The following chart provides rules regarding Deposit Premium & Premium Installments per Basic Manual Rule 3-A-6.
|Estimated Annual Premium||Payment Basis||Minimum Initial Percentage||Additional Payments|
|Under $2,500||One Pay||100%||None|
|At least $2,500||Two Pay||75%||One|
|At least $5,000||Four Pay||50%||Three|
|At least $25,000||Nine Pay||25%||Eight|
Refer to Rule 4-1- Intitial or Deposit Premium and Premium Installments, located in NCCI’s Basic Manual for Workers Compensation and Employers Liability Insurance.
For purposes of this rule:
- One Pay means the employer pays the total premium prior to the policy inception date.
- Two Pay means the employer pays the remaining premium in month six.
- Four Pay means the employer pays the remaining premium in three equal installments, due in months three, six, and nine.
- Nine Pay means the employer pays the remaining premium in 8 equal installments, due every month based on the policy effective date.
Assigned Risk Surcharge
The assigned risk surcharge of 30% applies to that portion of an assigned risk policy which exceeds $2,750, when the total modified premium is in excess of $2,750. The deposit premium calculation must include the surcharge amount.
Deposits are refunded, upon request after 10 days from the deposit date to insure the funds cleared. Refunds are processed through the NCCI RMAP System.