§1168. Ways of securing compensation to employees

            A. An employer shall secure compensation to his employees in one of the following ways:

            (1) By insuring and keeping insured the payment of such compensation with any stock corporation, mutual association, or other concern authorized to transact the business of workers' compensation insurance in this state. When an insurer issues a policy to provide workers' compensation benefits pursuant to the provisions of the Workers' Compensation Act, the insurer shall report to the National Council on Compensation Insurance all policy information in accordance with the reporting guidelines established by the National Council on Compensation Insurance. Proof of coverage must be filed no later than thirty days after the effective date of coverage and include the name of each business entity operating in the state of Louisiana for which coverage is provided.

            (2) By entering into an agreement with a group self-insurance fund as provided for in R.S. 23:1191 et seq.

            (3) By entering into an agreement with an interlocal risk management agency as provided for in R.S. 33:1341 et seq.

            (4) By furnishing satisfactory proof to the assistant secretary of the employer's financial ability to pay such compensation. The assistant secretary, pursuant to rules adopted by the office for an individual self-insured or own risk carrier, including but not limited to rules relative to security and excess coverage, shall require that an employer:

            (a) Deposit with the assistant secretary securities or a surety bond in an amount determined by the assistant secretary which would be at least an average of the yearly claims for the last three years.

            (b) Provide proof of excess coverage with such terms and conditions as is commensurate with their ability to pay the benefits required by the provisions of the Workers' Compensation Act.

            (5) Repealed by Acts 2014, No. 375, §2.

            B.(1) The assistant secretary may waive the requirements of Paragraph A(4) of this Section if he finds any company able to pay benefits, and that the requirements of these provisions are unnecessary. He shall establish rules which set standards for such waiver.

            (2) The assistant secretary shall waive the requirements of Paragraph A(4) of this Section if any employer that is a municipality or other political subdivision of the state is able to demonstrate financial responsibility and ability to pay benefits by the filing of annual reports including statements of financial condition and summary loss data detailing past claims experience.

            C. Any employer that knowingly provides false information to the assistant secretary for purposes of becoming self-insured or own risk carrier or a group pool association shall be subject to the perjury laws of this state.

            D. Repealed by Acts 2006, No. 49, §2, eff. May 16, 2006.

            Acts 1988, No. 938, §2, eff. July 1, 1989; Acts 1989, No. 28, §1, eff. June 15, 1989; Acts 1989, No. 454, §12, eff. Jan. 1, 1993; Acts 1995, No. 81, §1; Acts 1995, No. 349, §1, eff. June 16, 1995; Acts 1999, No. 625, §1; Acts 2001, No. 927, §1, eff. June 26, 2001; Acts 2003, No. 455, §1; Acts 2005, No. 257, §2; Acts 2006, No. 49, §2, eff. May 16, 2006; Acts 2010, No. 794, §2; Acts 2014, No. 375, §§1, 2.