Current through Register Vol. XLI, No. 50, December 13, 2024
Section 85-6-4 - Surcharges on Private Carrier Premiums4.1. The Insurance Commissioner shall assess private carriers the following statutory percentage surcharges:a. The private carrier regulatory surcharge; andb. The WCDRF premiums surcharge. Beginning on July 1, 2008, the private carrier regulatory surcharge shall be 5.5% and the WCDRF premiums surcharge shall be 9%. The Insurance Commissioner may annually change the percentage of the private carrier regulatory surcharge as the Commissioner deems necessary beginning on July 1, 2013: Provided, That the Commissioner shall provide private carriers at least ninety (90) days notice prior to changing the private carrier regulatory surcharge percentage. The private carrier shall collect and remit the surcharges to the Insurance Commissioner. Any change to the percentage may be implemented by private carriers only in policies issued or renewed on or after the effective date of the change.
4.2. The surcharges described in this section are also applicable to all uninsured employers [W. Va. Code § 23-2C-8], to the extent that the Insurance Commissioner is able to collect the same, and to all employers assigned to the adverse risk fund [W. Va. Code § 23-2C-10].4.3. The obligation of the private carrier is to collect and remit the surcharges described in this section, as set by the Insurance Commissioner, from the total assessable workers' compensation premium due and received by the private carrier. The private carrier has no obligation to the Insurance Commissioner or to the Workers' Compensation Debt Reduction Fund to make up for surcharge amounts not collected as a result of the insured's failure to pay their premium.4.4. Failure by an insured to pay the percentage surcharge as invoiced by their private carrier on the premium invoice is grounds for cancellation of the workers' compensation policy for failure to pay premium.