Workers' Compensation Security Fund Assessment; Notice No. 2006-01
[36 Pa.B. 785]
The Insurance Department (Department) has determined that no contributions will be required for the Workers' Compensation Security Fund (Fund) in 2006 based on 2005 net written premiums.
Section 5(1) of the Workers' Compensation Security Fund Act (act) (77 P. S. § 1059(1)) states ''. . . If, due to 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, 2005, the balance of the fund was $505,462,416.68.
Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit any contributions for the Fund in 2006.
The act may be viewed at www.ncigf.org under Guaranty Fund Laws and the rules and regulations may be viewed at www.pacaode.com Title 31, Chapter 165. Additional information regarding the Fund is located on the Department's website under Liquidations, Rehabilitations, and Special Funds at www.ins.state.pa.us.
No acknowledgement of this notice is required.
M. DIANE KOKEN,
[Pa.B. Doc. No. 06-259. Filed for public inspection February 10, 2006, 9:00 a.m.]
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Bulletin full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.