Transcription of Premium Audit Guide - State Compensation Insurance Fund
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Premium Audit Guide - State Compensation Insurance Fund
1 of 6 2022 State Compensation Insurance Fund Premium Audit Guide What is a Premium Audit ? A premi um Audit is a payroll review w e conduct after the policy term expires or after the policy is cancelled. State Fund conducts audits to verify information and calculate a policyholder s final premi um for a specific policy term. When State Fund issues or renew s a policy, we base the premi um for the policy term on anticipated payroll multiplied by rates that are determined by your business operations. The premi um Audit process involves an examination of the policyholder's records to establish the actual payroll and to make sure the correct classification codes are used in determi ni ng the final premi um.
incentive, or for bonus pay figured on volume w ithout regard to hours w orked. The auditor w ill verify the employee(s) hours w orked and hourly rate. An easy w ay to calculate the overtime excess for the time and a half is to divide the gross overtime by 3. For overtime excess paid at double time, divide the gross overtime by 2.
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