ICA Holding Hearing on Assessment for Special Fund

The Industrial Commission of Arizona will hold a public hearing in June to discuss levying an additional 0.5% assessment for the state’s Special Fund. Carriers pay an assessment equal to 1% of premiums to cover obligations of the Special Fund, which was created in 1969 to pay benefits for uninsured employers and insolvent insurers. Self-insured employers are assessed 1% of claims costs to finance the fund. Arizona law authorizes the commission to levy an additional 0.5% assessment if the total liabilities for the special fund exceed $6 million. According to the Industrial Commission&rs...