The Board of Directors approved an amendment to the 2003 Classification and Rate List to create a new classification unit known as Resort Timeshare Operations. This policy amendment is effective January 1, 2003, for the 2003 rate year. The new classification was created to properly classify employers that market and provide resort accommodation on a timeshare basis. In the pre-2003 system, such employers could be classified in several different classifications, leading to situations where some employers could have a competitive advantage over other, similar employers. Creating a single classification for all such employers ensures equity between competitors, and that such operations pay into the workers' compensation system at an appropriate rate. In addition, the affected employers are being placed in an interim classification for 2002 to mimic the creation of this new classification for that rate year.