Workers compensation amendments.

08LSO-0225.C1

                                                         

CORRECTED COPY

 

FISCAL NOTE

 

 

FY 2009

FY 2010

FY 2011

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue Increase:

 

 

 

INDUSTRIAL ACCIDENT FUND

984,315

1,054,201

1,129,050

Source of revenue increase: 

Premiums from additional sole proprietors, partners, corporate officers, or limited liability company members electing coverage through the fund due to changes authorized in this proposed legislation.

Assumptions:

As written, this proposed legislation affects W.S. 27-14-102, 27-14-108 and 27-14-205.  The Department of Employment estimates that for FY 2009, 813 additional individuals will elect coverage (increasing at a rate of 2 percent per year).  To estimate workers' compensation premiums for elected positions, the Department of Employment uses the yearly estimated Statewide Average Wage which is currently $39,312 (increasing at a rate of 5 percent per year based on historical data) and the 2008 Statewide Average base rate. Detailed support documentation is attached to this fiscal note.  The proposed legislation for W.S. 27-14-201 is assumed to be revenue neutral.

 

                             FY 2009       FY 2010       FY2011

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Expenditure Increase (Decrease):

 

 

 

INDUSTRIAL ACCIDENT FUND

318,815

347,955

379,758

Source of expenditure increase:

An increase in claims costs due to additional coverage election by sole proprietors, partners, corporate officers, or limited liability company members electing coverage through the fund due to changes authorized in the proposed legislation.

Assumptions:

The Department of Employment estimates an additional 22 claims in 2009 (increasing at a rate of 2.72 percent per year) at an estimated average cost of a claim of $14,418 for FY 2009 (increasing at a rate of 7 percent per year). Detailed support documentation is attached to this fiscal note.

 

Prepared by:   Joy Hill, LSO               Phone: 777-7881

(Information provided by Bob Curtis, Dept. of Employment, ph. 777-6761, and Bill Cole, Dept. of Employment, ph. 777-6035)