Payment of Assessments
May 8, 2005 - June 30, 2008
The payment of assessments is a critical component of the workers' compensation system. This is recognized under the 2002 Act, which provides the board with the following means of ensuring that assessments are paid:
1. Immediate Payment and Security Deposits
The board may require that an employer pay its assessment at the beginning of the year in which the assessment is required, rather than by installments. The board may also require an employer to provide security for the payment of assessments that may be required from the employer.
2. Provisional Assessments
If an employer does not provide the board with the statement estimating the earnings that will be paid to its workers in that year, or if the statement does not reflect the probable amount of the employer's payroll, the board may require a provisional assessment from the employer based on the board's estimation of the probable amount of the employer's payroll.
3. Penalties and Interest Charges
If an assessment is not made or security is not provided when required by the board, the board has the authority to impose certain penalties and interest charges on the employer that is in default.
4. Enforcement of Security and Assessment Payments
The board can enforce payment of a security or assessment payment by issuing a certificate stating what monies are owed to it, and directing the payment of the amount by the employer that owes the amount.
The objective of this policy is to clarify the means the board will use, when necessary, to ensure that employers provide the board with timely and accurate payroll information and pay their assessments as required under the Act.
Roles and Responsibilities