A. The Bureau of Insurance of the State Corporation Commission shall undertake an actuarial investigation of the requirements of the Fund based on the Fund's experience in the first year of operation, including without limitation the assets and liabilities of the Fund. Pursuant to such investigation, the State Corporation Commission shall establish the rate of contribution of the entities listed in subsection E of § 38.2-5020 for the tax year beginning January 1, 1989.
Following the initial valuation, the State Corporation Commission shall cause an actuarial valuation to be made of the assets and liabilities of the Fund no less frequently than biennially. Pursuant to the results of such valuations, the State Corporation Commission shall prepare a statement as to the contribution rate applicable to contributors listed in subsection E of § 38.2-5020. However, at no time shall the rate be greater than one quarter of one percent of net direct premiums written.
In conducting the actuarial evaluation, a loss reserving methodology consistent with the one employed by the Florida Birth-Related Neurological Injury Compensation Association as of July 1, 2007, may be employed in order to account for individual participant costs and injury characteristics to the extent that the data are available to perform such methodology and the State Corporation Commission's actuary determines that such methodology is actuarially appropriate.
B. In the event that the State Corporation Commission finds that the Fund cannot be maintained on an actuarially sound basis subject to the maximum assessments listed in § 38.2-5020, the Commission shall promptly notify the Speaker of the House of Delegates, the President of the Senate, the board of directors of the Program, and the Virginia Workers' Compensation Commission.
1987, c. 540; 1989, c. 523; 2008, cc. 267, 520.
Structure Code of Virginia
Chapter 50 - Virginia Birth-Related Neurological Injury Compensation Act
§ 38.2-5002.2. Confidentiality of certain information; penalty
§ 38.2-5003. Virginia Workers' Compensation Commission authorized to hear and determine claims
§ 38.2-5004.1. Notification of possible beneficiaries
§ 38.2-5005. Tolling of statute of limitations
§ 38.2-5007. Interrogatories and depositions
§ 38.2-5008.1. Right to confront and cross-examine witnesses
§ 38.2-5009. Commission awards for birth-related neurological injuries; notice of award
§ 38.2-5009.1. Infants dying shortly after birth
§ 38.2-5010. Rehearing on Commission determination or award
§ 38.2-5011. Conclusiveness of determination or award; appeal
§ 38.2-5012. Enforcement, etc., of orders and awards
§ 38.2-5013. Limitation on claims
§ 38.2-5015. Birth-Related Neurological Injury Compensation Fund; assets of the Fund; audit
§ 38.2-5016. Board of directors; appointment; vacancies; term; list of Program claimants
§ 38.2-5016.1. Investment strategy advice; expected returns
§ 38.2-5017. Plan of operation
§ 38.2-5018. Assessments to be held in restricted cash account
§ 38.2-5020.1. Credits against malpractice insurance premiums