Security Fund Flush, No Assessment Needed

Pennsylvania insurers will not be required to pay an assessment to Workers’ Compensation Security Fund this year, the Insurance Department announced in a notice posted in the state Bulletin. Under state law, insurers must pay assessments if the balance of the fund falls below $500,000. The fund had a balance of $853,605,083 as of June 30, 2017, according to the 2016-17 fiscal year annual report.  Aon Risk Solutions estimated the fund’s liabilities to be $373,926,954 as of March 1, 2017. The fund pays for claims left behind by insolvent carriers. As of last year, claims...