The Idaho Industrial Commission has issued a letter to all insurance companies outlining changes in reporting standards for 4008LD — Workers' Compensation on Deductible Policy Reports. This letter outlines the following changes: 1. All insurance companies must report the total estimated amount due for Workers' Compensation premiums and deductibles for each policy period. 2. All insurance companies must report the individual premium and deductible amounts for each policy period. 3. All insurance companies must report the total amount of all premiums and deductibles paid for each policy period. 4. All insurance companies must report the total amount of all premiums and deductibles due for each policy period. 5. All insurance companies must report the total amount of all premiums and deductibles in arrears for each policy period. 6. All insurance companies must report the total amount of all premiums and deductibles not paid for each policy period. 7. All insurance companies must report the total amount of all premiums and deductibles refunded for each policy period. 8. All insurance companies must report the total amount of all premiums and deductibles not refunded for each policy period. 9. All insurance companies must report the total amount of all premiums and deductibles refunded for each policy period in excess of the amount due. These changes in reporting standards will help to ensure that insurance companies are accurately reporting the amount of premiums and deductibles due for each policy period and that they are not overcharging their customers. The Idaho Industrial Commission has asked all insurance companies to comply with these new standards in order to ensure that Workers' Compensation premiums and deductibles are being accurately reported.
Change in Reporting Standards for 4008LD - Workers' Compensation on Deductible Policy Reports- Letter from the Idaho Industrial Commission to All Insurance Companies
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In Idaho, every employer with one or more employees needs workers' compensation insurance. This includes full-time and part-time employees, as well as seasonal and occasional workers. For employees who have a work-related injury or illness, workers' comp helps provide: Medical benefits.
Idaho worker's comp provides payments for medical treatment, lost wages, and permanent disability. Workers' compensation in Idaho is a mandatory insurance program designed to compensate injured workers for medical care and lost wages.
The Industrial Commission is the state agency responsible for: Regulating workers' compensation activities in Idaho, including companies licensed to issue workers' compensation policies.
Idaho law requires every business with one employee or more to carry workers' compensation insurance. This policy covers medical expenses when an employee is injured on the job.
Workers Compensation Insurance: Employers having one or more full-time, part-time, seasonal or occasional employees must provide workers compensation insurance unless specifically exempt under Idaho law.
Workers Compensation Insurance: Employers having one or more full-time, part-time, seasonal or occasional employees must provide workers compensation insurance unless specifically exempt under Idaho law.
(Exemptions From Workers Compensation) Employment of members of an employer's family not dwelling in his household if the employer is the owner of a sole proprietorship, provided the family member has filed with the Commission a written declaration of his election for exemption from coverage.
Inclusions in payroll for Workers Compensation insurance: Wages or salaries, including retroactive wages.Commissions and draws against commissions. Bonuses including stock bonus plans. Extra pay for overtime work, with exception. Pay for holidays, vacations, or periods of sickness.