Ohio Admin. Code 4123-17-10 - Excess premiums
The administrator of workers' compensation, with the advice and
consent of the bureau of workers' compensation board of directors, has
authority to approve contributions made to the state insurance fund by
employers pursuant to sections
4121.121,
4123.29,
4123.32, and
4123.34 of the Revised Code.
Pursuant to sections 4123.29 and
4123.34 of the Revised Code, the
administrator is required to keep premiums
at the lowest level consistent with the maintenance of a solvent state
insurance fund and of a reasonable surplus. Pursuant to section
4123.321 of the Revised Code, in
the event there is developed as of any given premium rate revision date a surplus of earned premium
over all losses which, in the judgment of the bureau
of workers' compensation
bureau's board
of directors, is larger than is necessary adequately to safeguard the solvency
of the fund, the bureau of workers'
compensation
bureau's board of directors
may return such excess surplus to the subscriber to the fund in either the form
of cash refunds or a reduction of premiums, regardless of when the premium
obligation has accrued. The bureau of workers'
compensation
bureau's board of directors
shall have the
has
full discretion and authority to determine whether there is an excess
surplus of premium; whether to return the excess surplus to employers; the
nature of the cash refunds or reduction of premiums; the employers who are
subscribers to the state insurance fund who are eligible for the cash refunds
or reduction of premiums; the payroll period or periods for which a reduction
of premium has accrued and the premium payment for which the reduction of
premium applies; the applicable date of the cash refunds or reduction of
premiums; and any other issues involving cash refunds or reduction of premiums
due to an excess surplus of earned premium.
Notes
Promulgated Under: 119.03
Statutory Authority: 4121.12, 4121.121
Rule Amplifies: 4123.29, 4123.32, 4123.34
Prior Effective Dates: 10/21/1999 (Emer.), 03/30/2000 (Emer.), 05/01/2000, 04/28/2003, 10/16/2008, 08/01/2018
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