The bureau of workers' compensation board of directors, based upon recommendations of the workers' compensation actuarial committee, shall adopt a rule with respect to the collection, maintenance, and disbursements of the state insurance fund providing that in the event there is developed as of any given rate revision date a surplus of earned premium over all losses that, in the judgment of the board, is larger than is necessary adequately to safeguard the solvency of the fund, the board may return such excess surplus to the subscribers to the fund in either the form of cash refunds or a reduction of premiums, regardless of when the premium obligations have accrued.
Ohio Rev. Code Ann. § 4123.321
Disposition of insurance fund excess surplus
Applied in 1 court decision — leading case State ex rel. Kent Elastomer Prods., Inc. v. Logue (2024)
Most recently applied in State ex rel. Kent Elastomer Prods., Inc. v. Logue (November 2024)
Effective: September 10, 2007; Latest Legislation: House Bill 100 - 127th General Assembly
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.