An Act to Reduce Workers' Compensation Costs for Self-insured Public Utilities
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 39-A MRSA §403, sub-§8, ¶A, as repealed and replaced by PL 2001, c. 224, §1, is amended by enacting a new subparagraph (3-A) to read:
(3-A) An individual self-insurer that is a transmission and distribution utility as defined in Title 35-A, section 102, subsection 20-B with an investment grade credit rating may reduce its required security level by up to $10,000,000, as long as:
(a) The self-insured transmission and distribution utility has a tangible net worth equal to or in excess of $200,000,000;
(b) The self-insured transmission and distribution utility has had positive net earnings demonstrated by certified statements of financial condition audited by a certified public accountant for at least 3 of the 5 latest fiscal years, including one of the 2 most recent years, and its mean annual earnings for the 5 latest fiscal years are at least equal to the normal annual premium for the prospective fiscal coverage period, or it was eligible to make an alternative election, under Statement of Financial Accounting Standard No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, that would have otherwise satisfied these earnings requirements;
(c) The self-insured transmission and distribution utility has credit facility equal to or in excess of twice its outstanding workers' compensation liabilities; and
(d) The reduction does not exceed $10,000,000 and does not reduce the minimum required security level below $100,000.
Effective September 13, 2003, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | 121st Laws of Maine | Maine Legislature |
