W. Va. Code R. § 114-65-11

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-65-11 - Additional Contribution Requirements for Workers' Compensation Pools

11.1. For the purpose of funding a workers' compensation pool, the members shall make contributions to the pool based on annual payrolls for all employees of each member using rates as adopted by the board and approved by the Commissioner. The rates to be used are those in effect as of the inception of each pool's fiscal year. A plan that allows for consideration of past experience in developing a factor to be applied to a member's contribution may be used provided this plan has been approved by the Commissioner.

11.2. Each workers' compensation pool shall file with the Commissioner the basis for establishing the annual contributions of its members; such contributions must be based on reasonable assumptions and certified by an actuary or other person satisfactory to the Commissioner as to the sufficiency of such contributions.

11.3. The total amount of each member's annual contribution to the workers' compensation pool shall be certified by the board to the governing body of each member at least one month prior to the beginning of the next fiscal year, if practical.

11.4. Each workers' compensation pool may impose upon its members and former members an additional assessment whenever needed to supplement the pool's surplus to assure payment of its obligations.

11.4.a. The workers' compensation pool may assess each participating member an additional proportionate amount, as provided in the pool's member agreement or as provided in the pool's plan filed with the Commissioner to correct a deficit condition.

11.4.b. The board shall submit to the Commissioner a report of the causes of the pool's insufficiency, the assessments necessary to replenish it and the steps taken to prevent a recurrence of such circumstances.

W. Va. Code R. § 114-65-11