Bill No.: SF0079                  Drafter:  JWL

 

LSO No.:  05LSO-0149              Effective Date:  7/1/2005

 

Enrolled Act No.:  SEA0032

 

Chapter No.:       60

 

Prime Sponsor:     Joint Labor, Health and Social Services Interim Committee

 

Catch Title:       Workers' compensation fund.

 

Subject:  Amends actuarial requirements of the worker's compensation account.

 

Summary/Major Elements:

 

This act:

 

·        Clarifies and itemizes the benefit costs and administrative expenses that the workers' safety and compensation division shall consider in establishing reserves and setting premium rates;

·        Extends the deadline from 2008 to 2013 for the workers' compensation account to be fully reserved;

·        Requires the division to annually obtain the opinion of a qualified actuary regarding the reasonableness of the account's reserves;

·        Authorizes the discounting to present value of future costs and expenses;

·        Provides definitions of "fully reserved" and "qualified actuary."

 

Comments:

 

·  The annual actuarial opinion is to be submitted to the Joint Labor, Health and Social Services Interim Committee by November 1st.