Policy
Through the rate setting exercise, WorkSafeNB will ensure that assessment premiums will be sufficient to cover the estimated total revenue requirement for the assessment year.
The objectives are as follow:
Interpretation
From time-to-time WorkSafeNB adopts new NAICS codes, which could result in an employer being reclassified to a different industry. In this instance, the above transition limits may apply. In all other instances, transition limits are not applicable when an employer is reclassified to a different industry.
Workers’ Compensation Act (RSNB 1973, c W-13)
52, 54(1), 54(1.1), 56(1), 56(1.1), 56(2), 56(3), 57(1) and 58
Accident - includes a wilful and intentional act, not being the act of a worker, and also includes a chance event occasioned by a physical or natural cause, as well as a disablement caused by an occupational disease and any other disablement arising out of and in the course of employment, but does not include the disablement of mental stress or a disablement caused by mental stress, other than as an acute reaction to a traumatic event. (WC Act)
Assessment premium - is equal to the assessment rate multiplied by $100 of assessable payroll.
Exposure period - for the purpose of this policy, it is a period of time containing the data used for setting basic assessment rates. For basic rate setting purposes, this period is equal to the five latest completed calendar years preceding the year of calculation. For example, the rates for 2013 are calculated in 2012 taking into account data from 2007 to 2011.
Fatality - an occurrence of death as a result of an accident that arose out of and in the course of employment.
New injury costs - total direct claim-related costs arising as a result of an accident that arose out of and in the course of employment that occurred within the exposure period. Costs associated with accidents that occurred outside the exposure period are not included.
North American Industry Classification System (NAICS) - a common framework for the production of comparable industry statistics by the statistical agencies of Canada, Mexico, and the United States. As a reference manual, the NAICS provides a classification structure that includes industry definitions and examples to clarify the content of each industry. (Statistics Canada – North American Industry Classification System, 2002)