Sec. 1. 39-A MRSA §403, sub-§18 is enacted to read:

18.__Report on withdrawal of funds.__Before transferring funds out of a trust fund created to comply with this section, an individual or group self-insurer shall report to the superintendent the amount and purpose of the transfer.__This subsection does not apply to funds used directly to pay benefits under this Act.__The report must be filed with the superintendent at least 30 days before the funds are transferred.

SUMMARY

This bill requires employers who self-insure for workers' compensation to report to the Superintendent of Insurance within the Department of Professional and Financial Regulation transfers out of their trust funds, except transfers to pay benefits under the Maine Workers' Compensation Act of 1992.