The Texas Workers Compensation Self-Insurance Group (SIG) Hazardous Financial Condition Notice is a notification issued by the Texas Department of Insurance (TDI) when a SIG is in a financially precarious position. Specifically, the TDI issues the notice when a SIG’s total liabilities exceed its total assets, or when a SIG’s net assets are below the minimum required level. The SIG Hazardous Financial Condition Notice can be issued as a Level 1, Level 2, or Level 3 notice. Level 1 Notice: This notice is issued when the SIG meets the above criteria and the TDI is concerned that the SIG does not have enough money to cover its future liabilities. Level 2 Notice: This notice is issued when the SIG meets the above criteria and the TDI is concerned that the SIG is not taking sufficient steps to prevent insolvency. Level 3 Notice: This notice is issued when the SIG meets the above criteria and the TDI is concerned that the SIG will become insolvent. The TDI may require the SIG to take corrective action depending on the severity of the notice. The corrective action may include, but is not limited to, increasing the SIG’s net assets, reducing its liabilities, or taking measures to improve its financial condition.
Texas Workers Compensation Self-Insurance Group (SIG) Hazardous Financial Condition Notice
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How to fill out Texas Workers Compensation Self-Insurance Group (SIG) Hazardous Financial Condition Notice?
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