Self-Insurance By-Laws {WC-238} | Pdf Fpdf Doc Docx | Missouri

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Self-Insurance By-Laws {WC-238} | Pdf Fpdf Doc Docx | Missouri

Self-Insurance By-Laws {WC-238}

This is a Missouri form that can be used for Workers Comp.

Alternate TextLast updated: 1/8/2008

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SELF-INSURANCE BY-LAWS (Sample) ________________________________________ ________________________________________ (Name of Group Fund) ARTICLE I Section 1. The name of this organization shall be the _______________________________ hereinafter referred to as the "fund." Its principle office shall be located at ___________________________________ ___________________________, state of Missouri. Other offices for the transaction of business may be located at such places as the Board of Trustees, hereinafter referred to as the "board," may from time to time determine. These by-laws are adopted pursuant to and in compliance with the laws of the state of Missouri and with the rules and regulations of the Missouri Division of Workers' Compensation hereinafter referred to as "Division." Section 2. Section 3. Section 4. ARTICLE II Eligibility *Section 1. Participants of the fund must be members of the _________________________ ____________________ and meet such other qualifications as may be from time to time set by the board and appropriate governmental authorities. The board may grant the service agent the authority to accept new applications on a provisional basis pending approval by the board, and the Missouri Division of Workers' Compensation, upon such terms and conditions during the probationary period as the board may from time to time determine. Section 2. (*Article II, Section 1 must specifically define the industry from which employers will be eligible for membership.) ARTICLE III Board of Trustees Page 1 WC-238 (11-07) AI American LegalNet, Inc. Section 1. The business and property of the fund shall be supervised by a Board of Trustees. The initial board of no less than seven (7) trustees shall be appointed by the Board of Directors of the _____________________________________________ to serve temporarily in order to organize the fund. A board shall be elected by the participants of the fund each year at an annual meeting. Except as herein or by law otherwise required, the trustees shall act by majority vote of the trustees present at a meeting at which a quorum is present. Each trustee shall have one (1) vote and no trustee may vote by proxy. The trustees shall: a. Supervise the administration of the fund. b. Employ and oversee an independent service agent who shall be responsible for claims administration, safety engineering, general administration, and attorney-in-fact. c. Employ legal counsel, accountants and such other professional services as necessary. d. Contract for reinsurance with advice of the service agent. e. Set requirements for the admission of participants to the fund which shall include such precautions as appropriate to promote the safe and proper operation of the fund. Members should be financially stable and amenable to good, safe and proper operation of the fund. f. Endeavor to see that the fund is safely and prudently administered to insure its financial stability. g. Perform any other function incident to their office and in keeping with the laws of the state of Missouri. h. Members of the fund shall be amenable to good safety practices. Section 2. The Board of Trustees by a two-third (2/3) vote of the then trustees may appoint additional trustees to serve until the next annual meeting of the participants. The Board of Trustees shall be composed of no less than seven (7) persons who are representatives of participants in the fund, each of whom shall be a member in good standing in the fund. The trustees, by a majority vote, shall elect a chairman, vice chairman, a secretary and a treasurer. They shall appoint a fiscal officer (referred to as administrator) who may be one of the above. In addition, the trustees may appoint such assistant secretaries, assistant treasurers and additional officers as they deem advisable. All officers so elected or appointed shall serve at the pleasure of the Board of Trustees. No officer, except the chairman or vice chairman, shall be a trustee. The Board of Trustees may delegate to the service agent and/or the administrator the authority to act on all claim matters between full board meetings. Any participant may be expelled from the fund by the trustees, in the event the participant shall fail to pay any premium or assessment due the fund on the date it Section 3. Section 4. Section 5. Section 6. Page 2 WC-238-2 (11-07) AI American LegalNet, Inc. becomes due; or in the event the participant shall not file any report or census required to be filed by fund participants on the date the same shall be due; or in the event any report or census required to be filed by fund participants shall contain any materially false statement or omit to state any material information required. Section 7. Compensation to each trustee shall be at a rate not to exceed $_______ per diem nor $ _______ per annum. ARTICLE IV Officers Section 1. The chairman of the board shall preside at all meetings of the trustees and of the participants of the fund; shall have general supervision over the affairs of the fund and over the other officers; and shall perform all such other acts and duties as are incident to his executive office, which is comparable to that of president of a corporation. In case of the absence or disability of the chairman, his duties shall be performed by the vice-chairman. The secretary may be designated as the fiscal officer (referred to as administrator). The secretary shall record the minutes of all meetings and prepare agendas, records, etc., and other duties normally required of a secretary. The trustee shall appoint an investment trustee, which may be a bank, to hold and invest the fund in accordance with the provisions of the Missouri Insurance Code and/or the Division. The investment trustee shall have sole discretion as to the securities in which the fund shall be invested or reinvested, provided that such investments shall be limited to investments which are permissible for trustees in Missouri and acceptable to the Division. The trustees may from time to time change the investment trustee at their discretion. Section 2. Section 3. ARTICLE V Meetings Section 1. The fund shall operate on a fiscal year beginning on __________________ and ending ______________ of the following year. An annual meeting of the fund participants shall be held after the close of each fiscal year at such time on such date and at such place as shall be determined by the board. The secretary shall furnis

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