Statutory Cite: MGL C. 26, §8E
Anticipated Billing Date: October 2016 (Q1 and Q2), January 2017(Q3), April 2017(Q4)
FY17 Amount: $556,076.42
Purpose: The Commissioner of Insurance may make an assessment against any corporation, unincorporated association, partnership, or individual licensed as a rating organization pursuant to section 52C of chapter 152 and against any company authorized to write workers' compensation insurance that is not a member of any rating organization licensed pursuant to said section 52C to pay for the rating bureau's expenses as they relate to workers' compensation. Funds collected under this assessment may be used to compensate consultants retained by the rating bureau and to defray its reasonable operating expenses and administrative overhead costs.
Basis: The assessment shall be apportioned on the basis of the direct written premium of each insurance company in the most recent calendar year. Such assessment shall be deposited into the Rating Bureau's Workers' Compensation Trust Fund. All monies deposited into the trust fund shall be expended, without appropriation, exclusively by the rating bureau. Such assessment shall be made at a rate sufficient to produce five hundred thousand dollars in nineteen hundred and ninety-two, and may be increased annually thereafter by a rate not to exceed the most recent annual consumer price index calculated by the Bureau of Labor Statistics of the United States Department of Labor for the northeast region for all urban consumers. In addition to such assessment, the commissioner of insurance shall also collect an amount equal to indirect costs as determined by the commissioner for administration and for the persons within the rating bureau, for the persons within the rating bureau who perform the duties relating to workers' compensation insurance, an amount equal to the cost of fringe benefits as established by the commissioner of administration to be credited to the General Fund. The assessment shall be apportioned on the basis of the direct written premium of each insurance company in the most recent calendar year.