Substitute House Bill 205 had its first proponent testimony hearing this week in the House Insurance Committee. The bill would remove the minimum number of employees an employer must have in order to apply to become self-insured for workers’ compensation in Ohio.
The BWC already has the authority to waive the minimum employee requirement as long as the company’s financial position meets the agency’s requirements. That change was the result of an OMA-driven amendment to the state budget bill.
House Bill 205, therefore, is not essential for financially strong companies with fewer than 500 employees to apply for self-insurance. Contact OMA’s Jeremy Sesco to discuss a self-insured analysis for your company.