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DOL/ESA

RIN: 1215-AB38

Publication ID: Fall 2004

Title: Requirements for Security of Insurance Obligations Under the Longshore and Harbor Workers' Compensation Act
Abstract: The Longshore and Harbor Workers' Compensation Act (LHWCA) makes a covered employer liable for compensation to employees injured in the course of their work. An employer may satisfy this liability by contracting with a private insurance carrier. By statute, an insurance carrier must obtain authorization from the Secretary of Labor to insure compensation, and the Secretary may revoke authorization for good cause. This proposed regulation would require, as a condition to authorization to write LHWCA insurance, an insurance carrier in certain circumstances to establish that its potential LHWCA obligations are sufficiently secured. Obligations would be considered sufficiently secured if funds would be available to cover all workers' compensation claims in the event of adverse market conditions and the carrier's insolvency. A carrier could fully secure its obligations by posting security deposits with the Secretary. Carriers would not, however, be required to make this showing in states which have a guaranty fund that fully and immediately covers LHWCA claims in the event of a carrier's insolvency.
Agency: Department of Labor(DOL)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 20 CFR 701 (Revision) 20 CFR 703
Legal Authority: 33 USC 939(a)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	03/15/2004	69 FR 12218
NPRM Comment Period End	05/14/2004
Final Action	12/00/2004

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
Agency Contact: Brandon Miller Chief, Branch of Financial Management, Insurance and Assessment Room C4315, 200 Constitution Avenue NW., FP Building, Room C-4315, Washington, DC 20210 Phone:202 693-0925 Fax:202 693-1380 Email: miller.brandon@dol.gov