NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 345

SENATE BILL 321

 

 

AN ACT TO AMEND CHAPTER 97, ENTITLED "WORKMEN'S COMPENSATION ACT" RELATIVE TO EMPLOYERS SELF INSURANCE.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 97-93 is rewritten to read as follows:

"§ 97-93.  Employers required to carry insurance or prove financial ability to pay for benefits. — Every employer subject to the provisions of this Article relative to the payment of compensation shall either: (1) insure and keep insured his liability thereunder in any authorized corporation, association, organization, or in any mutual insurance association formed by a group of employers so authorized, or (2) furnish to the Industrial Commission satisfactory proof of his financial ability either alone or through membership in a group comprised of two or more employers which agree to pool their liabilities under this Article, to pay direct the compensation in the amount and manner and when due, as provided for in this Article. In the case of subdivision (2) above, the commission may require the deposit of an acceptable security, indemnity, or bond to secure the payment of the compensation liabilities as they are incurred. A group of two or more employers formed for the purpose of demonstrating financial ability to pay direct the compensation in the amount and manner and when due shall be governed in all respects by this Article and such rules of the commission as may be promulgated hereunder."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 12th day of April, 1979.