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Second Substitute H.B. 463
7 LONG TITLE
8 General Description:
9 This bill modifies provisions related to the Workers' Compensation Fund.
10 Highlighted Provisions:
11 This bill:
12 . addresses the legal nature of the Workers' Compensation Fund and its assets; and
13 . makes technical changes.
14 Monies Appropriated in this Bill:
16 Other Special Clauses:
18 Utah Code Sections Affected:
20 31A-33-103, as last amended by Chapter 222, Laws of Utah 2000
22 Be it enacted by the Legislature of the state of Utah:
23 Section 1. Section 31A-33-103 is amended to read:
24 31A-33-103. Legal nature of Workers' Compensation Fund.
25 (1) The Workers' Compensation Fund is:
26 (a) a nonprofit, self-supporting, quasi-public corporation; [
27 (b) subject to statutes governing the Workers' Compensation Fund that may be enacted
28 or modified by the Legislature including:
29 (i) modifying the structure and management of the Workers' Compensation Fund;
30 (ii) adjusting the level of the state's influence on the Workers' Compensation Fund; and
31 (iii) modifying the state's involvement in administering workers' compensation
32 insurance; and
34 (2) All of the business and affairs of the corporation shall be conducted in the name of
35 the Workers' Compensation Fund or if conducted through a subsidiary, such other corporate
36 names that comply with state law.
37 (3) The Workers' Compensation Fund assets, including the Injury Fund:
38 (a) are not owned by the state, other than as a policyholder; and
39 (b) belong to the Workers' Compensation Fund policyholders.
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