When an employer is qualified to meet certain state-mandated requirements, it may choose to self-insure its workers' compensation obligations. This requires pre-approval from the state agency that regulates workers' compensation. When an employer becomes self-insured, it assumes all the financial and administrative obligations that would otherwise be handled by an insurance company. Those would include, but not be limited to, claims administration, the actual payment of the claims and the purchase of excess workers' compensation insurance. Generally, employers will hire a Third Party Administrator (TPA) and agent to handle all aspects of the self-insurance program.
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