Minnesota self-insurance program bonds.
From $100.

Minn. Stat. ch. 79A · Minn. Stat. 79A.04 · Minn. Stat. 79A.15Minnesota Statutes chapter 79A governs workers’ compensation self-insurance, and section 79A.01, subdivision 2 defines "commissioner" as the commissioner of commerce except where stated otherwise — so the Department of Commerce, not the Department of Labor and Industry, runs this program. Under section 79A.03 an employer or group applies to the commissioner on the department’s forms; the commissioner grants or denies within 60 days of a complete application, subdivision 13 requires the financial requirements of subdivisions 3, 4, 5, and 7 to be met annually, and subdivision 4a lets the commissioner require security equal to twice the amount otherwise required. Section 79A.04, subdivision 2 sets the minimum deposit at 110 percent of the private self-insurer’s estimated future liability, calculated from an actuarial study by a Fellow or Associate of the Casualty Actuarial Society; subdivision 1 posts it in installments — the prior years’ posting plus one-third of the current year within 60 days of the annual report, another third by July 31, and the final third by October 31. Subdivision 3 lists the acceptable forms of security: cash, approved government securities, surety bonds, and clean irrevocable letters of credit with evergreen clauses, with deposits held through the commissioner of management and budget on the commissioner’s behalf, and it provides that a surety bond secures administrative and legal costs in addition to the compensation liability on the face of the bond. Section 79A.15 prescribes the bond form itself: the principal and surety are bound to the State of Minnesota, the surety pays 50 percent of the penal sum to the security fund as an initial deposit within 30 days of the commissioner’s notification, administrative, legal, and actuarial costs and chapter 79A and 176 assessments are charged against the penal sum, and cancellation takes effect 60 days after the commissioner of commerce receives registered or certified notice. Confirm your own security figure with the department’s self-insurance staff before you buy — enter that number here and we will issue to it.