LAC Self-Insured Fund (LAC-SIF), formerly known as Louisiana Cotton Association Workers’ Compensation Self-Insurance Fund, was created in 1988 as an innovative alternative market for workers’ compensation coverage. The objective is to offer reasonable premiums, loss control services, and superior claims management.The LAC-SIF was formed for the sole purpose of providing workers’compensation coverage to North Louisiana employers engaged in the following operations:
- Cotton Gin
- Cotton Warehouse
- Farming (Primarily field crops)
- Farm Supply
- Grain Elevator (Not terminals)
The program has grown solely by word-of-mouth. It doesn’t advertise nor does it pay commission to outside agents.
All annual premiums are paid in advance. LAC-SIF is managed by a stable conservative board of trustees, serving without compensation.
The LAC-SIF operates within the guidelines of Louisiana Workers’-Compensation Law and is regulated by the Department of Insurance.
An applicant will be required to:
- Review the Program Review and understand how a self-funded plan operates.
- Provide at least 3 years’ prior workers’ compensation history
(loss ratio under 50%).
- Provide the names of at least two fund members that will recommend
applicant for membership.
- Develop a minimum annual premium of $2,000
(minimum payroll $15,000).
An applicant must agree with the following:
- Pay estimated annual premiums in a timely manner.
- Join the Louisiana Agricultural Corporation, L.L.C. ($200 annual dues).
- Comply with audit requirements.
- Comply with OSHA requirements as they apply to employee safety.
Charles M. Noble
Alan “Al” Ray Ater
Ted H. Schneider IV
John F. Shackelford, III
Ted E. Oliver
Curt A. Leake