34A-2-705. Industrial Accident Restricted Account.

417 words·~2 min read·/ut/title-34a/chapter-2/34a-2-705

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Effective 5/4/2022

(1)As used in this section:

(a)"Account" means the Industrial Accident Restricted Account created by this section.

(b)"Advisory council" means the state workers' compensation advisory council created under Section 34A-2-107 .

(2)There is created in the General Fund a restricted account known as the "Industrial Accident Restricted Account."

(a)The account is funded from:

(i).5% of the premium income remitted to the state treasurer and credited to the account pursuant to Subsection 59-9-101(2)(c)(iv) ; and

(ii)amounts deposited under Section 34A-2-1003 .

(b)If the balance in the account exceeds $500,000 at the close of a fiscal year, the excess shall be transferred to the Uninsured Employers' Fund created under Section 34A-2-704 .

(a)From money appropriated by the Legislature from the account to the commission and subject to the requirements of this section, the commission may fund:

(i)the activities of the Division of Industrial Accidents described in Section 34A-1-202 ;

(ii)the activities of the Division of Adjudication described in Section 34A-1-202 ; and

(iii)the activities of the commission described in Section 34A-2-1005 .

(b)The money deposited in the account may not be used for a purpose other than a purpose described in this Subsection

(4), including an administrative cost or another activity of the commission unrelated to the account.

(a)Each year before the public hearing required by Subsection 59-9-101(2)(d)(i) , the commission shall report to the advisory council regarding:

(i)the commission's budget request to the governor for the next fiscal year related to:

(A)the Division of Industrial Accidents; and

(B)the Division of Adjudication;

(ii)the expenditures of the commission for the fiscal year in which the commission is reporting related to:

(A)the Division of Industrial Accidents; and

(B)the Division of Adjudication;

(iii)revenues generated from the premium assessment under Section 59-9-101 on an admitted insurer writing workers' compensation insurance in this state and on a self-insured employer under Section 34A-2-202 ; and

(iv)money deposited under Section 34A-2-1003 .

(b)The commission shall annually report to the governor and the Legislature regarding:

(i)the use of the money appropriated to the commission under this section;

(ii)revenues generated from the premium assessment under Section 59-9-101 on an admitted insurer writing workers' compensation insurance in this state and on a self-insured employer under Section 34A-2-202 ; and

(iii)money deposited under Section 34A-2-1003 .

Amended by Chapter 32 , 2022 General Session