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PA Bulletin, Doc. No. 24-963

NOTICES

INSURANCE DEPARTMENT

Workers' Compensation Security Fund Assessment; Notice 2024-10

[54 Pa.B. 3859]
[Saturday, July 6, 2024]

 The Insurance Department has determined that no contributions will be required during 2024 to maintain the balance of the Workers' Compensation Security Fund (Fund).

 Section 9(1) of the Workers' Compensation Security Fund Act (act) (77 P.S. § 1059(1)) states ''. . .If, due to the payment of liabilities or claims, the balance of the fund is reduced below $500,000,000, the department shall require contributions to maintain the actuarial soundness of the fund and to restore, in a timely manner, the balance of the fund to a level at or above $500,000,000.''

 As of the evaluation of December 31, 2023, the balance of the Fund exceeded $500 million. Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit contributions to the Fund in 2024.

 The act and regulations may be viewed at https://www. insurance.pa.gov/SpecialFunds/WorkersCompensation/Pages/WCSF.aspx under ''Resources.''

MICHAEL HUMPHREYS, 
Insurance Commissioner

[Pa.B. Doc. No. 24-963. Filed for public inspection July 5, 2024, 9:00 a.m.]


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