§ 1037.6. Payment of security into custodial account
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 77 P.S. Workers’ Compensation
77 P.S. § 1037.6
§ 1037.6. Payment of security into custodial account
(a)(1) Security or funds from security demanded and paid to the department under section 9041 shall be deposited into the Guaranty Fund.
(2) These funds and interest thereon shall be segregated in individual custodial accounts within the Guaranty Fund by the custodian and maintained solely for the payment of compensation or costs associated therewith upon order of the department to the employes of the defaulting self-insurer providing the security from the appropriate custodial account.
(3) If there are funds from security or interest thereon remaining in the individual account after all outstanding obligations of the insolvent self-insurer have been satisfied and the costs of administration and defense have been paid, such amount as remains shall be returned upon order of the department from the Guaranty Fund individual account to the self-insurer.
(b) Assessments made under section 9072 and interest thereon shall be deposited into the Guaranty Fund's appropriate custodial account.
Credits
1915, June 2, P.L. 736, No. 338, art. IX, § 906, added 1993, July 2, P.L. 190, No. 44, § 20, effective in 120 days.
77 P.S. § 1037.6, PA ST 77 P.S. § 1037.6
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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