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Outsourcing Article
Worker’s Compensation Insurance Policy Payments
The Puerto Rico Workers’ Compensation Insurance Policy (CFSE by its Spanish acronym) establishes the payment of the preliminary premium in two semesters. It is the employers’ responsibility to comply with the payments within the dates established in order to maintain the validity of the current policy.
Contents
- the CFSE issued the Workers’ Compensation Premium Notice for the Final Premium Statement of the fiscal year 2020-2021 and the Preliminary Premium 2021-2022. Please be reminded that the final payment for the second semester premium (2021-2022) is due during the month of January or February 2022; depending on the premium filing date.
- every insured employer must meet the payment requirements of any outstanding balance during the first or second semester of the Preliminary Premium 2021-2022. Failure to pay the full amount of premiums within the specified terms, will result in the suspension of the insurance coverage. Employers may qualify for a 30-day extension of unpaid balance upon written request to the CFSE. Payments can be made in cash at the appropriate Regional Office and or by mail, using personal check, money order or certified check. In addition, payments can be made by electronic transfer or through the CFSE website using your register employer account.
- employers who have not received the Workers’ Compensation Premium Notice should contact the appropriate CFSE Regional Office or can access their own CFSE interactive account, to prevent the suspension of the insurance coverage.
Reference Links:
CFSE Forms – Classifications Manual 21-22
Contact our Outsourcing department should you need help with this or any other accounting matter. At Kevane Grant Thornton we provide our clients with personalized attention, valuable advice and recommendations, tailored solutions, and direct access to technical experts to help clients resolve issues and identify opportunities.
Authors
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Julio Villegas Audit partner with over thirty-one years of experience in public accounting. He is responsible for the administrative aspects of the Outsourcing Department.View Profile
Worker’s Compensation Insurance Policy Payments
