The Department of Labor and Industry

Bibliographic data

Monograph

Identifikator:: 1827881585

URN:: urn:nbn:de:zbw-retromon-221260

Document type:: Monograph

Title:: The Department of Labor and Industry

Place of publication:: Harrisburg

Publisher:: Dep. of Labor and Industry

Year of publication:: 1930

Scope:: 68 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: State workmen's insurance fund

Collection:: Economics Books

STATE WORKMEN’S INSURANCE FUND The State Workmen’s Insurance Fund was created by special Act of the General Assembly of the Com- monwealth of Pennsylvania coincident with the en- actment of the Workmen’s Compensation Law for the purpose of providing employers of labor in Penn- sylvania a means of obtaining protection under the Workmen’s Compensation Act, at net cost. The Fund is administered by the State Workmen’s In- surance Board, which is an Administrative Board in the Department of Labor and Industry. The Secretary of Labor and Industry is designated as Chairman of the Board, while the other two members comprising the Board are the State Treasurer and the Insur- ance Commissioner. The present members of the Board are Peter Glick, Chairman; Edward Martin, State Treasurer; and Matthew H. Taggart, State Insurance Commissioner. The State Workmen’s Insurance Fund received an appropriation from the (teneral Assembly with which to start its activities, and again two years after its inception, it received an additional appropriation for the purpose of firmly establishing the Fund. These two appro- priations amounted to $500.000, which amount has since been returned to the Commonwealth of Penn- sylvania. Since 1917, the State Workmen’s Insur- ance Fund has not received any State appropri- ation and has been self-supporting. The expense of conducting the work of the Fund is paid out of pre- miums paid into the Fund by employers of labor who insure their liability under the Workmen's J. G. Bingaman Compensation Aet with the State Fund. Asisiant Mansgst The State Fund has an accumulated surplus over and above all liabilities of approximately $3,000,000; $2,000,000 of this amount has been set aside as a general surplus, while $1,000,000 has been set aside as a special eatastrophe reserve. This surplus and reserve is considered by all authorities as ample to meet any contingency which may con- front the Fund in the way of a catastrophe. In addition to the reserve for catastrophe of $1,000,000, the Fund carries reinsurance to the amount of $500,000 as a precautionary measure. The State Fund, for the past few years, has operated on a net cost basis. After all losses have been paid and proper reserves set aside to take care of unpaid losses and the expense of the management of the Fund has been ascertained for each year, the balance remaining from premium income is distributed to policyholders of record during the year, in the form of dividends, which, during the past few years, have amounted to rather attractive figures. The general operations of the State Fund are practically the same as those of any other insurance carrier which issues policies in aceord- ance with the Pennsylvania Insurance Department’s rules and regula- Philip H. Dewey Manager

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