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PA Bulletin, Doc. No. 96-1856


Workers' Compensation Security Fund Assessment

[26 Pa.B. 5294]

   The Insurance Commissioner has determined that assessments will be required for the Workers' Compensation Security Fund (WCSF) for 1996. Accordingly, a 1% assessment on the net written premiums of all insurers writing workers' compensation insurance in the Commonwealth as of June 30, 1996 will occur.

   Under section 5 of the Workers' Compensation Security Fund Act (77 P. S. § 1055), the Commissioner shall impose a 1% assessment of net written premium on all insurers if the WCSF Balance minus the WCSF Loss Reserve is less than 5% of the Insurers' Loss Reserve. The Commissioner ascertained that the Insurers' Loss Reserve as of June 30, 1996 is $7,502,000,000. Five percent of that reserve is $375,100,000. The WCSF Balance minus the WCSF Loss Reserve is -$28,900,000. Accordingly, the WCSF Balance less the WCSF Loss Reserve is less than 5% of Insurers' Loss Reserve, triggering the need for the assessment.

   Payment of the assessment is due no later than December 11, 1996. Insurers will be billed by the WCSF in early November, 1996. Questions or comments regarding the assessment may be directed to Michael P. Sullivan, Claims Manager, Workers' Compensation Security Fund, 901 N. 7th Street, Harrisburg, PA 17102, Telephone: (717) 783-8093, FAX: (717) 705-0140.

   Insurers are reminded that any carrier which fails to pay the contribution when due is subject to a 5% penalty for each month (or portion thereof) during which the contribution is not timely paid. Additional penalties for nonpayment can also include revocation of the insurer's certificate of authority. (77 P. S. § 1059)

Insurance Commissioner

[Pa.B. Doc. No. 96-1856. Filed for public inspection November 1, 1996, 9:00 a.m.]

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