Self-Insurers Escrow Agreement {IC62}

IC62 - SELF-INSURER’S ESCROW AGREEMENT. The Illinois Workers’ Compensation Commission is a legal document used when an employer is granted permission to self-insure for workers’ compensation and occupational disease claims under Illinois law. This agreement requires the employer to deposit money or securities with an escrow agent as security to guarantee payment of all obligations arising from workplace injuries or occupational diseases occurring during its self-insured period, along with related administrative and defense costs. It outlines the rights and duties of the employer, the escrow agent, and the Commission, including provisions for the sale of securities, substitution of funds, and the return of deposits once liabilities are satisfied. It also details the Commission’s authority to demand additional security, withdraw funds if the employer fails to meet obligations, and handle claims in the event the employer becomes insolvent. The agreement ensures that funds are available to cover claims, protects workers’ benefits, and provides clear procedures for managing and releasing escrowed assets. www.FormsWorkflow.com