New Hampshire Revised Statutes 281-A:5-b – Private Employers; Annual Financial and Actuarial Reports
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I. Every private employer as defined in N.H. Rev. Stat. § 281-A:2, VIII, or group or association of homogeneous employers self-insuring for workers’ compensation coverage under N.H. Rev. Stat. § 281-A:5 and 281-A:5-a, shall annually, within 6 months of the end of the fiscal year or within such extension of time as the commissioner for good cause may grant, file a report with the commissioner, verified by the oath of a member of the board of trustees or by an administrative executive appointed by the board, showing its condition on the last day of the preceding fiscal year. The report shall contain a financial statement of the self-insured program, including its balance sheet and a statement of operations for the preceding year audited by an independent certified public accountant.
II. Every private employer as defined in N.H. Rev. Stat. § 281-A:2, VIII, or group or association of homogeneous employers self-insuring for workers’ compensation coverage under N.H. Rev. Stat. § 281-A:5 and 281-A:5-a, shall annually, within 6 months of the end of the fiscal year or within such extension of time as the commissioner for good cause may grant, file with the commissioner a report prepared by an actuary who is a member of the Casualty Actuarial Society or the American Academy of Actuaries as to the actuarial soundness of the program. The report shall consist of, but shall not be limited to, the following:
(a) Adequacy of contribution rates in meeting the level of benefits required and changes, if any, needed in the contribution rates to achieve or preserve a level of funding deemed adequate to enable payment of the benefit amounts required, by each such employer or group or association of homogeneous employers.
(b) A determination of appropriate loss reserves.
(c) A description and explanation of actuarial assumptions.
(d) A statement by the actuary that the report is complete and accurate and that in his opinion the techniques and assumptions used are reasonable and meet the requirements and intent of this section.
(e) Other factors or statements as may be reasonably required by the commissioner in order to determine the actuarial soundness of the plan.
II. Every private employer as defined in N.H. Rev. Stat. § 281-A:2, VIII, or group or association of homogeneous employers self-insuring for workers’ compensation coverage under N.H. Rev. Stat. § 281-A:5 and 281-A:5-a, shall annually, within 6 months of the end of the fiscal year or within such extension of time as the commissioner for good cause may grant, file with the commissioner a report prepared by an actuary who is a member of the Casualty Actuarial Society or the American Academy of Actuaries as to the actuarial soundness of the program. The report shall consist of, but shall not be limited to, the following:
Terms Used In New Hampshire Revised Statutes 281-A:5-b
- Board: means the compensation appeals board established in N. See New Hampshire Revised Statutes 281-A:2
- Commissioner: means the labor commissioner appointed as provided in RSA 273. See New Hampshire Revised Statutes 281-A:2
- Employer: with respect to private employment, means:
(a) A person, partnership, association, corporation, or legal representative of a person, partnership, association or corporation who employs one or more persons whether in one or more trades, businesses, professions or occupations and whether in one or more locations. See New Hampshire Revised Statutes 281-A:2 - Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Homogeneous: means of a similar kind or nature, or possessing similar qualities and attributes. See New Hampshire Revised Statutes 281-A:2
(a) Adequacy of contribution rates in meeting the level of benefits required and changes, if any, needed in the contribution rates to achieve or preserve a level of funding deemed adequate to enable payment of the benefit amounts required, by each such employer or group or association of homogeneous employers.
(b) A determination of appropriate loss reserves.
(c) A description and explanation of actuarial assumptions.
(d) A statement by the actuary that the report is complete and accurate and that in his opinion the techniques and assumptions used are reasonable and meet the requirements and intent of this section.
(e) Other factors or statements as may be reasonably required by the commissioner in order to determine the actuarial soundness of the plan.