Workers' Compensation Security Fund Assessment; Notice 2021-01
[51 Pa.B. 989]
[Saturday, February 20, 2021]
The Insurance Department (Department) has determined that no contributions will be required during 2021 to maintain the balance of the Workers' Compensation Security Fund (Fund).
Section 9(1) of the Workers' Compensation Security Fund Act (act) (77 P.S. § 1059(1)) states ''[i]f, due to the payment of liabilities or claims, the balance of the fund is reduced below $500,000,000, the department shall require contributions to maintain the actuarial soundness of the fund and to restore, in a timely manner, the balance of the fund to a level at or above $500,000,000.''
As of the evaluation of December 31, 2020, the balance of the Fund exceeded $500,000,000. Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit contributions to the Fund in 2021.
The act may be viewed at www.ncigf.org (select ''Resources,'' then ''Laws and Law Summaries'') and 31 Pa. Code Chapter 165 (relating to the Workers' Compensation Security Fund) may be viewed at www.pacodeandbulletin.gov. Additional information regarding the Fund is located on the Department's web site at www.insurance.pa.gov.
No acknowledgement of this notice is required.
JESSICA K. ALTMAN,
[Pa.B. Doc. No. 21-265. Filed for public inspection February 19, 2021, 9:00 a.m.]
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