The 2020 COID Policy Renewal is NOW OPEN
You can now renew your COID policy for 2020, thereby ensuring that your employees enjoy cover against occupational injuries and diseases while on duty.
Submit your employees’ earnings (actuals for 2019 and estimates for 2020) before 31st March 2020:
To ensure that you remain in good standing, the deadline for submission of earnings is 31st March 2020.
You need to declare your 2019 actual earnings for the period 1 March 2019 – 28 February 2020, and the 2020 estimated earnings for the period 1 March 2020 – 28 February 2021.
Also note that if there is a variance between the current and previous submissions, your account may be audited and you will be required to provide documents to support the changes. Your earnings will have to be reviewed and approved and this may delay your invoice(s) and Letter of Good Standing (LOG) for 2020.
All payments for outstanding premium balances are due 30 days from the invoice date.
The benefits for paying your premium on time is that you will receive your Annual LOGS timeously.
Interest will be charged on any overdue accounts in line with section 86(2) of the Compensation for Occupational Injuries and Diseases Act (COIDA), 130 of 1993.
What happens if you miss the 31st March 2020 deadline?
You will be issued with an Invoice that:
- is based on your last submission plus a 5% adjustment for inflation
- has a 10% penalty applied to your assessment rate due to non-compliance with the provisions of the COID Act.