(A) An employer may elect to pay its estimated premium due in equal installments of two, four, six, or twelve in number.
(1) Employers paying in advance of the installment schedule will not incur a penalty for early payment.
(2) Employers paying the minimum administrative charge shall not be eligible for an installment plan.
(B) Initial installment plans.
(1) For the policy year commencing July 1, 2015, all eligible private employers will be invoiced on the six-payment installment plan.
(2) For the policy year commencing January 1, 2017, all eligible public employer taxing districts will be invoiced on the twelve-payment installment plan.
(C) An employer may change its installment plan upon request.
(1) A private employer must request a change in installment plan no later than:
(a) For the policy year commencing July 1, 2015: July 15, 2015;
(b) For policy years commencing on or after July 1, 2016: the fifteenth day of May preceding the start of the policy year.
(2) For policy years commencing on or after January 1, 2017, a public employer taxing district must request a change in installment plan no later than the fifteenth day of November preceding the start of the policy year.
(D) Each installment shall be due by the date indicated on the invoice.
(E) In making payment arrangements with an employer, the bureau may alter an installment plan if it determines such change is appropriate.
(F) Election of installment payments under this rule shall not disqualify an employer from participation in the rating plans and discount programs established in this chapter, but any lapse periods imposed on an employer for failure to timely pay installments shall be counted toward the maximum number of days during which an employer is permitted to be lapsed in the eligibility criteria for such rating plans and discount programs.
(G) Prior to December thirty-first of each policy year commencing on or after January 1, 2017, a public employer taxing district may elect to defer payment of installments due prior to April thirtieth in that policy year until April thirtieth. If an employer elects to do so, an administrative fee equal to the discount rate adopted by the bureau of workers' compensation board of directors for use in the bureau's reserve calculation times the amount of the installments shall be applied to the installments that are deferred.
Replaces: 4123-17- 14.2