Workers' Compensation Security Fund Assessment; Notice 2004-08 [34 Pa.B. 5996] The Insurance Department (Department) has determined that no contributions will be required for the Workers' Compensation Security Fund (Fund) in 2004.
Section 5 of the Workers' Compensation Security Fund (act) (77 P. S. § 1059(1)) states '' . . . If, due to 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.'' The evaluation date of December 31 was established in 31 Pa. Code § 165.7 (regarding the Workers' Compensation Security Fund assessment). As of the evaluation date of December 31, 2003, the balance of the fund was $512,068,410.
Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit any contributions for the Fund for 2004.
The act may be viewed at www.ncigf.org under ''Guaranty Fund Laws'' and the rules and regulations may be viewed at www.pacode.com under ''Title 31, Chapter 165.'' Additional information regarding the Fund is located on the Department's webpage under ''Liquidations, Rehabilitations and Special Funds'' at www.ins.state.pa.us.
No acknowledgement of this notice is required.
M. DIANE KOKEN,
Insurance Commissioner[Pa.B. Doc. No. 04-1984. Filed for public inspection October 29, 2004, 9:00 a.m.]
