Workers' Compensation Security Fund Assessment; Notice No. 2008-04 [38 Pa.B. 962]
[Saturday, February 16, 2008]The Insurance Department (Department) has determined that no contributions will be required for the Workers' Compensation Security Fund (Fund).
Section 5(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 date of December 31, 2007, the balance of the fund was $504,741,814.36.
Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit any contributions for the Fund in 2008.
The act may be viewed at www.ncigf.org under public resources/publications/guaranty fund laws and the rules and regulations may be viewed at www.pacode.com Title 31, Chapter 165. Additional information regarding the Fund is located on the Department's web site under Special Funds at www.ins.state.pa.us.
No acknowledgement of this notice is required.
JOEL SCOTT ARIO,
Acting Insurance Commissioner[Pa.B. Doc. No. 08-302. Filed for public inspection February 15, 2008, 9:00 a.m.]
