(a) This part shall be known and may be cited as the “Workers' Compensation Insurance Fund Act of 1992.”
(b)
(1) There shall be established a competitive state workers' compensation insurance fund to insure employers under this chapter.
(2) This fund shall operate as a nonprofit insurance company and is subject to all requirements of law and regulation as any other insurer offering workers' compensation insurance in Tennessee pursuant to title 56 and this chapter.
(3) This fund shall act in addition to, and not as a substitute for, an assigned risk pool.
(4) The fund shall be required to maintain an adequate rate and any assessment for accumulated liabilities shall be made only against those insured within the state workers' compensation insurance fund. No assessments shall be made against or for the Tennessee Guaranty Association, as described in title 56, chapter 12, and no assessment shall be made against a private insurer or any entity authorized under § 50-6-405(c), not participating in the state workers' compensation insurance fund. The policies written by the fund shall be assessable against the policyholders.
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