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Policy decisions finalized at the June 19, 2001 WCB Panel of Administrators meeting
The following is a summary of the policy decision finalized by the WCB Panel of Administrators on June 19, 2001. For information about the function and mandate of the Panel, please see Governing Structure.
Transfer of Experience Rating
The Panel of Administrators has approved amendments to the Board's policy on the transfer of experience rating, as provided in Policy No. 30:50:50 of the Assessment Policy Manual.
When a firm undergoes a change in ownership, the Board must determine if its experience rating should continue/transfer to the new owner. Under the old policy a firm's experience rating would only transfer if the majority of the firm's ownership remained the same and a new account number was not required. Policy No. 30:50:50 is amended to remove reference to the Board's policy on the assignment of new account numbers and to enable the Board to consider the extent to which its business operations are unaffected by a change in ownership. Where the Board is satisfied that the firm's business operations remain substantially the same, the experience rating may transfer. Indications of continuing business operations may include situations where the firm's undertaking, management, staff and equipment remain the same.
The amendments come into effect on July 1, 2001.
For further information on this issue, please contact Cameron Angus at 604 232-1849 or toll free within BC at 1-888-922-2768, local 1849.
You may also examine the complete resolution.