Work Comp Surcharges
Each insurer providing workers' compensation insurance shall collect from its policyholders the surcharge amount at the same time and in the same manner that the premium for the coverage is collected. There is an administration fund premium surcharge and a subsequent injury fund premium surcharge.
Each insurer shall pay to the department all money collected as a premium surcharge within 20 days of the end of the calendar quarter in which the money was collected.
If an insurer fails to timely pay to the department the premium surcharge collected, the department may impose on the insurer an administrative fine of $500 (for administration fund) and $100 (for subsequent injury fund) plus interest on the delinquent amount at the annual interest rate of 12%.
Thursday, June 19, 2014