4121.78 Duties of workers' compensation council. - Ohio Statutes

4121.78 Duties of workers' compensation council.

The workers’ compensation council shall do all of the following:

(A) Study all changes to this chapter and Chapters 4123., 4125., 4127., and 4131. of the Revised Code proposed to the general assembly and report to the general assembly on their probable costs, actuarial implications, and desirability as a matter of public policy;

(B) Review for solvency, as the council determines necessary, all financial, actuarial, and fiduciary audits performed on the funds specified in this chapter and Chapters 4123., 4127., and 4131. of the Revised Code and the actuarial policies of the bureau of workers’ compensation;

(C) Have prepared by an independent actuary, at least once every ten years, an actuarial review of the annual actuarial valuations and quinquennial actuarial investigations prepared by the bureau of workers’ compensation board of directors pursuant to section 4121.125 of the Revised Code, including a review of the actuarial assumptions and methods and the data underlying the valuations and investigations;

(D) Submit to the governor and the general assembly a report summarizing the review required under division (C) of this section.

(E) Submit an annual report summarizing the activities and findings of the council during the year preceding the annual report to the president and minority leader of the senate, speaker and minority leader of the house of representatives, and the members of the standing committees of the house of representatives and of the senate to which matters concerning this chapter and Chapters 4123., 4127., and 4131. of the Revised Code normally are referred.

Effective Date: 2007 HB100 09-10-2007