Workers' Compensation Security Fund Assessment; Notice 2023-02

NOTICES

INSURANCE DEPARTMENT

Workers' Compensation Security Fund Assessment; Notice 2023-02

[53 Pa.B. 1777] [Saturday, March 25, 2023]

The Insurance Department has determined that no contributions will be required during 2023 to maintain the balance of the Workers' Compensation Security Fund (Fund).

Section 1059(1) of the Workers' Compensation Security Fund Act (act) (77 P.S. § 1059(1)) states ''. . .If, due to the payment of liabilities or claims, the balance of the fund is reduced below $500,000,000, the department shall require contributions to maintain the actuarial soundness of the fund and to restore, in a timely manner, the balance of the fund to a level at or above $500,000,000.''

As of the evaluation of December 31, 2022, the balance of the Fund exceeded $500,000,000. Therefore, insurers writing workers' compensation insurance in this Commonwealth will not be required to submit contributions to the Fund in 2023.

The act and regulations may be viewed at https://www.insurance.pa.gov/SpecialFunds/WorkersCompensation/Pages/WCSF.aspx under ''Resources.''

No acknowledgement of this notice is required.

MICHAEL HUMPHREYS,

Acting Insurance Commissioner

[Pa.B. Doc. No. 23-416. Filed for public inspection March 24, 2023, 9:00 a.m.]