Rule 4123-17-14.2 | Installment payments.
(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) All eligible private employers will be invoiced on the six-payment installment plan.
(2) 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 the fiftheent day of May preceding the start of the policy year.
(2) 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) A public employer taxing district may elect to defer payment of installments due prior to April thirtieth in that policy year until April thirtieth. Such election must occur on or before November fifteen of the previous policy year. If an employer makes such election, the bureau will apply a deferment fee of 0.94 per cent to the total amount of the installments that are deferred.
(H) The bureau will grant an early payment discount to an employer that pays the full twelve month estimated annual premium by the due date for the first installment for each policy year. The employer must be in an active policy status as of the due date for the first installment to be eligible for this discount. For purposes of this rule, "active policy status" does not include a policy that is a no coverage policy or a policy that is lapsed. If an employer elects to pay all installments in a single payment, the bureau will grant a discount to the eligible employer for that policy period as set forth in this rule. The discount cannot reduce the total amount due below the minimum required premium as provided in rule 4123-17-26 of the Administrative Code.
(1) A discount of two per cent will be available to private employers for the policy years commencing on July 1, 2017.
(2) A discount of two per cent will be available to public employer taxing districts for the policy years commencing on January 1, 2017.
Last updated April 12, 2024 at 11:43 AM
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