Tennessee Code 50-6-623 – Submission and review of organizational and operating plans
Terms Used In Tennessee Code 50-6-623
- Administrator: means the chief administrative officer of the bureau of workers' compensation of the department of labor and workforce development. See Tennessee Code 50-6-102
- Board: means the board of directors of the competitive state compensation insurance fund. See Tennessee Code 50-6-602
- Contract: A legal written agreement that becomes binding when signed.
- Fund: means the competitive state compensation insurance fund. See Tennessee Code 50-6-602
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
Before the fund established by this part shall enter into any contract, except for consulting services, or issue any bonds, or incur any liability, the board of directors shall submit organizational and operating plans for the fund to a review committee for approval. The review committee shall consist of the administrator of the workers’ compensation bureau, the commissioners of commerce and insurance, and finance and administration, the state treasurer, and the comptroller of the treasury. The review committee shall approve the operational and organizational plans if it determines the plans to be in accord with this part and to be fiscally sound and responsible. If the committee approves the plan, then the fund may become fully operational. If the committee does not approve the plan, then the committee shall make appropriate recommendations to the board of directors, governor, and the speakers of the senate and house of representatives concerning any deficiencies.