What it does
WC 00 04 19 (Ed. 1-01) replaces Section D of Part Five (Premium) of the policy. The insured must still pay all premium when due and must pay even if part or all of a compensation law is held invalid. The endorsement adds that the due date for audit and retrospective premiums is the date of the billing.
Why it exists
The North Carolina bureau's instruction sheet says the endorsement lets the insurer comply with the NAIC Statement of Statutory Accounting Principles No. 6, and explains that "date of the billing" means the due date specified in the billing.
Edition history
NCCI Item P-1370 introduced WC 00 04 19 for new and renewal policies effective April 1, 2001 in North Carolina. A later NCCI proposal, Item P-1419, would have replaced it with a Part Five Premium Amendatory Endorsement (WC 00 04 19 A); North Carolina withdrew that version in 2022 and kept WC 00 04 19 in use.
Quoting and selling notes
- Warn insureds with seasonal or growing payroll that an audit additional premium is due when billed, not over the next term.
- Retrospective rating adjustments are also due when billed; build them into cash-flow planning for retro accounts.
Related forms
Base policy WC 00 00 00; retrospective plan WC 00 05 03; audit noncompliance WC 00 04 24.
