No. 27493 (Amendment): R612-4-2. Premium Rates for the Uninsured Employers' Fund and the Employers' Reinsurance Fund

DAR File No.: 27493
Filed: 10/14/2004, 03:49
Received by: NL

 

RULE ANALYSIS

Purpose of the rule or reason for the change:

This proposed amendment establishes premium assessment rates for 2005 to fund the Employers' Reinsurance Fund, the Uninsured Employers' Fund, and the Workplace Safety Account.

 

Summary of the rule or change:

The proposed amendment sets the workers' compensation insurance premium assessment rates for the 2005 calendar year for purposes of funding the Uninsured Employers' Fund, the Employers' Reinsurance Fund, and the Workplace Safety Account.

 

State statutory or constitutional authorization for this rule:

Subsection 59-9-101(2) and Sections 59-9-101.3 and 34a-2-202

 

Anticipated cost or savings to:

the state budget:

This amendment reduces the workers' compensation premium rate by 20%. This reduction will be factored into the State's overall workers' compensation premium, reducing the State's cost for workers' compensation coverage accordingly.

 

local governments:

This amendment reduces the workers' compensation premium rate by 20%. This reduction will be factored into local governments' overall workers' compensation premium, reducing local governments' cost for workers' compensation coverage accordingly.

 

other persons:

This amendment reduces the workers' compensation premium rate by 20%. This reduction will be factored into other persons' overall workers' compensation premium, reducing other persons' cost for workers' compensation coverage accordingly.

 

Compliance costs for affected persons:

The proposed rule does not impose any additional compliance costs, but instead lowers workers' compensation premium rates and compliance costs for affected persons.

 

Comments by the department head on the fiscal impact the rule may have on businesses:

This proposed amendment slightly reduces business workers' compensation costs and will therefore have a positive fiscal impact on business.

 

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Labor Commission
Industrial Accidents
HEBER M WELLS BLDG
160 E 300 S
SALT LAKE CITY UT 84111-2316

 

Direct questions regarding this rule to:

Joyce Sewell at the above address, by phone at 801-530-6988, by FAX at 801-530-6804, or by Internet E-mail at [e-mail]

 

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

12/01/2004

 

This rule may become effective on:

12/02/2004

 

Authorized by:

R Lee Ellertson, Commissioner

 

 

RULE TEXT

R612. Labor Commission, Industrial Accidents.

R612-4. Premium Rates.

R612-4-2. Premium Rates for the Uninsured Employers' Fund and the Employers' Reinsurance Fund.

A. Pursuant to Section 59-9-101(2), Section 59-9-101.3 and 34A-2-202 the workers' compensation premium rates effective January 1, 200[4]5, as established by the Labor Commission, shall be:

1. 0.25% for the Uninsured Employers' Fund;

2. [9]7.25% for the Employers' Reinsurance Fund;

3. 0.25% for the workplace safety account.

B. The premium rates are a percentage of the total workers' compensation insurance premium income as detailed in Section 59-9-101(2)(a).

 

KEY: workers' compensation, rates

[January 1, ]2004

Notice of Continuation February 8, 2001

59-9-101(2)