4123.36 Covering default in excess of employer's premium security deposit by transfer of money from premium payment security fund. - Ohio Statutes

4123.36 Covering default in excess of employer's premium security deposit by transfer of money from premium payment security fund.

Whenever an employer fails to pay a premium due, the administrator of workers’ compensation shall cover the default in excess of the employer’s premium security deposit by transfer of money from the premium payment security fund to the state insurance fund. The transfer establishes coverage of the employer for the immediately completed six-month period together with the ensuing two-month adjustment period and the employer is not liable to respond in damages at common law or by statute for injuries or death of any employees wherever occurring during that eight-month period. Payments from the premium payment security fund may not be used to cover a default of an employer with respect to any period longer than eight months. Thereafter, the employer shall be considered a noncomplying employer under this chapter and shall not be entitled to the benefits and protection of this chapter until the employer again establishes coverage pursuant to this chapter through reimbursement to the premium payment security fund for the money paid to the state insurance fund, on account of the default, payment of any semiannual premium obligations due but in default, and submission of a new premium security deposit pursuant to section 4123.32 of the Revised Code.

Effective Date: 11-03-1989