Form SI-16 (BWC-7216) Agreement Between Employer and the Ohio Bureau of Workers' Compensation Regarding Amount of Self-insured Buyout - Ohio

What Is Form SI-16 (BWC-7216)?

This is a legal form that was released by the Ohio Bureau of Workers' Compensation - a government authority operating within Ohio. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form SI-16 (BWC-7216)?A: Form SI-16 (BWC-7216) is an agreement between an employer and the Ohio Bureau of Workers' Compensation regarding the amount of self-insured buyout.

Q: What is the purpose of Form SI-16 (BWC-7216)?A: The purpose of Form SI-16 (BWC-7216) is to establish and document the agreed-upon amount for the self-insured buyout between the employer and the Ohio Bureau of Workers' Compensation.

Q: Who uses Form SI-16 (BWC-7216)?A: Employers in Ohio who wish to become self-insured for workers' compensation use Form SI-16 (BWC-7216) to reach an agreement with the Ohio Bureau of Workers' Compensation.

Q: What does self-insured buyout mean?A: Self-insured buyout refers to the process in which an employer agrees to assume responsibility for the ongoing workers' compensation claims of their employees, instead of paying premiums to an insurance company.

Q: Are all employers in Ohio eligible for self-insuring workers' compensation?A: No, not all employers in Ohio are eligible for self-insuring workers' compensation. There are certain criteria and financial requirements that must be met.

Q: Is Form SI-16 (BWC-7216) mandatory for self-insured buyout in Ohio?A: Yes, Form SI-16 (BWC-7216) is mandatory for employers in Ohio who wish to enter into a self-insured buyout agreement with the Ohio Bureau of Workers' Compensation.

Q: What information is required in Form SI-16 (BWC-7216)?A: Form SI-16 (BWC-7216) requires the employer to provide information such as their name, contact details, number of employees, current workers' compensation program details, and proposed self-insured buyout amount.

Q: How long does it take for the self-insured buyout application to be processed?A: The processing time for a self-insured buyout application can vary depending on various factors. It is recommended to contact the Ohio Bureau of Workers' Compensation for more information on the current processing time.

Q: Can an employer change their self-insured buyout amount after submitting Form SI-16 (BWC-7216)?A: In most cases, the employer cannot change their self-insured buyout amount after submitting Form SI-16 (BWC-7216). It is important to carefully consider and accurately calculate the proposed buyout amount before submitting the form.