Sec. 4a-5. There is hereby created a Self-Insurers Security Fund.
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/il/chapter-820/act-305/4a-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4a-5. There is hereby created a Self-Insurers Security Fund. The State Treasurer shall be the ex officio custodian of the Self-Insurers Security Fund. Moneys in the Fund shall be deposited in a separate account in the same manner as are State Funds and any interest accruing thereon shall be added thereto every 6 months. It shall be subject to audit the same as State funds and accounts and shall be protected by the general bond given by the State Treasurer. The funds in the Self-Insurers Security Fund shall not be subject to appropriation and shall be made available for the purposes of compensating employees who are eligible to receive benefits from their employers pursuant to the provisions of the Workers' Compensation Act or Workers' Occupational Diseases Act, when, pursuant to this Section, the Board has determined that a private self-insurer has become an insolvent self-insurer and is unable to pay compensation benefits due to financial insolvency.
Moneys in the Fund may be used to compensate any type of injury or occupational disease which is compensable under either Act and for all claims for related administrative fees, operating costs of the Board, attorney's fees, and other costs reasonably incurred by the Board. Moneys in the Self-Insurers Security Fund may also be used for paying the salaries and benefits of the Self-Insurers Advisory Board employees and the operating costs of the Board. The Chairman, with the advice of the Board, may direct the State Comptroller and the State Treasurer to transfer up to $2,000,000 in any fiscal year from the Self-Insurers Security Fund to the Illinois Workers' Compensation Commission Operations Fund, to the extent that there are insufficient funds in the Illinois Workers' Compensation Commission Operations Fund to pay the operating costs of the Illinois Workers' Compensation Commission or the salaries and benefits of employees of the Illinois Workers' Compensation Commission.
No later than October 31 of the fiscal year following any transfer from the Self-Insurers Security Fund to the Illinois Workers' Compensation Commission Operations Fund, the Chairman, with the advice of the Board, shall direct the State Comptroller and the State Treasurer to transfer from the Illinois Workers' Compensation Commission Operations Fund to the Self-Insurers Security Fund an amount equivalent to the sum of all amounts transferred from the Self-Insurers Security Fund to the Illinois Workers' Compensation Commission Operations Fund in the prior fiscal year with interest at the rate earned by moneys on deposit in the Self-Insurers Security Fund.
Upon receipt of funds from any transfer between the Self-Insurers Security Fund and the Illinois Workers' Compensation Commission Operations Fund, the Chairman shall submit notice, including the date and amount of the transfer, to the Governor and the General Assembly. Payment from the Self-Insurers Security Fund shall be made by the Comptroller only upon the authorization of the Chairman as evidenced by properly certified vouchers of the Commission, upon the direction of the Board.