Current through Register Vol. XLI, No. 40, October 4, 2024
Section 85-3-3 - Subscription and Premiums3.1. Subscription. -An employer shall apply for subscription to the Fund on forms approved by the commission. Coverage shall not commence until a signed application, along with the required deposit, are received by the Fund and approved by the commission. a. The commission, in the exercise of its fiduciary responsibility to the Fund and in its sole discretion, may reject an application for subscription to the Fund.3.2. Coverage. -The policy form shall be approved by the commissioner. The details of coverage shall be summarized on a declarations page, attached to the policy form.3.3. Deposit. The initial deposit shall be equal to an annual premium, based on the payroll reported by the employer to the Workers' Compensation Commission. If the commission determines that this amount of payroll is not a reasonable estimate of annual payroll, the commission may make a suitable adjustment. Thereafter the deposit shall be maintained at a level of payroll corresponding to the employer's annual premium.3.4. Premium payment. -Premiums shall be payable quarterly, on the last day of the month following the end of each calendar quarter, The premium statement shall also reflect any change in the amount of required deposit.3.5. Deductible. The Commision may require the subscriber to employers' excess liability coverage to be responsible for a minimum deductible. The minimum deductible amount may be based upon payroll, premium or any other measure related to the size or hazard of the employer.