Workers' Compensation Security Fund Assessment
[27 Pa.B. 6624]
The Insurance Commissioner has determined that assessments for the Workers' Compensation Security Fund (WCSF) for 1997 will be required of all insurers writing workers' compensation insurance in the Commonwealth. Accordingly, an assessment equal to 1% of each insurers net written premiums determined as of June 30, 1997 will be imposed.
Under section 5 of the Workers' Compensation Security Fund Act (77 P. S. § 1055), the Commissioner shall impose an assessment equal to 1% of each insurer's net written premiums if the WCSF Balance minus the WCSF Loss Reserve is less than 5% of the Insurers' Loss Reserve. The Commissioner ascertained that the Insurers' Loss Reserve as of June 30, 1997 is $7,326,036,648. Five percent of that reserve is $366,684,367. The WCSF Balance minus the WCSF Loss Reserve is $23,069,313. Accordingly, the WCSF Balance less the WCSF Loss Reserve is less than 5% of Insurers' Loss Reserve, triggering the need for the assessment.
Payment of the assessment is due no later than January 23, 1998. Insurers will be billed by the WCSF in December, 1997. Questions or comments regarding the assessment may be directed to: Michael P. Sullivan, Claims Manager, Workers' Compensation Security Fund, 901 N. 7th Street, Harrisburg, PA 17102, (717) 783-8093, fax: (717) 705-0140.
Insurers are reminded that any carrier which fails to pay the contribution when due is subject to a 5% penalty on the total unpaid contribution. Thereafter, for each month (or portion thereof) in which the contribution remains unpaid, a 1% penalty will be imposed on the unpaid balance. Additional penalties for nonpayment can also include revocation of the insurer's certificate of authority. (See 77 P. S. § 1059)
M. DIANE KOKEN,
[Pa.B. Doc. No. 97-2059. Filed for public inspection December 19, 1997, 9:00 a.m.]
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