The American Insurance Association (AIA) said today that it strongly supports a five-year extension of the law that allows insurer assessments for Iowa’s workers’ compensation second injury fund to be based on paid losses through a premium surcharge.
The second injury fund language is included in HF 225, which was approved by the Iowa House of Representatives last week, and is currently awaiting consideration in the Senate.
The law that changed Iowa’s second injury fund assessment basis from premiums to paid losses was originally passed in 1998, with a sunset of July 1, 2003. HF 225 would extend the sunset of Section 85.65A, subsection 5, Code 2003 of Iowa statutes to July 1, 2008.
The bill was referred to the Senate Business and Labor Relations Committee.
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