Indiana Code 22-3-5-1. Requirements; self-insurance; security; fees
(1) insure and keep insured the employer’s liability under IC 22-3-2 through IC 22-3-6 in some corporation, association, or organization authorized to transact the business of worker’s compensation insurance in this state; or
Terms Used In Indiana Code 22-3-5-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) Under subsection (a)(2) the board may require the deposit of an acceptable security, indemnity, or bond to secure the payment of compensation liabilities as they are incurred. The board shall charge the following:
(1) An initial application fee of five hundred dollars ($500) to be paid along with the proof of financial ability required under this section.
(2) A renewal fee of two hundred fifty dollars ($250) if the employer holds a certificate of self insurance.
(3) A late filing fee of two hundred fifty dollars ($250).
Formerly: Acts 1929, c.172, s.68. As amended by P.L.144-1986, SEC.50; P.L.28-1988, SEC.42; P.L.170-1991, SEC.12.