(1) Notwithstanding Section 31A-19a-214 and subject to the other provisions of this section, a workers' compensation insurer may file with the commissioner a rate filing for workers' compensation insurance that provides for a plan with more than one rate tier for a single insurer or an insurer group with common ownership if the filing shows that: (a) each tier is established on underwriting rules that are based on criteria that would lead to a logical distinguishing of potential risk; and (b) supporting actuarial analysis or other information that shows a clear distinction between the following for each tier: (i) expected losses and expenses; and (ii) actual losses and expenses.
(a) each tier is established on underwriting rules that are based on criteria that would lead to a logical distinguishing of potential risk; and
(b) supporting actuarial analysis or other information that shows a clear distinction between the following for each tier: (i) expected losses and expenses; and (ii) actual losses and expenses.
(i) expected losses and expenses; and
(ii) actual losses and expenses.
(2) A workers' compensation insurer shall file with the commissioner an update of the actuarial analysis or other information required under Subsection (1)(b) at least every three years.
(3) A workers' compensation insurer may apply underwriting expertise and judgment in the tier placement process, except that underwriting expertise and judgment shall: (a) be applied in a prudent manner; and (b) when applied, be fair, reasonable, and fully documented.
(a) be applied in a prudent manner; and
(b) when applied, be fair, reasonable, and fully documented.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.