W. Va. Code R. § 85-9-7

Current through Register Vol. XLI, No. 49, December 6, 2024

Section 85-9-7 - Methods for Determining Assessments for the UEF

7.1. If at any time the Commissioner determines, based on generally accepted accounting and actuarial principles, despite the collection of, or projected collection of, amounts owed to the UEF, that:

(1) the UEF has incurred a deficit balance; or

(2) it appears imminent that it will incur a deficit balance, then, in order to maintain the solvency of the UEF, the Commissioner may, pursuant to W. Va. Code § 23-2C-8, impose assessments against either private carriers, self-insured employers, or both, in the following manner:

7.1.a. Monthly or quarterly assessments against workers' compensation private carriers that reflect the relative hazard of the employments covered by the private carriers, results in an equitable distribution of costs among the private carriers and is based upon expected annual premiums to be received: Provided, this assessment may be collected by each private carrier from its policy holders in the form of a policy surcharge, and private carriers will have no liability for the amounts of this assessment which are not paid by employers defaulting on their premium payments;

7.1.b. Monthly or quarterly assessments against self-insured employers that result in an equitable distribution of costs among the self-insured employers and is based upon expected annual expenditures for claims.

7.2. Prior to imposing the assessments described in this section, the Commissioner shall provide at least sixty (60) days notice to the entities being assessed. Notice shall be provided in writing to all entities being assessed and through other means deemed appropriate by the Commissioner.

PUBLIC HEARING JULY 30, 2009

OFFICES OF THE WEST VIRGINIA INSURANCE COMMISSIONER WORKERS' COMPENSATION INDUSTRIAL COUNCIL

TITLE 85, SERIES 9 WORKERS' COMPENSATION UNINSURED EMPLOYERS' FUND

Transcript of the Public Hearing held on Thursday, July 30, 2009, at 3:00 p.m., Offices of the West Virginia Insurance Commissioner, 1124 Smith Street, Room 400, Charleston, West Virginia.

Industrial Council Members Present:

Bill Dean, Chairman

Kent Hartsog

Dan Marshall

Walter Pellish (via telephone)

Chairman Bill Dean: This is Title 85, Series 9, Workers' Compensation Uninsured Employers' Fund. Ryan, do you have anything you would like to comment on?

Ryan Sims (Associate Counsel, OIC): No. We did not receive any written comments on Title 85, Series 9.

Chairman Dean: Does anybody from the general public have anything they would like to comment on? We will close the public hearing on Title 85, Series 9.

[There were no comments.]

W. Va. Code R. § 85-9-7