South Carolina Opt Out Coming Soon (Maybe)
The South Carolina Opt Out decision may be a reality soon. The South Carolina State House introduced a bill that may actually allow South Carolina companies to Opt Out of Workers Compensation. South Carolina would join Texas, Oklahoma, and possibly Tennessee in being the country’s Opt Out states.
The South Carolina Opt Out House Bill H 4197 Summary can be found at the link. Click on full text for the complete Bill. I see that the Bill was referred to Committee. This means that it may not even be called to the Floor during this session. (Bummer) Summary is as follows:
H 4197 General Bill, By Sandifer, Hiott, and Gagnon
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING TITLE 64 SO AS TO ENACT THE “SOUTH CAROLINA EMPLOYEE INJURY BENEFIT PLAN ALTERNATIVE”, TO DEFINE NECESSARY TERMS, TO AUTHORIZE NEW FORMS OF INSURANCE COVERAGE AND EXEMPTION FROM THE SOUTH CAROLINA WORKERS’ COMPENSATION LAW, TO PROVIDE CERTAIN NOTICE REQUIREMENTS, TO REQUIRE PAYMENT OF CERTAIN FEES, TO PROVIDE FOR THE COLLECTION AND MAINTENANCE OF CERTAIN INFORMATION, TO PROSCRIBE CERTAIN RULES AND FORMS, TO PROVIDE CIRCUMSTANCES FOR THE ADOPTION OF CERTAIN INSURED OR SELF-FUNDED BENEFIT PLANS, TO PROVIDE REQUIREMENTS FOR CERTAIN BENEFIT PLANS, TO PROVIDE APPLICABILITY OF CERTAIN STANDARDS, TO AUTHORIZE CERTAIN LUMP SUM PAYMENTS, TO AUTHORIZE CERTAIN SETTLEMENT AGREEMENTS AND SPECIFY CONDITIONS AND LIMITATIONS; TO PROHIBIT CERTAIN FEES OR COSTS, TO REQUIRE THE PROVISION OF CERTAIN INFORMATION, TO PROVIDE QUALIFIED EMPLOYERS MAY INSURE OR SELF-FUND CERTAIN RISKS, TO PROVIDE EMPLOYERS SHALL SECURE COMPENSATION IN SPECIFIED WAYS, TO PROVIDE CERTAIN SETTLEMENT AGREEMENTS, TO PROVIDE CERTAIN FINANCIAL SECURITY REQUIREMENTS, TO HOLD CERTAIN INSURANCE AGENTS AND BROKERS HARMLESS FOR CERTAIN ACTIONS, TO PROVIDE FOR CERTAIN FUNDS AND THE PURPOSE OF THOSE FUNDS, TO PROVIDE FOR THE DEPOSIT OF CERTAIN PREMIUM TAXES, TO REQUIRE PAYMENT AND COLLECTION OF CERTAIN FEES, TO PROVIDE FOR THE DETERMINATION OF CERTAIN ASSESSMENTS, TO PROVIDE CERTAIN NOTICE REQUIREMENTS, TO PROVIDE FOR THE EXCLUSIVITY OF CERTAIN LIABILITIES AND REMEDIES, TO PROVIDE RELATED RESPONSIBILITIES OF CERTAIN EMPLOYERS, AND TO PROVIDE PLANS MUST CONTAIN CERTAIN RIGHTS, AMONG OTHER THINGS.
If South Carolina Opt Out is ever enacted, the state has two and possibly three “blueprint states” for reference in the future. South Carolina is in the throes of a deep recession. Anything that can possibly help cut operating costs for employers would be very helpful in the long run.
©J&L Risk Management Inc Copyright Notice
