Self-insured workers’ compensation plans are affected by a new bill in the State of Georgia. The new bill is named HB 1101 and boosts the minimum quantity of the security deposit required for self-insured workers’ compensation plans from $100,000 to $250,000. HB 1101 also requires the security to be active until every claim under the plan has been closed or if the self-insurer is inactive and all applicable statutes of limitation have expired. The previous legislation stated that the State Board of Workers’ Compensation established whether or not a deposit must stay in place.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.