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North Dakota Century Code Title 65. Workforce Safety and Insurance § 65-04-04.2. Basis of calculating premiums

Current as of January 01, 2024 | Updated by FindLaw Staff

1. For each year, the amount of an employee's wages subject to premium calculations must be determined as an amount equal to seventy percent of the statewide average annual wage, hereafter referred to as limited payroll, rounded to the nearest one hundred dollars, determined by the organization on or before July first as calculated by job service North Dakota under subsection 3 of section 52-04-03.

2. The rates for each classification must be determined by:

a. Estimating the revenue needed by each employment classification;

b. Estimating the total limited payroll to be reported by all employers in each employment classification for the year; and

c. Dividing the estimated revenue needed by an employment classification by the estimated total limited payroll in that classification to determine the required average premium for that classification rate.

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Cite this article: FindLaw.com - North Dakota Century Code Title 65. Workforce Safety and Insurance § 65-04-04.2. Basis of calculating premiums - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-65-workforce-safety-and-insurance/nd-cent-code-sect-65-04-04-2/

Read this complete North Dakota Century Code Title 65. Workforce Safety and Insurance § 65-04-04.2. Basis of calculating premiums on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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