§943 Black Lung Insurance Program

Summary

Creates a black lung insurance program so coal mine operators can buy coverage for the payments they might owe under section 932. The Secretary of Labor can set up the program only if private insurance at a reasonable cost is not available. The Secretary can make agreements where a new Black Lung Compensation Insurance Fund takes on some or all of an operator’s liability in return for premiums. While such an agreement is in effect, the operator is treated as meeting the rule in section 933 for the risks covered. The Secretary can also buy reinsurance from private insurers for the same benefits. The Secretary must write rules about who can get insurance, how operators are classified, premiums, deductibles, experience rating, and other terms needed to protect the fund. Studies and accepted actuarial methods will be used to make fair premium schedules and rates that reflect different risks and build reserves. All premiums go into the Black Lung Compensation Insurance Fund in the Department of Labor. That fund, available without fiscal year limits, pays covered claims, program costs, and repays any Treasury advances. The fund is credited with premiums, appropriations, and investment income. If there is extra money, the Secretary can ask the Treasury to invest it in public debt securities. Repayable advances from the Treasury are allowed, and interest on those advances is computed as provided in section 934a(b)(2).