AN ACT RELATIVE TO MUNICIPAL FINANCING AND ACCOUNTING OR SELF-INSURED WORKER'S COMPENSATION.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Chapter 40 of the General Laws is hereby amended by inserting after
section 13B, as appearing in the 1988 Official Edition, the following section:-
Section 13C. In any city or town which accepts the provisions of this
section that has elected to self insure its worker's compensation may establish
reserves to pay worker's compensation claims until said claims are fully
paid. Said claims reserves shall be segregated by fiscal year and all
funds so reserved shall be managed by a designated fiscal officer of such city or
town. Any funds remaining after all claims are paid for a particular year,
may be placed in another fiscal year's claim reserve fund, if needed, or
returned to general funds. Costs of reinsurance, if used, and outside
claims and safety services may be disbursed from said funds.