Michigan Laws 418.501 – Self-insurers’ security fund and second injury fund; silicosis, dust disease, and logging industry compensation fund; uninsured employer’s security fund; private employer group self-insurers security
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 418.501
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Employment in the logging industry: means employment in the logging industry as described in the section in the workmen's compensation and employers liability insurance manual, entitled, "logging or lumbering and drivers code no. See Michigan Laws 418.501
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- PEGSISF: means the fund created in subsection (4). See Michigan Laws 418.501
(1) A self-insurers’ security fund and a second injury fund are created.
(2) A silicosis, dust disease, and logging industry compensation fund is created.
(3) An uninsured employer’s security fund is created. The fund shall succeed to all of the assets, if any, of the former uninsured employer’s security account of the workplace health and safety fund created in former section 723.
(4) The private employer group self-insurers security fund is created on January 1, 2020. The PEGSISF shall receive assessments from and be responsible for payment of eligible claims made against individual members of groups of self-insured private employers who pool their liabilities under this act as group funds in the manner provided in section 611, if the group is otherwise unable to pay.
(5) As used in this chapter:
(a) “Employment in the logging industry” means employment in the logging industry as described in the section in the workmen’s compensation and employers liability insurance manual, entitled, “logging or lumbering and drivers code no. 2702,” which is filed with and approved by the commissioner of insurance.
(b) “Private employer group self-insurers security fund” or “PEGSISF” means the fund created in subsection (4).