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Section 39: Assessment for Accident Fund
99/09/21-01
THE WORKERS' COMPENSATION BOARD OF BRITISH COLUMBIA
RESOLUTION OF THE PANEL OF ADMINISTRATORS
Re: Section 39: Assessment for Accident Fund
WHEREAS:
Pursuant to Section 82 of the Workers Compensation Act, RSBC 1996, Chapter 492 and amendments thereto (the "Act"), the Panel of Administrators (the "Panel") must approve and superintend the policies and direction of the Workers’ Compensation Board (the "Board") and must:
| 82(a)(ii) | review and approve operating policies of the Board, | |
| 82(a)(iii) | approve operating and capital budgets of the Board, | |
| 82(a)(iv) | develop policies to ensure adequate funding of the accident fund; | |
| 82(a)(vi) | plan for the future of the Board, |
AND WHEREAS:
Section 39(1) of the Act states that for the purpose of creating and maintaining an adequate accident fund, the Board must every year assess and levy on and collect from independent operators and employers in each class sufficient funds to:
(c) provide in each year capitalized reserves sufficient to meet the periodical payments of compensation accruing in future years in respect of all injuries which occur during the year;
AND WHEREAS:
The Board may use different actuarial methods for determining the amount of reserves necessary to meet the requirements of Section 39(1)(c);
AND WHEREAS:
One of the actuarial methods the Board may use for this purpose is referred to as Average Actuarial Abstracts;
AND WHEREAS:
Section 39 of the Act and all actuarial methods used by the Board to calculate the necessary reserves for Section 39(1)(c), including any figures calculated as Average Actuarial Abstracts, have no relevance to compensation entitlement.
THE PANEL OF ADMINISTRATORS RESOLVE THAT:
None of the information reproduced for the purpose of calculating the necessary reserves under Section 39(1)(c) including any figures calculated as Average Actuarial Abstracts, will be considered relevant to or used in any way for the adjudication of individual worker's compensation claims.
DATED at Richmond, British Columbia, October 13, 1999.
| By the Workers' Compensation Board |
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| DON COTT, CHAIR PANEL OF ADMINISTRATORS |