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This entry was published on 2014-09-22
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Administration of fund
Workers' Compensation (WKC) CHAPTER 67, ARTICLE 6-A
§ 109-a. Administration of fund. The superintendent of financial
services may adopt, amend and enforce all reasonable rules and
regulations necessary for the proper administration of said fund. In the
event any carrier shall fail to file any return or make any payment
required by this article, or in case the superintendent of financial
services shall have cause to believe that any return or other statement
filed is false or inaccurate in any particular, or that any payment made
is incorrect, the superintendent shall have full authority to examine
all the books and records of the carrier for the purpose of ascertaining
the facts and shall determine the correct amount to be paid and may
proceed in any court of competent jurisdiction to recover for the
benefit of the fund any sums shown to be due upon such examination and
determination. Any carrier which fails to make any statement as required
by this article, or to pay any contribution to the fund when due, shall
thereby forfeit to said fund a penalty of five per centum of the amount
of unpaid contribution determined to be due as provided by this article
plus one per centum of such amount for each month of delay, or fraction
thereof, after the expiration of the first month of such delay but the
superintendent, if satisfied that the delay was excusable, may remit all
or any part of such penalty. The superintendent, in his discretion, may
revoke the certificate of authority to do business in this state of any
foreign carrier which shall fail to comply with this article or to pay
any penalty imposed in accordance with this article.