At the end of March, the European Securities and Markets Authority (ESMA) published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the new Benchmarks Regulation (BMR) aimed at ensuring the accuracy and integrity of benchmarks across the European Union. ESMA has now submitted the RTS to the European Commission, which has three months in which to approve or reject them. The Regulation, fully coming into force on 1 January 2018, includes provisions ensuring:
- the full process of provision of a benchmark is checked by a new oversight function that administrators have to establish
- the potential manipulation of benchmarks is minimised, through new rules regarding the methodology of calculation and the contribution of input data
- that conflicts of interest of administrators and contributors are properly managed
- a level playing field across different Member States for the authorisation and registration of benchmark's administrators
Watch this on-demand version of the RIMES BMR Seminar, which will give you the latest briefing, and help you understand the next steps.
You do not need to calculate payroll premium if your policy is on a stipulated billing cycle.
Sample Payroll Report.
However, if your policy is not yet on a stipulated billing cycle, this is typically what you will see when we send you a payroll report.
A split payroll report is sent when there is an Anniversary Rating Date on your policy, which is the month and day that rates, rating plans and rating systems are initially applied to a policy in force and each annual anniversary thereafter. Your payroll will need to be annotated for each period specified.
Sample Split Payroll Report.
We will need a complete employee job description before we add the classification to the policy. Please do not report payroll in the new classification until it has been reviewed and endorsed to your policy.
Job Duties Questionnaire.
We recommend you keep a copy of your previous payroll reports and payroll records for at least seven years, as you would your tax records.
Submitting Payroll Reports.
There are three different ways to submit your payroll reports.
State Compensation Insurance Fund P.O. Box 7441 San Francisco, CA 94120-7441.
Free payroll reports.