Montana Code 39-71-2620. Audit requirement
39-71-2620. Audit requirement. Biannually or within 6 months after the close of any fiscal year in which the fund has assumed the workers’ compensation obligations of an insolvent private self-insurer, the fund shall:
Terms Used In Montana Code 39-71-2620
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the Montana self-insurers guaranty fund established pursuant to 39-71-2609. See Montana Code 39-71-2603
- Insolvent private self-insurer: means an employer:
(a)(i) that is unable to pay workers' compensation claims because:
(A)it has been determined to be insolvent by a court of competent jurisdiction; or
(B)bankruptcy proceedings have been instituted by or against it; or
(ii)whose claims are not being paid on its behalf; and
(b)whose security has been exhausted pursuant to 39-71-2108. See Montana Code 39-71-2603
(1)contract for an independent certified audit of the financial activities of the fund; and
(2)report on the financial status of the fund to the department and to fund members.