For the purpose of paying the salaries and necessary expenses of the Workers'Compensation Commission and its assistants and employees in administering andcarrying out the provisions of this title, an administrative fund shall becreated and maintained in the following manner:
1. Every person, partnership, association, corporation, whether organizedunder the laws of this or any other state or country, company, mutual companyor association, the parties to any interindemnity contract or reciprocal planor scheme, and every other insurance carrier, insuring employers in thisCommonwealth against liability for personal injuries to their employees ordeath caused thereby, under the provisions of this title, shall, ashereinafter provided, pay a tax upon the premiums received, whether in cashor notes, in this Commonwealth or on account of business done in thisCommonwealth, for such insurance in this Commonwealth, at the rate of 2.5percent of the amount of such premiums.
2. However, premiums received for insuring liability which existsconcurrently under this title and the Federal Coal Mine Health and Safety Actof 1969, as amended, shall be modified in accordance with an equitablepremium modification plan approved by the Commission. Such tax shall be inlieu of all other taxes on such premiums, except as provided in §§ 65.2-1101,65.2-1201, and Chapter 4 (§ 38.2-400 et seq.) of Title 38.2, and shall beassessed and collected as hereinafter provided. But such insurance carriersshall be credited with all cancelled or returned premiums, actually refundedduring the year on such insurance, and with premiums on reinsurance assumed.
(Code 1950, § 65-120; 1968, c. 660, § 65.1-129; 1975, c. 365; 1977, c. 345;1984, c. 606; 1991, c. 355; 1996, c. 56.)
For the purpose of paying the salaries and necessary expenses of the Workers'Compensation Commission and its assistants and employees in administering andcarrying out the provisions of this title, an administrative fund shall becreated and maintained in the following manner:
1. Every person, partnership, association, corporation, whether organizedunder the laws of this or any other state or country, company, mutual companyor association, the parties to any interindemnity contract or reciprocal planor scheme, and every other insurance carrier, insuring employers in thisCommonwealth against liability for personal injuries to their employees ordeath caused thereby, under the provisions of this title, shall, ashereinafter provided, pay a tax upon the premiums received, whether in cashor notes, in this Commonwealth or on account of business done in thisCommonwealth, for such insurance in this Commonwealth, at the rate of 2.5percent of the amount of such premiums.
2. However, premiums received for insuring liability which existsconcurrently under this title and the Federal Coal Mine Health and Safety Actof 1969, as amended, shall be modified in accordance with an equitablepremium modification plan approved by the Commission. Such tax shall be inlieu of all other taxes on such premiums, except as provided in §§ 65.2-1101,65.2-1201, and Chapter 4 (§ 38.2-400 et seq.) of Title 38.2, and shall beassessed and collected as hereinafter provided. But such insurance carriersshall be credited with all cancelled or returned premiums, actually refundedduring the year on such insurance, and with premiums on reinsurance assumed.
(Code 1950, § 65-120; 1968, c. 660, § 65.1-129; 1975, c. 365; 1977, c. 345;1984, c. 606; 1991, c. 355; 1996, c. 56.)
For the purpose of paying the salaries and necessary expenses of the Workers'Compensation Commission and its assistants and employees in administering andcarrying out the provisions of this title, an administrative fund shall becreated and maintained in the following manner:
1. Every person, partnership, association, corporation, whether organizedunder the laws of this or any other state or country, company, mutual companyor association, the parties to any interindemnity contract or reciprocal planor scheme, and every other insurance carrier, insuring employers in thisCommonwealth against liability for personal injuries to their employees ordeath caused thereby, under the provisions of this title, shall, ashereinafter provided, pay a tax upon the premiums received, whether in cashor notes, in this Commonwealth or on account of business done in thisCommonwealth, for such insurance in this Commonwealth, at the rate of 2.5percent of the amount of such premiums.
2. However, premiums received for insuring liability which existsconcurrently under this title and the Federal Coal Mine Health and Safety Actof 1969, as amended, shall be modified in accordance with an equitablepremium modification plan approved by the Commission. Such tax shall be inlieu of all other taxes on such premiums, except as provided in §§ 65.2-1101,65.2-1201, and Chapter 4 (§ 38.2-400 et seq.) of Title 38.2, and shall beassessed and collected as hereinafter provided. But such insurance carriersshall be credited with all cancelled or returned premiums, actually refundedduring the year on such insurance, and with premiums on reinsurance assumed.
(Code 1950, § 65-120; 1968, c. 660, § 65.1-129; 1975, c. 365; 1977, c. 345;1984, c. 606; 1991, c. 355; 1996, c. 56.)
