§ 22-3-11-2 — Assessments; deposit in fund

Indiana § 22-3-11-2

• Jurisdiction: Indiana
• Art. 3: WORKER'S COMPENSATION SYSTEM
• Ch. 11: Residual Asbestos Injury Fund

Text

(a) This section applies to:
(1) each insurance carrier insuring employers who may be or who
are liable under IC 22-3-2 through IC 22-3-7 to pay
compensation; and
(2) each employer carrying its own risk to pay compensation
under IC 22-3-2 through IC 22-3-7.
(b) Before August 1, 1985, and April 10 in all subsequent years,
each insurance carrier described in subsection (a)(1) and each
employer described in subsection (a)(2) shall pay to the board for
deposit in the fund the assessment specified in subsection (c):
(1) until the initial balance in the fund is equal to or greater than
two hundred thousand dollars ($200,000); and
(2) after the initial balance in the fund satisfies subdivision (1),
only if the balance in the fund on April 1 of the year of the
assessment is less than fifty thousand dollars ($50,000).
(c) An assessment required under subsection (b) equals one-half of
one percent (0.5%) of the total amount of worker's compensation and
occupational diseases benefits paid to injured employees or their
beneficiaries during the calendar year immediately preceding the due
date of the assessment.

Legislative History

As added by P.L.224-1985, SEC.5. Amended by P.L.28-1988, SEC.67.