Surcharge on deductible plan policyholders, when, calculation of
Some businesses pay for workers' compensation insurance with a deductible plan. Those businesses have to pay an extra yearly fee called an administrative surcharge. This fee helps pay for running the workers' compensation division. The fee is based on the part of the insurance premium that was reduced because of the deductible, and it is charged at the same rate as a certain premium tax. Insurance companies are told the fee rate within 10 days of it being decided.
287.716. on s, when, calculation of — notification of . — 1. For the purpose of providing funds for the of the , the division shall impose an annual upon every workers' compensation deductible plan policyholder the of this chapter. An annual administrative surcharge imposed pursuant to this section shall apply to all workers' compensation policies with a option that are written or renewed on or after January 1, 2004.
2. In calculating the administrative surcharge owed pursuant to the provisions of this chapter for workers' compensation policies with deductible options, the administrative surcharge owed will be based upon the total , which would have been paid for the portion of the policy. The annual administrative surcharge assessed shall be set at the same rate as the imposed by section 287.690 for each .
3. All workers' compensation insurers shall be notified by the within ten days of the of the administrative surcharge percentage to be imposed for, and paid in, the following calendar year.
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Source & history notes
(L. 2003 S.B. 385)
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