Denver – The Colorado Division of Insurance on July 29 issued a bulletin for insurers that conduct workers’ compensation audits.
Bulletin B-5.3 (.pdf file) provides guidelines on fees insurers can assess to employers who fail to participate or cooperate in a workers’ comp audit.
Current law allows workers’ comp insurers to conduct a premium audit, during which an employer’s books are examined to determine the amount of wages paid in a given year. Employers who do not participate in the audit may be assessed a fee or surcharge. According to the bulletin, those employers must be told of the fee at the time of the issuance, renewal and audit. Insurers also must file any fees assessed for not participating in an audit with the Colorado Division of Insurance.
Denver – The Colorado Division of Insurance on July 29 issued a bulletin for insurers that conduct workers’ compensation audits.
Bulletin B-5.3 (.pdf file) provides guidelines on fees insurers can assess to employers who fail to participate or cooperate in a workers’ comp audit.
Current law allows workers’ comp insurers to conduct a premium audit, during which an employer’s books are examined to determine the amount of wages paid in a given year. Employers who do not participate in the audit may be assessed a fee or surcharge. According to the bulletin, those employers must be told of the fee at the time of the issuance, renewal and audit. Insurers also must file any fees assessed for not participating in an audit with the Colorado Division of Insurance.
