Proof of financial guarantee.
Every applicant for workers’ compensation self- insurance must be financially secure and must provide evidence of guarantee of coverage with minimum limits of several thousand dollars. Applicants may also be required to carry commercial stop-loss insurance during their first five years of self- insurance to ensure all employee claims will be paid.
DWC investigation.
A DWC investigation may include employer site inspections, feasibility studies, financial obligation requirements, records from a parent guarantor; bonding and payment facilities, and other requests necessary to satisfy the DWC that the employer is eligible for approval or re-certification.
An administrative hearing.
Initial approval will only be granted after a hearing before the Director of the Department of Labor & Training to review the results of the DWC investigation.
Adherence to workers’ compensation rules and regulations.
Self-insured employers are still required to comply with all requirements of workers’ compensation laws, including data processing regulations, workers’ comp procedures, and the rules and orders of the Workers’ Compensation Court.
Commitment to payment and reporting standards.
Employers are responsible for paying application fees and yearly assessments to the RI Workers’ Compensation Fund, submitting payroll records and other documents to the DWC in a timely fashion, and renewing certification every year to prevent lapses, revocation, or expiration.
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