31A-33-116 - Dividends. - Utah Statutes

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Statutes > Utah > Title-31a > Chapter-33 > 31a-33-116

31A-33-116. Dividends.
The board may declare a dividend to policyholders if it determines that a surplus exists inthe Injury Fund at the end of a fiscal period after the payment of all claims, administrative costs,and the establishment of appropriate reserves for future liabilities. In making this determination,the board shall require a certified audit and actuarial report of the financial condition of the InjuryFund. The board shall establish uniform eligibility requirements for such dividends. Indetermining the amount of dividend to be paid to policyholders, the board may establish aprocedure which takes into consideration the claims loss experience of policyholders as anincentive to encourage safe working conditions for employees. The Workers' CompensationFund may use dividends to offset amounts due or owing by policyholders or formerpolicyholders.

Renumbered and Amended by Chapter 240, 1996 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-33 > 31a-33-116

31A-33-116. Dividends.
The board may declare a dividend to policyholders if it determines that a surplus exists inthe Injury Fund at the end of a fiscal period after the payment of all claims, administrative costs,and the establishment of appropriate reserves for future liabilities. In making this determination,the board shall require a certified audit and actuarial report of the financial condition of the InjuryFund. The board shall establish uniform eligibility requirements for such dividends. Indetermining the amount of dividend to be paid to policyholders, the board may establish aprocedure which takes into consideration the claims loss experience of policyholders as anincentive to encourage safe working conditions for employees. The Workers' CompensationFund may use dividends to offset amounts due or owing by policyholders or formerpolicyholders.

Renumbered and Amended by Chapter 240, 1996 General Session

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-33 > 31a-33-116

31A-33-116. Dividends.
The board may declare a dividend to policyholders if it determines that a surplus exists inthe Injury Fund at the end of a fiscal period after the payment of all claims, administrative costs,and the establishment of appropriate reserves for future liabilities. In making this determination,the board shall require a certified audit and actuarial report of the financial condition of the InjuryFund. The board shall establish uniform eligibility requirements for such dividends. Indetermining the amount of dividend to be paid to policyholders, the board may establish aprocedure which takes into consideration the claims loss experience of policyholders as anincentive to encourage safe working conditions for employees. The Workers' CompensationFund may use dividends to offset amounts due or owing by policyholders or formerpolicyholders.

Renumbered and Amended by Chapter 240, 1996 General Session