interested
parties if it appears that the same is not fairly administered, its
operation discloses latent defects threatening its solvency, or if for any
substantial reason it fails to accomplish the purpose of IC 22-3-2
through IC 22-3-6. In this case the board shall determine upon the
proper distribution of all remaining assets, if any, subject to the right
of any party in interest to take an appeal to the court of appeals.
Formerly: Acts 1929, c.172, s.71. As amended by P.L.144-1986,
SEC.52; P.L.28-1988, SEC.45.