(a) The board shall:
(1) create and maintain a trust fund for payment of the workers’ compensation liabilities of an insolvent group;
(2) hire staff as necessary;
(3) provide recommendations to the commissioner regarding rules or guidelines applicable to groups;
(4) receive reports from the department on the financial condition of groups, including examination and audit reports;
(5) engage consulting experts as necessary to review information provided by or filed with the department to ensure financial solvency of groups under this chapter;
(6) provide advisory recommendations to the commissioner as necessary regarding an applicant’s compliance with Subchapter B relating to application requirements for certification; and
(7) take action, in response to a finding by the commissioner that a group is insolvent, to use the trust fund’s resources to ensure the payment of the group’s valid workers’ compensation claims and related administrative expenses.
(b) The board shall control all amounts in the trust fund, including investment of those amounts.
(c) The guaranty fund may not disclose confidential information received from the department in a financial report under Subsection (a)(4), including an examination or audit report. Information received from the department remains confidential and not subject to disclosure under Chapter 552, Government Code.
(d) The board may make recommendations under Subsection (a)(6) outside of regular board meetings.
Added by Acts 2005, 79th Leg., Ch. 1055 (H.B. 1353), § 1, eff. September 1, 2005.