23-981
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23-981. State compensation fund; purpose; composition; administration; powers and duties A. There is established the state compensation fund which shall be maintained for the purpose of insuring employers against liability for workers' compensation, occupational disease compensation and medical, surgical and hospital benefits pursuant to the provisions of chapter 5 of this title and this chapter, and pursuant to the federal longshoremen's and harbor workers' compensation act, the federal coal mine health and safety act of 1969, as amended, and other workers' compensation or occupational disease liability programs imposed upon Arizona employers by the federal government. The fund may also indemnify an Arizona employer against his liability for workers' compensation and occupational disease benefits under the laws of any other state for Arizona employees temporarily working outside of this state if the fund insures the employer's other employees who work within this state. B. The assets of the state compensation fund consist of all premiums paid into the fund, all real and personal property, securities and all income and interest earned upon monies belonging to the fund. C. A manager shall administer the state compensation fund, subject to the authority of the board of directors, without liability of the state. The fund shall be applied to insurance and to payment of compensation and expenses as provided in this chapter. The manager has full authority over the fund and may do all things necessary or convenient in the administration of the fund, or in connection with the compensation business to be carried on by the manager under this chapter, may adopt rules for the collection, maintenance and disbursement of the fund and may perform all other functions which the laws of this state specifically authorize or which are necessary or appropriate to carry out the functions so authorized. D. The state compensation fund has the powers and privileges of a corporation and in its name may sue and be sued. The manager, in the administration of the fund, may lease or acquire real property and acquire or construct buildings or other improvements on the property as are necessary to house, contain and maintain offices and space for its departmental and operational facilities. Title to the real estate, buildings and improvements vests in the state compensation fund. The manager may lease or rent space not needed for the fund's immediate requirements. Any real and personal property owned by the state compensation fund is subject to ad valorem taxes. E. The operating and capital outlay budget of the state compensation fund for the two ensuing calendar years, with each year separately delineated, shall be submitted for review and approval on or before October 1 of each even-numbered year by the joint legislative budget committee. |