Workers' Compensation Security Fund Assessment; Notice 2019-02
[49 Pa.B. 1880]
[Saturday, April 13, 2019]
The Insurance Department (Department) has determined that no contributions will be required during 2019 to maintain the balance of 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, 2018, the balance of the fund exceeded $500,000,000. Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit contributions to the Fund in 2019.
The act may be viewed at www.ncigf.org (select ''Resources,'' then ''Publications,'' then a link under ''Guaranty Fund Laws'') 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.
Acknowledgement of this notice is not required.
JESSICA K. ALTMAN,
[Pa.B. Doc. No. 19-551. Filed for public inspection April 12, 2019, 9:00 a.m.]
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