W. Va. Code R. § 85-6-5

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

Section 85-6-5 - Surcharges on the Self-insured Employer Community

5.1. The Insurance Commissioner shall assess self-insured employers the following statutory percentage surcharges:

a. The self-insured employer regulatory surcharge; and

b. The WCDRF self-insured employer surcharge.

The percentage surcharges apply to the payroll of each self-insured employer. Each self-insured employer shall remit the surcharges to the Insurance Commissioner on a quarterly basis. The surcharge percentage set by the Insurance Commissioner shall be effective July 1 of that year. The Insurance Commissioner may change the percentage annually, as needed to meet the annual funding requirements as set forth in W. Va. Code § 23-2C-3(f). The Insurance Commissioner shall provide at least ninety (90) days notice to self-insured employers prior to changing the percentage amounts.

5.2. If the annual statutory amount collected for the Insurance Commissioner under the surcharges described in this section exceeds or is less than the annual statutory funding requirements, the excess or shortage shall be applied in the determination of the percentage for the next year, so that the running average collected for the Insurance Commissioner is consistent with the aggregate monetary amount required to be collected under the statute.

W. Va. Code R. § 85-6-5