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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 370. Rules Governing Group Self-Insurers of Liability under the Virginia Workers'compensation Act |
Section 20. Definitions
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"Act" means the Virginia Workers' Compensation Act as provided by Title 65.2 of the Code of Virginia.
"Administrator" means the individual, partnership or corporation authorized to serve as a representative of an association and its members in carrying out the policies of the board and managing the association's activities.
"Commission" means State Corporation Commission.
"Common interest" means employers engaged in the same or substantially similar industry, trade, commerce or profession, including political subdivisions of this Commonwealth. Notwithstanding the foregoing, an employer seeking membership in an association licensed on and before July 1, 2000, has a common interest if the industry, trade, commerce, profession or other business activity of such employer is the same or substantially similar to the business activity of an employer that was a member of the association on and before July 1, 2000. If an association is licensed by the commission, different businesses which are owned or controlled by a member of the association are eligible for membership in such association.
"Contributions" means the amount of payments required of each member in order to fund the association's obligations under the Act.
"Employer" shall have the definition provided by § 65.2-101 of the Code of Virginia.
"Group self-insurance association" or "association" means an association organized by two or more employers having a common interest that have entered into agreements to pool their liabilities under the Virginia Workers' Compensation Act.
"Indemnity agreement and power of attorney" means the written agreement executed by each member of the association in which each member (i) agrees to assume and discharge, jointly and severally, any liability under the Act of any and all members party to such agreement and (ii) grants the administrator power of attorney to act for and bind the members in all transactions relating to or arising out of the operations of the association.
"Member" or "member in good standing" means an employer party to an indemnity agreement for membership in a group self-insurance association who has been approved in accordance with the requirements of 14VAC5-370-50.
"Members' supervisory board," or "board," means the representative body selected by the members to be responsible for holding and managing the assets and directing the affairs of the association and for assuring that the association, through its members, is financially sound and able to meet its obligations under the Act.
"Service agent" means any individual, partnership or corporation that may provide services including, but not limited to, claims adjustment, safety engineering, compilation of statistics and the preparation of contribution payment and loss reports, preparation of other required self-insurance reports and the administration of a claims fund.
Historical Notes
Derived from Regulation 16, Case No. INS870353, § 3, eff. May 1, 1988; amended, Volume 16, Issue 25, eff. September 30, 2000; amended, Volume 26, Issue 14, eff. March 1, 2010.