Okla. Admin. Code § 810:25-11-8

Current through Vol. 42, No. 8, January 2, 2025

Section 810:25-11-8 - Rates, experience modifications, and discounts

(a) All workers' compensation rates to be charged to its members must be approved in advance by the Commission. The rates should be based on the latest advisory loss costs provided by the National Council on Compensation Insurance (NCCI), must be actuarially certified, and must be sufficient to cover the association's estimated losses and expenses for the upcoming year. The actuary's report must accompany the rate request to the Commission. The actuary must be a member in good standing with the Casualty Actuarial Society.

(b) Experience modifiers for the members must be promulgated by the NCCI on an annual basis.

(c) All premium discounts must be approved by the Commission. The aggregate of all discounts allowed to a member cannot exceed twenty-five percent (25%) of the member's standard premium. Types of acceptable discounts include:

(1) Prompt Pay;

(2) Safety program;

(3) Premium volume;

(4) Experience rated; and

(5) Other discounts approved by the Commission.

(d) Changes in discounts must be approved by the Commission.

Okla. Admin. Code § 810:25-11-8

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018