(1) each insurance carrier insuring employers who may be or who are liable under IC 22-3-2 through IC 22-3-7 to pay compensation; and

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     (b) Before August 1, 1985, and April 10 in all subsequent years, each insurance carrier described in subsection (a)(1) and each employer described in subsection (a)(2) shall pay to the board for deposit in the fund the assessment specified in subsection (c):

(1) until the initial balance in the fund is equal to or greater than two hundred thousand dollars ($200,000); and

(2) after the initial balance in the fund satisfies subdivision (1), only if the balance in the fund on April 1 of the year of the assessment is less than fifty thousand dollars ($50,000).

     (c) An assessment required under subsection (b) equals one-half of one percent (0.5%) of the total amount of worker’s compensation and occupational diseases benefits paid to injured employees or their beneficiaries during the calendar year immediately preceding the due date of the assessment.

As added by P.L.224-1985, SEC.5. Amended by P.L.28-1988, SEC.67.