Current through Register Vol. 54, No. 24, June 15, 2024
Section 120.1 - Workers' compensation loss costs and loss costs adjustment filings(a) Under the conditions of the act, rating organizations will no longer develop or file final rates, but instead will develop and file for approval prospective loss costs and supporting actuarial and statistical data. Each insurer shall individually determine and file the rates it will use as a result of its own independent company decision making process. Rating organizations will continue to develop and file rules, relativities and supplementary rating information as identified in this chapter on behalf of their members, subscribers or service purchasers. Rating organization filings should be limited to loss costs and should not contain provisions for expenses.(b) After the initial required filing specified in the act, a participating insurer of a rating organization is authorized to continue to use the rates and deviations filed and approved for its use until disapproved, or until the insurer makes its own filing to change its rates, either by making an independent filing or by filing a nonadoption letter of the rating organization filing. Nonresponse by a company to the Department to a rating organization filing will be considered adoption of that filing.