Current through Register Vol. XLI, No. 50, December 13, 2024
Section 85-19-8 - Security Pool Assessments Pursuant to W. Va. Code Section 23-2-9(e) Beginning January 1, 2006, Security Pool assessments to self-insured employers shall be made as follows:
8.1. The Commissioner shall determine the projected claims payments to be made in the fiscal year.8.2. The Commissioner shall determine the amount necessary to fund the Security Pool through assessments.8.3. The Commissioner shall determine the methodology employed to allocate to each self-insured employer, based upon the self-insured employer's claims reserves and financial strength, a fair and equitable portion of the projected claims payments.8.4. In accordance with the methodology employed, the Commissioner shall determine the amount of each Security Pool assessment.8.5. Notification. The Commissioner shall notify every employer who is assessed under this provision the amount of the assessment and the methodology employed to determine the assessment. The Commissioner shall provide notice to each affected employer at least sixty (60) days prior to the period for which the assessment is applicable.8.6. Payments required under this provision shall be pro-rated and made on a quarterly basis.