periodicals.
(b) The [fund] Workmen's Compensation Administration Fund
shall be maintained by no more than one (1) annual assessment
payable in any calendar year on insurers and self-insurers under
this act, including the State Workers' Insurance Fund[. After
the initial term, budgeted expenses shall be approved by the
General Assembly on a fiscal year basis. Thereafter, the] as
follows:
(1) The department shall [make assessments and] submit for
approval to the General Assembly on a fiscal year basis a
proposed budget sufficient to cover the Prefund Account and
other operating and administrative expenses under subsection
(a.1). The total amount approved by the General Assembly shall
be the approved budget. The department shall collect moneys
based on the ratio that such insurer's or self-insurer's
payments of compensation bear to the total compensation paid in
the preceding calendar year in which the annual assessment is
made. [The total amount assessed shall be the approved budget.]
(2) If on January 31, there exists in the [administration
fund] Workmen's Compensation Administration Fund any money in
excess of one hundred [thirty-three] twenty per centum of the
[current] approved budget, the following fiscal year's
assessment shall be reduced by an amount equal to that excess
amount.
* * *
Amend Bill, page 9, by inserting between lines 25 and 26
Section 1607. Assessments and transfers.
(a) [For the purpose of establishing and maintaining the
fund, the sum of $1,000,000 is hereby transferred from the
Administration Fund established under section 446 to the fund
for operation of the fund for the period commencing on the
effective date of this section through June 30, 2007.] (1) The
department shall calculate the amount necessary to maintain the
fund and shall assess insurers and self-insured employers as is
necessary to provide an amount sufficient to pay outstanding and
anticipated claims in the following year in a timely manner and
to meet the costs of the department to administer the fund. The
fund shall be maintained in the same manner as the Workmen's
Compensation Administration Fund under section 446 and the
regulations thereunder.
(2) In no event shall any annual assessment exceed
[0.1%] 0.25% of the total compensation paid by all insurers
or self-insured employers during the previous calendar year.
(3) Each fiscal year, the department shall determine the
expenses of the fund for the prior fiscal year. If the total
amount assessed for the prior fiscal year exceeds 130% of the
expenses for that prior fiscal year, the current fiscal year
assessment shall be reduced by an amount equal to that excess
amount.
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