Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-22 - USL&H assigned risk plan › Section 284-22-060 - Participation

Current through Register Vol. 24-14, July 15, 2024
(1) Participation
			 in the assigned risk plan is mandatory for all authorized insurers writing
			 primary or excess United States Longshore and Harbor Workers' Act compensation
			 insurance in Washington state, and for the state industrial insurance
			 fund.
(2) Any assessments and
			 distributions declared by the governing committee of the plan shall be
			 allocated in accordance with
			 RCW
			  48.22.070, fifty percent to the industrial
			 insurance fund and fifty percent to the insurer participants as a group.
			 Assessments and distributions shall be allocated amongst the eligible insurer
			 participants according to their relative subject premium volumes as determined
			 by the governing committee, subject to a reasonable de minimus premium
			 threshold established by the governing committee for each assessment or
			 distribution.
(3) For purposes of
			 assessments and distributions, "subject premium" shall be for each authorized
			 and eligible insurer its primary and excess written premiums for risks in the
			 state of Washington covered under United States Longshore and Harbor Workers'
			 Act compensation insurance, and maritime employer's liability insurance
			 incidental to that workers' compensation insurance, for the relevant time
			 periods as determined by the governing committee. If any insurer fails to
			 provide its subject premium data in an accurate and timely manner upon request
			 by the plan, the governing committee may, in its sole discretion, substitute
			 that insurer's direct written premiums for workers' compensation reported or
			 reportable in its statutory annual statement as statutory page fourteen data
			 for the state of Washington, or the governing committee may, in its sole
			 discretion, substitute a zero amount for that insurer.
(4) Timing and amount of assessments and
			 distributions shall be at the discretion of the governing committee, subject to
			 the commissioner's approval. Assessments shall be based upon a demonstrable
			 need to obtain additional funds to safeguard the operations of the plan in a
			 financially sound and responsible manner, including, but not limited to, fully
			 funding all of the plan's current and long term financial obligations. The
			 governing committee may request approval for distributions to plan participants
			 from time to time, of surpluses incurred which exceed amounts deemed necessary
			 by the governing committee to safeguard the operations of the plan in a
			 financially sound and responsible manner, including, but not limited to, fully
			 funding all of the plan's current and long term financial obligations.
			 Notwithstanding any prior distributions which may have been approved or
			 directed by the commissioner, if the plan has been terminated by the
			 legislature, then the plan shall be required to distribute, in accordance with
			 RCW
			  48.22.070, any surplus of funds after payment
			 or provision for payment of all of the plan's liabilities.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.22.070. 03-03-052 (Matter No. R
				  2001-10), §
										284-22-060, filed 1/13/03,
				  effective 2/13/03. Statutory Authority:
				  RCW
				  48.02.060. 93-20-019 (Order R 93-17), §
										284-22-060, filed 9/24/93,
				  effective 10/25/93. Statutory Authority:
				  RCW
				   48.02.060 and 1992 c 209. 92-19-095 (Order R
				  92-12), §
										284-22-060, filed 9/16/92,
				  effective 10/17/92.