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A new Ohio law will require companies in the state to pay their workers compensation premiums upfront, rather than after they have received comp coverage from the Ohio Bureau of Workers' Compensation.
H.B. 493 was signed into law Monday by Ohio Gov. John Kasich, according to the Ohio General Assembly website.
An analysis of the bill posted online says H.B. 493 will allow the Ohio workers comp bureau to calculate workers comp premiums on a prospective basis, rather than a retrospective basis, beginning with the July 1, 2015, policy year.
The bureau is Ohio's monopoly workers comp insurer, providing coverage to more than 252,000 Ohio employers, according to the bureau's website.
Prospective workers comp premium payments will be required in 2015 for private employers. Public employers, except for state agencies, will be required to pay prospective workers comp premiums starting Jan. 1, 2016.
The Ohio workers comp bureau sent a letter to private employers Tuesday saying that the “switch to prospective billing will bring us in line with the industry standard used by nearly all insurance providers.” The switch will allow Ohio to reduce its base workers comp rates by 2%, the bureau said.
The bureau said in a statement posted online that it will provide private employers with an invoice for their annual workers comp premiums next year. The agency will require employers to follow a bimonthly payment plan in the first prospective policy year, and will allow companies to make up to 12 installment payments in subsequent years.