KRS 342.122(2) requires quarterly payments of the assessments imposed. These assessments shall be paid not later than the thirtieth day of the month following the end of the quarter in which the premium is received. Receipt shall be considered timely through: 1) ACTUAL PHYSICAL RECEIPT or by 2) POSTMARK OF THE UNITED STATES POSTAL SERVICE. PLEASE NOTE: A PRIVATE METER POSTING WITH A DATE IS NOT ACCEPTABLE. Quarterly reporting due dates are:
- January 30 (for the quarter ended December 31),
- April 30 (for the quarter ended March 31),
- July 30 (for the quarter ended June 30), and
- October 30 (for the quarter ended September 30).
Interest Rates on Delinquent Payments
Pursuant to KRS 131.183 et seq., the Commissioner of the Department of Revenue has set the rate for tax payments. KRS 342.1221 applies this same rate to delinquent workers' compensation insurance premium assessments imposed pursuant to KRS 342.122. Effective January 1, 2017, the interest rate on unpaid balances will be 6%.
Coal Company Reporting
Additional assessments are imposed on coal operators and companies. The 2017 assessment rate on workers' compensation insurance premiums for coal employers is 14.0%. This rate is in addition to the "All Employers Rate" assessment. Companies engaged in the severance or processing of coal are also assessed 15 cents ($0.15) per severed ton.
NAIC Codes for Insurance
Insurance company forms now include two fields to the right of the Federal Employer's Identification Number for the company's NAIC number and the NAIC Group number if the company is a member of an insurance company group.
Each of the forms include fields for payer contact person, title, phone number, and email address. Please review this information to ensure that we have the current contact references for your company.