Request for Security Reduction
Every year in the Fall, all active members' security requirements are reviewed based on a review of the current year's Member Information Update Form. However, a member may request a reduction in security prior to this time if they feel a reduction is warranted.
In order for a member to be considered for a reduction in security, the following must be done:
The Fund will request a TPA Certification advising of the number of open claims and reserves. Also, you will be asked to provide a copy of your company's loss run to include all open claims and the last two (2) years of closed claims that occurred during the member's self-insurance period. The loss run must include the following data:
1. Name of Claimant
2. Date of Injury
3. Claimant's Social Security number
4. Description of Injury
5. Medical/indemnity Paid to Date
6. Unpaid Reserves
The member's request will then be placed on the next Board of Trustees meeting and the Trustees will make a recommendation that will be submitted to the State Board of Workers' Compensation. If the State Board agrees with the Trustees' recommendation, an order will be issued.