Hawaii Application for Self Insurance Authorization is a document used by employers in the State of Hawaii to apply for authorization to self-insure their workers' compensation insurance. It is a document that must be completed and submitted to the State of Hawaii Department of Labor & Industrial Relations, Division of Employment Security. The application should include the name and contact information of the employer, the type and scope of the self-insurance program, the employer's financial information, and the name and contact information of the independent actuarial consultant. There are two types of Hawaii Application for Self Insurance Authorization: 1. Group Self Insurance Application: This is for employers with more than one employee who wish to self-insure. 2. Individual Self Insurance Application: This is for employers with only one employee who wish to self-insure.
Hawaii Application For Self Insurance Authorization
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FAQ
A qualified self-insurer is an organization that has satisfied state filing requirements, met the minimum financial and size criteria, and received approval to self-insure workers compensation or automobile liability.
Current regulatory financial requirements for an organization desiring entry into self-insurance are: Three calendar years in business in a legally authorized business form. Three years of certified, independently audited financial statements. Acceptable credit rating for three full calendar years prior to application.
Being self-insured means that rather than paying an insurance company to pay medical, dental and vision claims, we pay the claims ourselves, using a third-party administrator to process the claims on our behalf.
Type of plan usually present in larger companies where the employer itself collects premiums from enrollees and takes on the responsibility of paying employees' and dependents' medical claims.
Self-insure is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss.
Links. As you can see, with the traditional model, self-insurance only makes sense if you could spread out the risk of those few employees who might have substantial claims throughout the rest of the employees. For that to work, you need many employees ? 200 employees is a good number.