Workers' Compensation Security Fund Assessment [31 Pa.B. 7005] The Insurance Department (Department) has determined through a compilation of the 2001 workers' compensation annual returns that no contributions will be required for the Workers' Compensation Security Fund (Fund) for 2001.
The Annual Returns of all insurers writing workers' compensation insurance in this Commonwealth required under section 4 of the Workers' Compensation Act (act) (77 P. S. § 1054) were submitted in response to the Department's letter dated September 21, 2001.
Section 5 of the act (77 P. S. § 1055) states, in part, ''When the aggregate amount of all such payments into the Workmen's Compensation Security Fund, together with accumulated interest thereon, less all expenditures and known liabilities, becomes equal to five percentum of the loss reserves of all stock companies, mutual carriers and reciprocal exchanges for the payment of benefits under the Workmen's Compensation Law as of June thirtieth next preceding, no further contribution to said Fund shall be required to be made: . . .'' The 2001 Annual Returns show aggregate loss reserves of $5,817,550,007, 5% of which is $290,877,500. The Fund balance of $590,402,131, less expenditures and liabilities of $218,478,406 as of June 30, 2001, is $371,923,725, which is in excess of the 5% threshold.
Therefore insurers writing workers' compensation insurance in this Commonwealth will not be required to submit contributions for the Fund this year.
M. DIANE KOKEN,
Insurance Department[Pa.B. Doc. No. 01-2308. Filed for public inspection December 21, 2001, 9:00 a.m.]
