New Jersey Administrative Code
Title 12 - LABOR AND WORKFORCE DEVELOPMENT
Chapter 235 - RULES OF THE DIVISION OF WORKERS' COMPENSATION
Subchapter 12 - SURCHARGE COLLECTION PROCEDURES
Section 12:235-12.5 - Surcharge collection procedure
Universal Citation: NJ Admin Code 12:235-12.5
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Department shall provide each insurer and self-insured employer with the appropriate form for calculating the surcharge remittance. The form shall contain express instructions for the completion of the items pertaining to the calculation of the surcharge remittance.
1. For insurers, the following apply:
i. The amount of the remittance shall be
proportionate to the earned premium at the end of the calendar quarter of
remittance, less any supplemental benefits and special adjustments that have been
paid;
ii. The quarterly calculation of
the surcharge amount due shall be adjusted for changes in prior quarter earned
premiums, if any. For example, in 1989, the maximum number of prior quarters that
may need earned premium adjustment will be three. In 1993, the maximum number of
prior quarters that may need earned premium adjustment will be 19. In 1994, and
thereafter, the maximum number of quarters that may need earned premium adjustment
will vary from 16 to 19; and
iii.
Surcharges collected shall be remitted within 30 days following the end of each
calendar quarter ending March 31, June 30, September 30, and December 31.
2. For self-insured employers, the
following apply:
i. The amount of the remittance
shall be equal to one-quarter of the annual surcharge, adjusted for supplemental
benefits and special adjustments paid during the calendar quarter of remittance;
and
ii. One-quarter of the annual
surcharge shall be remitted within 30 days of the end of each calendar quarter
ending March 31, June 30, September 30, and December 31.
(b) The surcharge remittance form shall be returned with the surcharge remitted to the Department.
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