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California DIR Calculates 2012 Assessments To Fund DWC Budget

16 Apr, 2012 WorkersCompensation.com

                               

San Francisco, CA (WorkersCompensation.com) - The California Department of Industrial Relations (DIR) has calculated the 2012 assessments and surcharges that state labor code requires all workers' compensation insurance companies to collect from policyholders to fund the Division of Workers' Compensation (DWC) budget and five related programs established by state lawmakers.

These assessments provide a stable funding source to support the costs of administering the workers' compensation, health and safety and labor standards enforcement programs.

Insurers must apply the following rates against employers' estimated annual assessable premium for policies incepting January 1 through December 31, 2012:

 
2012 ASSESSMENTS/SURCHARGES
   
WC Administration Revolving Fund Assessment/User Funding (WCA):  0.009669
Uninsured Employers Benefits Trust Fund Assessment (UEBT):  0.001362
Subsequent Injuries Benefits Trust Fund Assessment (SIBT): 0.001255
Occupational Safety & Health Fund (OSHF):   0.002350
Labor Enforcement & Compliance Fund (LEC): 0.002380
WC Fraud Account Assessment (WCFA): 0.002648
California Insurance Guarantee Association 0.02285

Assessable premium is the amount charged after all rating adjustments (experience rating, schedule rating, premium discounts, etc.) except adjustments resulting from the application of deductible plans or the return of policyholder dividends. State Fund and other insurers must advance the money to the state on behalf of policyholders, and then recoup the funds via policy surcharges and assessments.

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