Section 284-34-210 - When will the commissioner adjust prima facie rates, and how will rate changes be implemented?(1) Every three years, the commissioner will review the loss ratio standards in WAC 284-34-140 and the prima facie rates in WAC 284-34-150 and 284-34-170 to: (a) Determine the rate of expected claims on a statewide basis;(b) Compare the rate of expected claims with the rate of actual claims for the preceding three years using data reported in the annual statement supplement or other available source(s);(c) Determine if new rates should be published based on the rate of expected claims; and(d) If needed, publish new statewide prima facie rates, and establish a date when all insurers must file new rates.(2) When the commissioner publishes new rates, they will reflect: (a) The difference between actual claims based on experience; and(b) Expected claims based on the loss ratio standards in WAC 284-34-140 applied to the prima facie rates in WAC 284-34-150 and 284-34-170.Wash. Admin. Code § 284-34-210
Statutory Authority: RCW 48.02.060, 48.30.010, 48.34.100, and 48.34.110. 05-02-076 (Matter No. R 2002-02), § 284-34-210, filed 1/4/05, effective 4/1/05.