§ 2618. Residual market mechanisms.
248 words·~1 min read·
/de/title-18/chapter-26-workers-compensation-rating/2618·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)All insurers authorized to write workers’ compensation and employers’ liability insurance shall participate in a plan providing for the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods. A residual market plan shall be submitted for the Commissioner’s approval within 60 days of October 16, 1993. Rates for the residual market shall be filed by the advisory organization.
(b)The Commissioner may adopt retrospective rating plans for any risks insured through residual market.
(c)The Commissioner may adopt a schedule debit plan for any risks insured through the plan that do not comply with loss-control recommendations, have frequency or severity problems or have any exposure that is greater than average for the class.
(d)The Commissioner shall disapprove any filing that does not meet the requirements of § 2604 of this title. A filing shall be deemed to meet such requirements unless disapproved by the Commissioner within 30 days after the filing is made. In reviewing a filing made pursuant to this section, the Commissioner shall have the same authority and follow the same procedures prescribed by §§ 2611, 2612 and 2613 of this title. The advisory organization shall make and file the plan of operation, rates, rating plans, rules, and policy forms under this section.
(e)The limitation in § 2610(b)(1) of this title shall not apply to the residual market plan filed under this section.