Title 31A Chapter 33 Section 102

Insurance Code
Workers' Compensation Fund
Section 102
Establishment of the Workers' Compensation Fund and the Injury Fund.

            

31A-33-102.   Establishment of the Workers' Compensation Fund and the Injury Fund.

            (1) (a) There is created a nonprofit, quasi-public corporation to be known as the Workers' Compensation Fund created by this chapter.

            (b) The purpose of the fund is to:

            (i) insure Utah employers against liability for compensation based on job-related accidental injuries and occupational diseases; and

            (ii) assure payment of this compensation to Utah employees who are entitled to it under Title 34A, Chapters 2, Workers' Compensation Act, and 3, Utah Occupational Disease Act.

            (2) (a) There is created an Injury Fund, which shall be maintained by the Workers' Compensation Fund.

            (b) The Injury Fund shall consist of all assets acquired from premiums and penalties paid into the Injury Fund and interest and dividends earned on those assets.

            (c) The Injury Fund is the sole source of money to:

            (i) pay losses sustained on account of the insurance provided; and

            (ii) pay salaries and other expenses of the Workers' Compensation Fund in accordance with this chapter.


Amended by Chapter 222, 2000 General Session