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Distribution of Subclass Account Surpluses
2000/09/05-01
THE WORKERS' COMPENSATION BOARD OF BRITISH COLUMBIA
RESOLUTION OF THE PANEL OF ADMINISTRATORS
Re: Distribution of Subclass Account Surpluses
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"), including policies respecting compensation, assessment, rehabilitation and occupational safety and health;
AND WHEREAS:
The Panel adopted a new employer classification system by resolution 99/08/24-01 and provided principles for the distribution of subclass account surpluses accumulated under the former system to employers in those subclasses on December 31, 1999;
AND WHEREAS:
The Assessment Department of the Board has developed methodology and business rules by which it proposes to distribute the subclass account surpluses in accordance with the principles resolved by the Panel of Administrators in Resolution 99/08/24-01;
AND WHEREAS:
Employer accounts are dynamic and are routinely changed, corrected, and updated at an account level but remain substantially stable at an aggregate level;
THE PANEL OF ADMINISTRATORS RESOLVES THAT:
- To calculate the monetary balance of any subclass in a surplus position on December 31, 1999 the Board will use the payroll, assessments paid and employer costs paid out data for the period January 1, 1995 to December 31, 1999 as available to the Board from its employer accounts on October 31, 2000;
- To calculate each employer’s share in the surplus balance the Board will use employer payroll, assessments paid and costs paid out data for the period January 1, 1995 to December 31, 1999 as available to the Board from its employer accounts on October 31, 2000;
- Requests from employers for adjustments to their payroll or claims costs during the period January 1, 1995 to December 31, 1999, received by the Board before December 31, 1999 but not processed by the Board by October 31, 2000 will be considered as being available to the Board on October 31, 2000;
- Where an employer’s share in the surplus balance is $2,000.00 or less, the Assessment Department may distribute all of that surplus in the initial distribution for the year 2000;
- This resolution is a policy decision of the Panel of Administrators and takes effect on September 5, 2000.
By the Workers' Compensation Board
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MAUREEN NICHOLLS
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