Okla. Multiple Injury Trust Fund Assessment Rate Set at 2.14%

The Oklahoma Workers’ Compensation Court announced that the Multiple Injury Trust Fund (MITF) assessment rate to be charged for the period of July 1, 2007, through June 30, 2008, is 2.14 percent of:

– gross direct premiums written for workers’ compensation for risks located in this state (for insurance carriers and CompSource Oklahoma),
– normal premiums (for group self-insurance associations),
– actual paid losses (for individual self-insured employers).

Assessments are due on the 15th day of the month following the end of the calendar quarter and are based on the payor’s premiums or losses (as applicable) during the quarter. The assessment due on July 15, 2007 (for the period of April 1, 2007, through June 30, 2007) is to be calculated at the existing 3.46 percent rate. The new 2.14 percent rate applies beginning July 1, 2007, until June 30, 2008.

The Workers’ Compensation Court Administrator will provide notice of the assessment rate for subsequent four-quarter periods by May 1 of each year. Quarterly reminder notices will not be provided.

The Workers’ Compensation Multiple Injury Trust Fund (MITF) Assessment Report form may be accessed via the Court’s Web site at www.owcc.state.ok.us/Whats_New.htm or by linking directly with the Tax Commission’s Web site at www.tax.ok.gov/wcforms.html.

Source: Oklahoma Workers’ Compensation Court