About

The association was established in 1986 by the north carolina general assembly and is authorized under article 4, chapter 97 of the north carolina general statutes and is a TAX exempt unincorporated legal entity that provides the mechanism for the payment of covered workers' compensation claims incurred against insolvent member self-insurers. The association is TAX-exempt under section 501(c)(6) of the internal revenue code and serves a unique role as the statutory safety NET for injured workers of insolvent current or former self-insurers. Member self-insurers are defined by north carolina law as individual employers or groups of two or more employers that have pooled their liabilities under applicable insurance law and have been licensed by the north carolina department of insurance. ALL licensed individual and group self-insurers MUST demonstrate the requisite financial strength to secure their respective workers' compensation obligations and are required by statute to be members of the association. Individual self-insurers MUST participate in the annual association aggregate security system (AASS). If an individual licensed self-insurer is excluded from the AASS, it MUST post a statutory deposit with the north carolina department of insurance. The association is authorized to monitor and assess the financial condition of ALL individual member self-insurers that participate in the AASS. The association serves as a resource for ALL member self-insurers, the north carolina department of insurance and the north carolina industrial commission. The association pays covered workers' compensation claims of injured workers from its security fund which has been created by member self-insurer assessments and statutory or terminating deposits previously posted by member self-insurers. Aggregate security including instruments such as financial guarantees, insurance or reinsurance is also purchased by the association to protect member self-insurers, the security fund. The proceeds of the security fund are invested and administered by investment advisors in accordance with an investment policy, which is approved annually by the north carolina state treasurer.

In care of Franklin T Roberts SR

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Governance