Legislative Purpose of the Bill: HB 56 clarifies that after all State liabilities are paid from the Employers’ Reinsurance Fund, the Division of Finance shall transfer any remaining assets to the Uninsured Employer’s Fund. 

Municipal Impact: Currently the Utah Tax Commission collects a surcharge on workers’ compensation insurance premiums to cover the unfunded liability in the Employers’ Reinsurance Fund (ERF). Since this fund is a closed fund, at some point the fund will no longer be needed and the fund closed. This legislation clarifies these funds will be transferred to the Uninsured Employer’s Fund.