House Insurance Committee Hears Workers’ Comp Bill to Expand Availability of Self-Insurance

Last week the House Insurance Committee accepted a substitute version of House Bill 268 which is designed to allow more Ohio companies to qualify for self-insurance for workers’ compensation purposes. A comparison document outlines the changes that were accepted, including:

“Requires the Administrator of Workers’ Compensation to waive the requirement that an employer have sufficient assets located in Ohio to qualify for self-insuring status if the employer holds a rating of Ba2 or higher according to Moody’s or a comparable rating from a similar agency.”

And, “Specifies the Administrator may require such an employer to obtain an irrevocable letter of credit, a bond, or any other security the Administrator determines necessary to ensure the employer’s solvency. Also retains the Administrator’s rule-making authority to require an employer to provide additional security.” 10/18/2017