Section 4123-17-47 - Final settlement(A) At the end of the tenth-year determination of retrospective premium, the plan for that retrospective policy year shall terminate.(B) As part of the final determination of retrospective premium, the bureau will evaluate the employer's claims and establish reserves. Reserves will be developed for claims, other than allowed permanent total disability claims and allowed death claims, using the balance sheet reserve table in effect as of the ending date of the evaluation period.(C) The bureau will notify the employer of the reserve balances which will be reflected on the annual evaluation.(D) The final settlement calculated, subject to the minimum and maximum premium of the plan selected, shall be paid to the bureau within forty-five days after the due date the the additional retrospective premium.(E) The final determination of a retrospective premium will not be revised for any reason other than clerical error.Ohio Admin. Code 4123-17-47
Effective: 6/12/2021
Promulgated Under: 111.15
Statutory Authority: 4121.12, 4121.121, 4121.13, 4121.30
Rule Amplifies: 4123.29, 4123.34
Prior Effective Dates: 07/01/1988, 10/02/1990