Insurers Must 'True-Up' Special Compensation Fund

The Department of Labor & Industry will send invoices to insurers by Wednesday for additional assessments for the Special Compensation Fund. Payments will be due Dec. 15 and refunds processed by Dec. 1, the agency said in Circular Letter 17-1717, issued Wednesday. Minnesota Statutes § 176.129, subd. 2a now provides for an adjustment, or “true-up,” of the assessment paid by insurers for deposit into the SCF, the agency said. The commissioner estimates each insurer’s share of the assessment using its earned standard premium from the previous calendar year. The commi...