Section 1607. Assessments and transfers.
(a) (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 0.25% 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.
((a) amended Oct. 24, 2018, P.L.804, No.132)
(b) For the purposes of further maintaining the fund, the sum of $4,000,000 is hereby transferred to the fund from the Administration Fund established under section 446.
(1607 amended June 30, 2011, P.L.86, No.20)