760 Ind. Admin. Code 1-75-6

Current through December 12, 2024

Section 760 IAC 1-75-6 - Contributions

Authority: IC 20-42.5-2-1

Affected: IC 20-42.5-2-1

Sec. 6.

(a) Contributions shall be established by the risk pool board of trustees based on all of the following factors:

(1) The funding level of the loss fund recommended by the risk pool's actuary in accordance with this rule. Contributions must be based on actuarial and financial assumptions regarding the risk pool's:

(A) participants' collective loss experience;

(B) operating expenses;

(C) investment income;

(D) dividend:

(i) projections;

(ii) allocation formula; and

(iii) payment policy.

(2) The charge for stop loss insurance.

(3) Administrative expenses, including, but not limited to, the following:

(A) Claims adjusting.

(B) Program administration.

(C) Loss prevention.

(D) Actuarial services.

(E) Legal services.

(F) Accounting services.

(G) Regulatory fees.

(H) Board meetings.

(I) General administration.

(b) The risk pool's contribution and rating plan must be:

(1) adopted by the risk pool's board of trustees; and

(2) filed annually with the department.

760 IAC 1-75-6

Department of Insurance; 760 IAC 1-75-6; filed Apr 14, 2008, 10:28 a.m.: 20080514-IR-760070144FRA

Readopted filed 11/17/2014, 3:39 p.m.: 20141217-IR-760140197RFA

Readopted filed 11/24/2020, 10:27 a.m.: 20201223-IR-760200464RFA