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TRANSFER OF LIABILITY FOR CERTAIN STATE WORKERS' COMPENSATION CLAIMS |
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The Commissioner of Administrative Services is authorized to enter into a loss portfolio arrangement
program for the purpose of transferring a group of workers' compensation claims to an
independent third party. Claims that qualify for transfer to such program shall be approved state employees' claims which require payment of future indemnity benefits and
payment of medical benefits to certain disabled workers. Such program shall provide
that the independent third party shall, as part of the assumption of liability, become
responsible for the management and administration of the transferred liability and shall
require such party to administer the individual workers' compensation claims in accordance with the Connecticut general statutes.
(June Sp. Sess. P.A. 01-7, S. 12, 28.)
History: June Sp. Sess. P.A. 01-7 effective July 1, 2001.
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(a) The State Bond Commission shall have
power, in accordance with the provisions of this section, from time to time, to authorize
the issuance and sale of bonds of the state in one or more series and in principal amounts
in the aggregate, not exceeding fifty-three million dollars.
(b) The proceeds of the sale of said bonds shall be used for the purposes of a loss
portfolio arrangement program entered into by the Commissioner of Administrative
Services pursuant to section 4a-25a.
(c) All provisions of section 3-20 or the exercise of any right or power granted
thereby which are not inconsistent with the provisions of this section are hereby adopted
and shall apply to all bonds authorized by the State Bond Commission pursuant to this
section and temporary notes in anticipation of the money to be derived from the sale of
any such bonds so authorized may be issued in accordance with said section 3-20 and
from time to time renewed. Such bonds shall mature at such time or times not exceeding
ten years from their respective dates as may be provided in or pursuant to the resolution
or resolutions of the State Bond Commission authorizing such bonds.
(d) None of said bonds shall be authorized except upon a finding by the State Bond
Commission that there has been filed with it a request for such authorization, which is
signed by the Secretary of the Office of Policy and Management and stating such terms
and conditions as said commission, in its discretion, may require.
(e) For the purposes of this section "state moneys", means the proceeds of the sale
of bonds authorized pursuant to this section or of temporary notes issued in anticipation
of the moneys to be derived from the sale of such bonds. Each request filed as provided
in subsection (d) of this section for an authorization of bonds shall identify the purpose
for which the proceeds of the sale of such bonds are to be used and expended.
(f) Any balance of proceeds from the sale of said bonds authorized for the purposes
of subsection (b) of this section in excess of the aggregate costs of the purposes so
authorized shall be deposited in the General Fund.
(g) Net earnings on investment of proceeds, accrued interest and premiums on the
issuance of any such bonds authorized for the purposes of subsection (b) of this section,
after payment of expenses incurred by the State Treasurer or State Bond Commission
in connection with their issuance, if any, shall be used for the purposes described in said
subsection (b).
(June Sp. Sess. P.A. 01-7, S. 13, 28.)
History: June Sp. Sess. P.A. 01-7 effective July 1, 2001.
