(1) Provide the funding mechanism and the methodology for processing and timely and accurately collect funds;
(2) Assure the actuarial soundness of the patient injury compensation fund and sufficient moneys to satisfy all foreseeable claims against the patient injury compensation fund, giving due consideration to relevant loss or claim experience or trends and normal costs of operation;
(3) Provide a reasonable reserve fund for unexpected contingencies, consistent with generally accepted accounting principles;
(4) Establish appropriate procedures for notification of payment adjustments prior to any payment periods established in which a funding adjustment will be in effect, consistent with generally accepted accounting principles;
(5) Establish procedures for determining eligibility for and distribution of funds to claimants seeking reimbursement;
(6) Establish the requirements and procedure for certifying that a claimant has been unable to collect a portion of the economic damages recovered;
(7) Establish the process for submitting a claim for payment from the patient injury compensation fund; and
(8) Establish any additional requirements and criteria consistent with and necessary to effectuate the provisions of this article.
(b) If the Legislature accepts, in whole or in part, the recommendations of the patient injury compensation fund study board, enacts legislation establishing a patient injury compensation fund and approves rules governing the initial establishment, implementation and operation of the patient injury compensation fund, those rules shall be filed with the secretary of state as emergency rules.
Note: WV Code updated with legislation passed through the 2012 1st Special Session