SB 1075 Amends the law governing workers' compensation deductible surcharge collection
Sponsor: Loudon
LR Number: 4903S.01I Fiscal Note: 4903-01
Committee: Small Business, Insurance & Industrial Relations
Last Action: 3/8/2006 - Voted Do Pass S Small Business, Insurance & Industrial Relations Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary


SB 1075 - Under current law, the administrative surcharge for workers' compensation deductible plan policyholders is paid in four quarterly installments and a fifth reconciling installment.

This act requires insurers to pay surcharge amounts quarterly and no later than the thirtieth day of the month following the end of the quarter in which the amount is received from policyholders. The surcharge will be deemed paid if they are postmarked or received by the thirtieth day of the month following the end of the quarter in which the amount is owed.

If the director of the Division of Workers' Compensation fails to calculate the surcharge by the thirty-first day of October, any increase in the surcharge subsequently set by the director shall not be effective for any calendar quarter beginning less than sixty days from the date the director determines that an increase shall be made.

CHRIS HOGERTY