Bill > SB932

This bill modifies two sections of Missouri state law (287.690 and 287.715) related to workers' compensation funding and surcharges. The bill makes technical changes to how tax rates and surcharges are calculated for workers' compensation insurance providers, specifically adjusting the rounding method from "one-half" to "one-tenth" of a percentage point. For the annual tax rate used to fund workers' compensation administration, the director of the division of workers' compensation will continue to estimate required revenue and set a tax rate up to 2%, but now with the more precise rounding method. Similarly, for the second injury fund surcharge, the bill maintains the existing framework of calculating an annual surcharge up to 3% but also adopts the more precise rounding approach. The bill retains provisions allowing self-insured employers to calculate their net premium equivalent using either average rate classifications or filed rates, and continues the existing supplemental surcharge of up to 1% for calendar years 2014 to 2026. The changes are primarily technical and do not fundamentally alter the existing workers' compensation funding mechanisms, but provide more precise calculation methods for tax and surcharge rates.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=420