POA Decision – 2001/06/19-06 – Transfer of Experience Rating
The Panel of Administrators 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 came into effect on July 1, 2001.