Workers' Compensation Security Fund Assessment; Notice 2016-03 [46 Pa.B. 1103]
[Saturday, February 27, 2016]The Insurance Department (Department) has determined that no contributions will be required for the Workers' Compensation Security Fund (Fund).
Section 9(1) of the Workers' Compensation Security Fund Act (act) (77 P. S. § 1059(1)) states ''[i]f, 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, 2015, the balance of the fund exceeded $500,000,000.
Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit any contributions for the Fund in 2016.
The act may be viewed at www.ncigf.org (select ''Resources,'' then ''Publications,'' see the ''Guaranty Fund Laws'' heading) and 31 Pa. Code Chapter 165 (relating to Workers' Compensation Security Fund) may be viewed at www.pacode.com. Additional information regarding the Fund is located on the Department's web site at www.insurance.pa.gov.
No acknowledgement of this notice is required.
TERESA D. MILLER,
Insurance Commissioner[Pa.B. Doc. No. 16-349. Filed for public inspection February 26, 2016, 9:00 a.m.]
