MO HB702

Repeals and reenacts section 287.715, RSMo, regarding the second injury fund surcharge imposed on workers' compensation policyholders and self-insurers.

Removes the three percent cap on the annual surcharge percentage that can be imposed on policyholders and self-insurers, allowing the surcharge to exceed this previous limit.

Maintains the requirement that the director of the division of workers' compensation annually estimate second injury fund benefits payable and calculate surcharge amounts to generate 110 percent of projected payouts, less existing fund balances.

Surcharge continues to be calculated as a percentage of workers' compensation net deposits, net premiums, or net assessments from the previous policy year, rounded to the nearest one-half percentage point.

Surcharge payments remain due quarterly from insurers and self-insurers, with civil penalties of one-half of one percent assessed for unpaid or untransferred amounts.