Section 296-17B-540 - Determining loss incurred for each claim(1) Calculating the initial loss incurred: For each of your claims, we will multiply the case incurred loss by the appropriate discounted loss development factors to determine the initial loss incurred.
If you have a fatality, we will use $544,000 as the claim's initial incurred loss for the claim, with $507,800 for accident fund incurred loss and $36,200 for the medical aid incurred loss, regardless of the case incurred loss, and before recovery factors if applicable.
(2) Applying the single loss occurrence limit: The initial loss incurred for a claim will be the amount we use as the loss incurred unless the single loss occurrence limit applies. The single loss occurrence limit applies when the sum of all initial losses incurred for your claims arising out of a single event is greater than your selected single loss occurrence limit. In that case, each claim's initial loss incurred will be its proportionate share of your single loss occurrence limit.
(3) Applying the expected loss ratio factors: The preliminary loss incurred for a claim will be the amount of the initial loss incurred, after application of the single loss limit, multiplied by the appropriate expected loss ratio factor. The accident fund and medical aid fund portions of each claim will have separate expected loss ratio factors applied.Wash. Admin. Code § 296-17B-540
Amended by WSR 13-24-073, filed 11/30/13, effective 1/1/2014Amended by WSR 14-24-084, Filed 12/1/2014, effective 1/1/2015Amended by WSR 15-24-103, Filed 12/1/2015, effective 1/1/2016Amended by WSR 16-24-014, Filed 11/29/2016, effective 1/1/2017Amended by WSR 17-24-041, Filed 11/30/2017, effective 1/1/2018Amended by WSR 18-24-073, Filed 11/30/2018, effective 1/1/2019Amended by WSR 19-24-029, Filed 11/25/2019, effective 1/1/2020Amended by WSR 20-24-094, Filed 11/30/2020, effective 1/1/2021Amended by WSR 21-24-066, Filed 11/30/2021, effective 1/1/2022Amended by WSR 22-24-019, Filed 11/30/2022, effective 1/1/2023Amended by WSR 23-12-071, Filed 6/6/2023, effective 7/7/2023Amended by WSR 23-24-039, Filed 11/30/2023, effective 1/1/2024Statutory Authority: RCW 51.16.035, 51.32.073, 51.08.010, and 51.04.020(1). 12-24-048, § 296-17B-540, filed 11/30/12, effective 1/1/13; 11-24-026, § 296-17B-540, filed 12/1/11, effective 1/1/12. Statutory Authority: RCW 51.16.035, 51.16.100, 51.04.020(1), and 51.18.010. 10-21-086, § 296-17B-540, filed 10/19/10, effective 11/19/10.