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WV SELF-INSURERS SECURITY FUND

At its May 22, 2014 meeting, the Workers’ Compensation Industrial Council was advised that assessments for the Self-Insurer’s Security Fund must continue at least through FY 2018.

The Security Fund covers defaults by self-insurers having claims up to June 30, 2004. Claim on or after July 1, 2004, are secured by the Self-Insurers Guaranty Fund.

The Security Fund deficit was triggered by bankruptcy defaults of R. G. Steel Wheeling, LLC, W-P Coal Company, Celotex Corp. and by four affiliates of Castle Rock Mining: Birchfield Mining; Chesapeake Services ; Davidson Mining; and M.A.E. – West.

The FY 2014 assessment (for fiscal year ending June 30, 2014) was $1,208,342. It was allocated among active and inactive self-insured employers. The assessments are projected to continue through FY-2018.

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