§4351.15. Dissolution
A. If the fund chooses to dissolve, it shall apply to the department for the authority
to dissolve. An application to dissolve shall be on a form prescribed by the department and
shall be approved or disapproved by the department within sixty days of receipt.
B. The dissolution of the fund without authorization is prohibited and shall not
absolve or release the fund, a member, or any person or entity which has executed an
indemnity agreement from the fund's or person's obligations incurred or entered into prior
to the dissolution of the fund.
C. An application to dissolve shall be granted if either of the following conditions
is met:
(1) The fund has no outstanding liabilities including incurred but not reported
liabilities.
(2) The fund is covered by an irrevocable commitment from a licensed insurer which
provides for payment of all outstanding liabilities and for providing all related services,
including payment of claims, preparation of reports, and administration of transactions
associated with the period during which the plan provided coverage.
D. Upon the dissolution of the fund and after payment of all outstanding liabilities
and indebtedness, the assets of the fund shall be distributed to all employers participating in
the fund pursuant to a distribution plan submitted by the fund to the department and
approved by the department.
Acts 2022, No. 586, §1, eff. June 17, 2022; Acts 2022, No. 598, §1, eff. June 18,
2022.