N.Y. Comp. Codes R. & Regs. tit. 12 § 317.7

Current through Register Vol. 46, No. 45, November 2, 2024

Section 317.7 - Contribution rates

(a) The contribution rates utilized by a group self-insurer shall not be inadequate, unfairly discriminatory, destructive of competition or detrimental to the solvency of the group.

(b) If the chair has reasonable cause to believe that a group's contribution rates do not conform to the requirements of subdivision (a) of this section, then he or she may require the submission of a report identifying the contributions paid by each of the group members for the preceding year, the projected contributions for each group member for the current fiscal year, and the manner in which such contributions were calculated.

(c) Such report shall be closely reviewed by the chair for purposes of determining the adequacy of contributions as well as the consistency and rationality of the contribution calculations. In addition to other factors, the chair may consider generally accepted actuarial standards as well as the New York Compensation Insurance Rating Board's manual rate premium standards in conducting its review of this report.

(d) If, after such review, the group's contribution rates are deemed to be inadequate, unfairly discriminatory, destructive of competition or detrimental to the solvency of the group, the chair may mandate the group's adherence to the New York Compensation Insurance Rating Board's rates and rate making procedures. Groups directed to adhere to the New York Compensation Insurance Rating Board's rates may apply to the chair for discounts to such rates based upon past and prospective losses, investment income, and other relevant factors.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 317.7